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Key Points to Remember about Bill Payment, Scholarships, Grants, and Loans.

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Presentation on theme: "Key Points to Remember about Bill Payment, Scholarships, Grants, and Loans."— Presentation transcript:

1 Key Points to Remember about Bill Payment, Scholarships, Grants, and Loans

2  Introduction  Business Office  Where/When/How to Pay  Holds/Credit Balances  Financial Aid Office  How to use Financial Aid to pay your bill  Rules and Regulations regarding your student’s financial aid  MONEY  Questions?

3  Cathy Freeman, Bursar  Laura Borgmann, Student Account Representative  Shelia Demonbreun, Student Account Representative  Shawna Denny, Student Account Representative  Julie Lillicrap, Student Account Representative  Emily Snell, Student Account Representative-Cashier Email us at or call (615) 966-1778

4 Tuition (Block rate for 12-18 hours per semester)$ 12,645 Room & Meal Plan (approx.)5,050 Student Fees1,050 TOTAL$18,745

5  The Business Office requires all students to be “Officially Registered” (Zero Balance) before the semester begins OR the student’s schedule/classes WILL BE DROPPED!  Deadlines to be Officially Registered:  Fall – August 1  Spring – December 1  Summer – May 1



8  Your student must first make you an authorized user in the TouchNet payment system.  You will then get an email with a link to login to TouchNet.  Your password is sent in a separate email.

9  Pay-in-full  TouchNet (checking/savings account or credit card)  Mail Check  Monthly Payment Plan  TouchNet (checking/savings account)

10  Prior to class registration for future semesters, your student should check myLipscomb to see if any HOLDS will prevent registration  Holds can be applied to accounts for various reasons:  BUSINESS OFFICE  This hold means the student owes money and cannot register until a zero balance is reflected for the semester.

11  During Advance, please sign-up in TouchNet in order to receive any refunds of student account credit balances.  The Business Office will be available in the Bennett Campus Center tomorrow morning at 9am if you have questions on how to sign up with TouchNet.  Financial Aid funds pay approximately 30 days after the semester begins and a refund is not available until after all funds are listed as “credits/payments.”

12 All you need to know

13  Tiffany Summers, Director (966-1791)  Jimmy Morris, Associate Director, TN HOPE Administrator (966-6224)  Maggie Kersten, Assistant Director (966-6207)  Tamera Spivey, Scholarship Counselor (966-6202)  Donna Taylor, Loan Counselor (966-6200)  Deidra Cummings, Loan Counselor (966-6203)  Denise Forgette, Technical Support (966-6206)  Financial Aid Assistant (966-1791) **Email us at


15  Website is  Can’t get a federal loan or grant without it  Application for the Tennessee HOPE (lottery) scholarship  Recommend filing in January for TN residents  Remember both parent and student PIN numbers for use each year

16  The Department of Education (DOE) may select you to “prove” your FAFSA answers through a process called Verification.  The IRS Data Retrieval Tool on the FAFSA is the preferred, quickest, and most reliable way to verify your financial information.  The Verification Worksheet verifies any other information required by the DOE and can be different each year.  Selection can be every year.  No Federal Aid can be processed or paid until verification is complete.  May change your financial aid award  Notified of selection by student SAR report from the DOE, by Lipscomb email or through myLipscomb.  Deadline to submit Verification is June 15, 2014

17  Student must also complete Entrance Counseling and a Master Promissory Note at (link on our website). These requirements will not show as satisfied until after we begin processing loans in July.  Complete instructions for loan process available at  Everything is electronic – no paper applications.

18  Six hours per semester for a Stafford loan  If selected, must complete verification before Stafford loans can be processed  Must have satisfied all outstanding requirements in myLipscomb prior to payment  Approximately 30 days after classes begin (see catalog for specific dates)

19  Federal Stafford Loans are based on Year in School:  Freshmen (0-29 earned hours) $5,500  Sophomore (30-59 earned hours) $6,500  Junior (60-94 earned hours) $7,500  Senior (95+ earned hours) $7,500  Interest rate as of July 1, 2014 is 4.66% for subsidized and unsubsidized student loans.  Subsidized Loans – Government pays interest while in school.  Unsubsidized Loans – Interest begins at disbursement.

