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Financing Your Future Student Financial Services Summer 2014
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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)
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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
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Financial Aid Process You can still apply for federal aid Free Application for Federal Student Aid – www.fafsa.gov – www.pin.ed.gov UCM FAFSA code is 002454 Priority deadline is April 1 st for state and UCM campus based funding.
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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.
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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
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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
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PLUS loan Credit based loan held by biological or adoptive parent Interest rate for 2014-15 is 7.21% May borrow up to COA less Financial Aid Repayment of the principal begins 60 days after loan is fully disbursed
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Parent PLUS Loan
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Contact SFS
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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
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How Can I See My Financial Aid? By email and mail – Most correspondence is via UCM email account MyCentral portal – Student only access with 700# – Reset of password via our help desk Other FAQs are on www.ucmo.edu/contactsfs
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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
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When will we get our bill? Statement includes – Class fees/tuition – Housing/meal charges – Books – Financial Aid credits Bills available online – www.mycentral.ucmo.edu – Click on view and pay my bill on the Student Services Tab
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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
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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
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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
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Viewing the Bill
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Setting Up Text Alerts
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Authorized user
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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
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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!
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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 660-543-8266 or 1-800-SAY-UCM – Fax 660-543-8080 Other services – Budgeting assistance – Financial literacy – Notary
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