Summer Orientation Powerpoint Presentation
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Transcript of Summer Orientation Powerpoint Presentation
Financing Your Mercyhurst Education
Carrie NewmanDirector of Student Financial Services
Office of Student Financial Services
A Mercyhurst College education is the investment of a lifetime. We focus on helping students afford a Mercyhurst College education by offering a variety of grant and scholarship programs, in-school employment opportunities, and a wide range of loan programs and payment options.
By now, most of you already received your award letter showing your scholarships, grants, and other eligibility, such as Federal Stafford
Loans .
What’s next?
Term Tentative
Billing Date
Tentative
Due Date
Fall 2009 July 21, 2009 Aug. 21, 2009
Winter 2010 Oct. 31, 2009 Nov. 24, 2009
Spring 2010 Jan. 30, 2010 Feb. 25, 2010
Student Billing Schedule
Living on Campus
Commuter (living with parents)
Tuition ($758/credit) $23,498 $23,498
Fees 1,596 1,596
Room 5,250 ----------
Board 4,281 4,281
Direct Costs $34,625 $29,375
Books & Supplies 1,000 1,000
Transport. 1,000 2,100
Misc. 600 600
Total Direct & Indirect Costs
$37,225 $33,075
Estimated Academic Year Cost of Attendance - 31credits
Trimester System & Billing Per Credit• Mercyhurst College is on a 3 term or trimester system• Students are able to spread classes over 3 manageable terms (3 - 4 classes
per term) • Bill reflects exact number of credits for which a student registers• Some majors require labs for which additional charges may apply. For
yearly budgeting purposes, it is common to budget an average of 31 credits per academic year.
• Aid is applied evenly over the 3 terms. Some terms may result in a credit/refund, other terms a balance may be owed to the school.
Financial Aid on the Student Bill• Financial aid reflected as “pending” on the student bill, until eligibility is
confirmed, verification is completed and enrollment is certified. Aid is crediting the 1st day after drop/add period (usually around the 8th day of the term).
• For Direct Student Loans to credit, a promissory note must be signed online, and online Entrance Counseling must be complete.
• Crediting of financial aid occurs no earlier than the 8th day of the term (the 1st day after drop/add period).
Sample Fall Bill
Meal Plans & One Card Service• The meal plan the student selects will roll over from one term to the next
unless the student initiates a change with the One Card Office• If student has a credit as a result of financial aid, it can be transferred to
the student’s One Card Account• Parents may apply money directly to the student’s One Card Account by
sending it to the One Card Office
Payment Methods
• Personal Checks• Money Orders• Cash• TMS Monthly Payment Plan (AMEX, MasterCard & Discover Credit
cards are accepted)• Apply by calling 1-888-285-3052 or online at www.afford.com
TMS Payment PlanSpread your education expenses over 12 or 9 monthly payments. Interest
Free. Annual enrollment fee applies.# Payments Start Date
Fee*
Annual 12, 9 5/1, 8/1 $60Re-enrollment 12 5/1 $60
Balanced budget payments will be recalculated during winter term
Great for balanced budgeting & avoiding late fees
Financing Options
• Federal Direct PLUS Loans (COA – other aid, 7.9% Interest Rate)
• Educational Alternative Loans (Chase, CitiAssist, PNC)
• Home Equity Loans*• Lines of Credit Borrowing from Life Insurance*
•Borrowing from a retirement or 401(k) plan*•Other Bank Loans*
*check with your Accountant or Financial Advisor about possible tax implications
•
How to Fill the Gap• Use our Budget Pre-Planning Worksheet provided in your
handouts today to help you determine the amount needed to fill the gap between the resources you saved, financial aid/loans, and the charges on the student account.
• Link to the Borrow Smart website from finaid.mercyhurst.edu
Borrow Smart
Borrow Smart
Borrow Smart
Borrow Smart
Family Educational Rights and Privacy Act (FERPA)
• Schools must have written permission from the parent or eligible student in order to release any information from a student's education record. • Please be sure to have student fill out the FERPA form from the Registrar’s office to ensure that we may release information to you.
Unpaid Student Bill
An unpaid bill results in the student being placed on Business Office Hold:• Student is unable to register for classes for upcoming term• Official Academic Transcript cannot be released• Late Fees will be assessed
Recalculation Policies• The Office of SFS may be required to make necessary recalculation
adjustments to the student’s charges and financial aid when the student adds, drops, or withdraws from course(s), or ceases enrollment at the College.
• Complete details on withdrawal and refund policies are in the Academic Catalog.
Role of the Student• File FAFSA annually (by March 15)• Respond to requests for information and documentation promptly and within
prescribed deadlines• Understand Satisfactory Academic Progress Policy for Financial Aid
(Quantitative & Qualitative requirements)• Understand terms & conditions of financial aid awards and all other policies in
Mercyhurst Reference Guide to Financing Your Education, 2009-2010– Some awards require certain GPA’s be maintained, or are available for only a limited
time
• Maintain Current Address in student record
Special Circumstances• Occasionally, family circumstances change, which could lead to increased
eligibility for aid. Samples include income loss or reduction due to:– Unemployment– Disability– Divorce– Death
• Appeal Forms are located at: finaid.mercyhurst.edu, click on Forms
Free Application for Federal Student Aid (FAFSA)
• Reminder: FAFSA must be filed annually at www.fafsa.ed.gov• Preferred Filing Deadline – March 15 prior to award year• Automatically apply for PHEAA Grant when filing FAFSA
If you haven’t applied for aid for
the Fall term, including loans, it isn’t too late!
Mercyhurst Financial Aid Award Letter
• Details the financial aid awards by name.
• Additional details about the award are available in the Mercyhurst College Reference Guide to Financing Your Education at finaid.mercyhurst.edu (click on Policy & Procedures link).
⁻ Contains terms & conditions of financial aid and all policies related to billing and financial aid.
Office of SFS Contact Information
Customer Service Office/HotlineOffice: Old Main Rm. 115
Phone: (814) 824-2288Fax: (814) 824-2072
E-mail: [email protected]
Website: finaid.mercyhurst.edu
Questions