20  Parent Loans may be available for undergraduate, dependent students  Borrow up to Cost of Attendance minus all other aid  10 year repayment and can be deferred while student is enrolled.  Interest Rate as of July 1, 2014 is 7.21%  Credit approval required through  If Credit Denied, additional unsubsidized Stafford loans available for student  $4,000 additional unsubsidized for Freshmen and Sophomores  $5,000 additional unsubsidized for Juniors and Seniors.  Private Student Loans also available in student’s name but will require co-signer  Apply online through bank of choice  Most have variable interest rates  Notify Financial Aid Office of bank and approved amount

21  Summer load requirements for academics may differ  Usually a graduated schedule  Exception – Seniors in their last semester  Requires Scholarship Special Request Form  Scholarships prorated

22  Double majors or minors not reason for extension  Exception made for some majors that require more than 126 hours to graduate – Music Teaching and Engineering  Requires Scholarship Special Request Form  Maximum based on attempted hours, not earned hours

23  Awarded depending on cumulative GPA level  Must fill out application to request scholarship, online or in Financial Aid Office

24  This is a cumulative GPA and is not rounded  Students are offered one semester of grace during the freshman year (not checked after fall)  Can get scholarship back once cumulative GPA is 3.0, BUT ONLY BY REQUEST  Reinstatement applications available online  Other institutional scholarships (memorial, athletic, etc.) require a 2.0 GPA  Highest scholarships require 3.25 GPA

25  Awarded based on Need from FAFSA and availability of funds  Not guaranteed each year  Always applied last, if other scholarships from any other source are added the Memorial grant may change  Once school has started, the Memorial grant will be “cancelled” and replaced with a specific scholarship fund. It is simply replaced, the total amount will not change.  Students are required to write a Thank You Note for the Memorial Scholarship they received.  We send students multiple email reminders  Usually begins late October of the school year  Failure to complete the Thank You Note will forfeit scholarship in the following semester.

26  Institutional financial aid (scholarships, discounts, assistantships) may only be applied to Lipscomb University semester-long study abroad programs. Short-term Global Learning and domestic travel programs are not eligible for institutional aid, including funds toward travel costs and tuition.  Most Lipscomb scholarships (academic and need based) are limited to undergraduate programs ONLY.  If your student wants to complete a bridge program only courses toward the undergraduate degree will be counted for institutional scholarship purposes.

27  Three types of probation: Chapel, Academic and Disciplinary  Can get scholarships back when probation is removed, BUT ONLY BY REQUEST  Reinstatement applications available online

28  Student must have a HOPE GPA of 3.0 at 72 hours  Can be regained if lost, but only at benchmarks (48, 72, 96 hours)  Student eligible for up to 126 hours  Strong caution on dropping classes  NEW beginning 2011-12: Summer HOPE  All rules and requirements at

29  The total amount of gift aid, from all sources, that a student may receive is limited to the actual costs billed to them for the term. Examples of gift aid are PELL grants, HOPE scholarships, state grants, Lipscomb institutional scholarships, outside scholarships, etc.  Gift aid that includes any Lipscomb scholarships that exceeds direct costs on an account cannot be refunded to the student  When deciding to move off-campus, a student should carefully review the impact to the financial aid award  Meal plans for off-campus students cannot be covered with institutional aid

30  Eligibility based on FAFSA information  Work on campus in return for paycheck  Cannot be used toward student bill in current semester, can be saved or paid to account for future semester  Job Fair for eligible students during first week of classes in August (Wednesday, August 20 th )  Career Development Center first contact when looking for available jobs on campus—Make sure to meet them!  Over 800 student work jobs available last year!  Great way for student to earn extra money and gain experience

31 $MONEY$

32  M : myLipscomb – View bill, accept financial aid, and view terms & conditions.  O : Officially Registered with the Business Office prior to due date each semester or class schedule will be dropped.  N : Necessary Requirements met. GPA, TN HOPE Scholarship, Entrance Counseling, MPN, Verification, No dropped classes.  E : Lipscomb Email is the official form of communication for the University. Check it often. We (Business Office and Financial Aid) only send emails when action is needed– Never Junk Mail!  Y : YES, you must file your FAFSA each year.

33 myLipscomb /Business Office *This presentation will be available online shortly after Advance. *Resource Fair tomorrow 9:00 to 12:00


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