Presentation on theme: "Financing Your Future Student Financial Services Summer 2014."— Presentation transcript:
Financing Your Future Student Financial Services Summer 2014
How Much Does it Cost to Attend UCM? Tuition and Fees: $7,265 Based on 30 on-campus credit hours ($13,656 for non-residents) Books and Supplies: $1000 Housing: $5,034 for a double room Meal Plan: $2,794 Total $16,093 for Missouri Residents ($22,484 for Non-Residents)
Direct and Indirect Costs Direct Tuition and fees Room and Board Books (if you buy them at UCM) Indirect (part of the Financial Aid budget but not paid to UCM): Travel expenses Loan fees
Financial Aid Process You can still apply for federal aid Free Application for Federal Student Aid – – UCM FAFSA code is Priority deadline is April 1 st for state and UCM campus based funding.
Financial Aid Process continued Financial Need Cost of Attendance (COA) - Expected Family Contribution (EFC) _______________________________ = Financial Need This formula is the basis for how all aid is awarded to the student.
Types of Financial Aid Scholarships and Grants – Can be from federal, state or private sources – Can be need or non-need based Loans – Stafford Subsidized and/or unsubsidized – Perkins – PLUS loans or Private/Alternative Loans Work Study
Loans For Perkins and Stafford loans – FAFSA is application – Must do Master Promissory Note (MPN) and Entrance Loan Counseling Parent PLUS and Private/Alternative – Separate credit check/application – Must do MPN for PLUS
PLUS loan Credit based loan held by biological or adoptive parent Interest rate for is 7.21% May borrow up to COA less Financial Aid Repayment of the principal begins 60 days after loan is fully disbursed
Parent PLUS Loan
Other Assistance 529 Plans Third party bill payment UCM payment plan There is no paperwork to sign; all students are automatically on a payment plan when charges begin accruing on their student accounts. If financial aid (defined as grants/scholarships/loans) does not pay the balance in full, payment of at least 20% is due each month. For the convenience of making monthly payments, a 1.5% additional processing fee will be charged toward the unpaid balance beginning with the third monthly installment. Formula: Total Due – financial aid = balance due Balance due ÷ 5 payments (3 for summer) = amount of 1 st payment Remaining original balance due + additional charges since first payment ÷ 4 (# of payments remaining) = amount of 2 nd payment Remaining balance due + additional charges x 1.5% ÷ 3 = amount of 3 rd payment, and so on for 4 th and final payments UCM payment plan
How Can I See My Financial Aid? By and mail – Most correspondence is via UCM account MyCentral portal – Student only access with 700# – Reset of password via our help desk Other FAQs are on
What if I haven’t seen our aid yet? We haven’t received your FAFSA FAFSA is rejected – Most common issues are signatures, selective service or missing information Verification has not been completed Check status via MyCentral
When will we get our bill? Statement includes – Class fees/tuition – Housing/meal charges – Books – Financial Aid credits Bills available online – – Click on view and pay my bill on the Student Services Tab
When will we get our bill? July 23 - Fall semester bills will be printed and available in the MyCentral Billing and Payment Center August 20 – Payment for the “Amount Due” after aid is applied – in full or 20% of “Amount Due” balance
Online Account Access Set up bank account info for payments and refunds Direct deposit – If students choose to not use direct deposit, please note that checks are run on a specific schedule and funds are mailed to the permanent address
Online Billing Review your bill Make single immediate payment Schedule future payments Set up personal profile and authorized users Students will receive only one paper bill per semester
Viewing the Bill
Setting Up Text Alerts
Important Information Most aid is based on full time enrollment (12 or more hours), if you drop below 12 hours some aid may be prorated or cancelled. – State aid and scholarships are based on full time – Pell grant is prorated Before you drop a class, talk to SFS and your academic advisor
Central One Card Anyone with a valid UCM ID card can choose to use it as a debit card on campus – Central Cash – Bookstore – Meal points and meal plans Access to the following – Library card – Home sporting events – SGA Voting – Planner-Handbook distribution Not required to get your FA refund!
Contact SFS Located in Ward Edwards Room 1100 Hours are 8-5 Monday-Friday during the school year and 7:30-4:30 in the summer Phone or SAY-UCM – Fax Other services – Budgeting assistance – Financial literacy – Notary