GETTING TO KNOW YOUR FINANCES
MONEY DOES
Matter
TABLE OF CONTENTS Page The monthly billing statement 3 Billing policy
3
University email accounts
3
Understanding your monthly billing statement
4
Installment payment plan
6
How to pay
6
Finance charges
6
Authorized users
6
Financial assistance
7
Understanding your financial aid and award letter
8
Refund and withdrawal policy
10
Other information
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Financial Offices The Bursar’s Office, Cashiering Office and Office of Scholarships and Financial Assistance work closely together to help students complete the financial process to attending college. The Bursar’s and Cashiering Offices are the payment center for the University. These offices focus on monthly billing, payment, installments and managing authorizations of users and refunds. If you have questions about any of these topics call 660.562.1578 or email cashier@nwmissouri.edu. The Office of Scholarships and Financial Assistance focuses on awarding scholarships, grants, Federal work study and student loans when applicable. If your student has a question about the financial assistance they received, they will want to contact 660.562.1363 or email finaid@nwmissouri.edu for assistance. 2
What EVERY Northwest student should know about college expenses
Understanding and managing your financial responsibilities are equally important. Northwest is available to provide the resources needed to manage finances and provide answers to the questions you didn’t even know to ask. In addition to the material found within this publication, further information may be obtained at the Northwest bursar/cashiering website at nwmissouri.edu/bursar, by emailing cashier@nwmissouri.edu or calling 660.562.1578.
The Monthly Billing Statement Northwest combines student fees and charges from different areas on campus into a consolidated billing statement. This allows the University to send the student one monthly billing statement covering all charges including tuition, fees and room. The student ID card (Bearcat Card) also serves as a campus charge card. The charges are billed through one consolidated account for items such as bookstore purchases, copy charges, dining dollars, parking permits and Wellness Services charges, to name a few.
Billing Policy A monthly billing statement is produced with amounts due on or before the 15th of the following month. Northwest uses a balance forward system. Any unpaid charges will appear on subsequent bills as a previous balance. Just like a credit card statement, charges will not be itemized a second time. Only new charges will be itemized. The first bill of each trimester will be sent via email as well as mailed to the student’s permanent address. All subsequent bills are emailed to the student’s University email account. The student may enter up to two additional email addresses in CatPAWS if they wish to have duplicate email bills sent to parent(s) or another person responsible for the payment. To authorize Northwest to email this bill to an additional person, the student must log in to CatPAWS, click “Personal Information,” “Update Your Email Addresses,” and click “2nd and/or 3rd billing email.”
University email accounts All students have an assigned University email account. Our method of communication is via email, therefore it is the student’s responsibility to check it often for important information. Failure to do so could result in loss of services.
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Understanding your monthly billing statement The monthly billing statement includes important messages, due dates, financial assistance, the total amount due, and a detail of charges. The numbered items below correspond to numbered examples on the sample billing statement.
1 PREVIOUS BALANCE
The account balance from the last monthly billing statement.
2 CHARGES/REFUNDS
New charges billed and refunds processed during this billing cycle. The account summary above shows the total of the amounts detailed below. See directory on back for contact information regarding charges.
3 PAYMENTS/CREDITS
New payments and credits issued during this billing cycle. These include personal payments, private scholarships, financial assistance and any other mode of payment. The account summary above shows the total of the payments and credit detailed below.
4 AUTHORIZED FINANCIAL AID
Financial aid awarded to the student that has not yet been applied. Aid will be posted on the first day of classes. For any questions about anticipated aid, please contact the Office of Scholarships and Financial Assistance at 660.562.1363.
5 TOTAL BALANCE
The total amount due on the student’s account for the current billing period. Anticipated financial aid has been deducted even though it has not credited to the account. The total balance must be paid by due date in order to avoid finance charges and late fees.
6 PAYMENT PLAN ENROLLMENT AND LATE FEES
The student must pay the ‘Total Balance’ on or before the due date to avoid finance charges and late fees.
7 IMPORTANT MESSAGES
Important information is included in this area. It could include important dates, new policy changes, preregistration dates or verification information. Be sure to read this each month.
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Due Date: August 15, 2018
Bursar’s/Cashiering Office 800 University Drive Maryville, MO 64468 cashier@nwmissouri.edu
PL E
Make Checks payable to Northwest Missouri State University Total Balance:
Minimum Due:
Bobby Bearcat 800 University Drive Maryville, MO 64468
$2,401.43 $799.44
Student ID#:
919XXXXXX
Statement Date:
20-Jul-2018
Amount Enclosed $
Be sure to write Student ID # on check.
Student ID#: 919XXXXXX Account summary as of: 20-Jul-2018 Previous Balance 0
$4,799.47
Transaction Description
2
Authorized Financial Aid
3
$0.00
Charges and Refunds
11-Jul-18
New Student Fee
11-Jul-18
Tower Yearbook and Tax
11-Jul-18
KC Facility Fee UG
360.00
11-Jul-18
Ed Curriculum/Instr Course Fee
140.00
11-Jul-18
Ed Curriculum/Instr Course Fee
105.00
11-Jul-18
Ed Curriculum/Instr Course Fee
70.00
11-Jul-18
Technology Fee
11-Jul-18
Textbook Usage Fee
11-Jul-18
Designated Fees: UG
11-Jul-18
Tuition
SA
201910
Date
1
Payments/ Credits
$2,398.00
Payments and Credits
M
Term
Charges/ Refunds
2
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You must verify online prior to picking up your textbooks. Your account must be current to verify. Check holds on your account to make sure you are eligible to verify.
278.40 72.00
1,290.60
$2,280.96
Transfer Merit Scholarship
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Important Messages
3 Sign up for Direct Deposit of your student refund. Log into your account/payment center in CatPAWS today!
*AUTHORIZED FINANCIAL AID
201910
$2,401.43
Questions about your Financial Aid 660.562.1363
37.47
4,799.43
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Questions about your bill 660.562.1578
165.00
*CURRENT BILLED BALANCE
Total Balance
500.00
Pell Grant - Federal
873.00
MO Access Grant
1,025.00
*AUTHORIZED AID BALANCE
2,398.00
PLEASE BE SURE TO WRITE THE STUDENT ID# ON ALL PAYMENTS!
Payments cannot be taken over the phone.
You must pay the ‘Total Balance’ on or before the Due Date to avoid charges and late fees.
4 Financial Aid Refunds Direct Deposit: Paper Checks Mailed:
Sept. 6 Sept. 10
Estimates do not include course fees.
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“Implementation of tuition rates approved by the Board of Regents is contingent on the level of state appropriations budgeted and awarded throughout the fiscal year by the State of Missouri.”
Fees above are reflective of the 2018-2019 school year.
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Payment expectations The minimum amount due each month must be paid to remain enrolled. The first payment is due Aug. 15 for the fall trimester, Jan. 15 for the spring trimester or upon registration for students not preregistered. Failure to pay the minimum due or make special payment arrangements with the Bursar’s Office could result in the student’s inability to use their meal plans and the possibility of administrative withdrawal. A series of email notifications are sent prior to any of these measures.
Installment payment plan Northwest’s installment plan provides an alternative payment option each trimester. This plan enables families and students to make four regularly scheduled monthly installment payments each fall and spring trimester with finance charges and late fees. Fall Payment Due Dates
Spring Payment Due Dates
August 15
January 15
September 15
February 15
October 15
March 15
November 15
April 15
How to pay Students and authorized users have the following online payment options: • WebCheck – an electronic check is a free service in which payment can be withdrawn from a checking or savings account • Online Debit – Use a bank debit card to make a payment. Not all bank cards allow PIN-less debit • Credit Card – MasterCard, Discover, VISA or American Express are accepted online. A convenience fee of 2.85% applies to all credit card payments. Walk-in and mailing options are also available • Pay in person in the Cashiering Office on the first floor of the Administration Building using a personal check, cash, PIN debit, money order, cashier’s check or traveler’s check. • Pay by mail using money order, cashier’s check or personal check. With this method, include student’s 919# on payment Payments cannot be taken over the phone. Outside private scholarship checks should be directed to the Office of Scholarships and Financial Assistance at 800 University Drive, Maryville, MO 64468. Scholarship checks will be credited to the account and cannot be used towards an installment payment.
Payment Plan Enrollment and Late Fees You must pay the ‘Total Balance’ on or before the due date to avoid additional fees. 6
Authorized users There are two different authorizations a student must complete in order to allow parent(s) or other individuals access to the student’s information.
1. Online access to view account and pay bills ■■ Log into CatPAWS ■■ Account Tab ■■ Account/Payment Center ■■ Click ‘Authorized users tab’ ■■ Add an authorized user
This will create an ‘Authorized User’ for the account/ payment center. Once the authorization is complete, an email will be sent to the new authorized user with login instructions. The username is the authorized users email and the password will be sent in a separate email. Go to CatPAWS and click on Account/Payment Center (for parents and authorized users) in the lower right corner. For your records: Email Password
2. Release of information concerning grades, student account, and financial assistance. ■■ Log into CatPAWS ■■ Student Tab ■■ Click ‘Authorize Release of Information’ ■■ Follow instructions to complete
A unique Northwest ID will be created beginning with ‘T11’ for the authorized user to log into CatPAWS. The authorized users will only have access to information the student has authorized which may include grades, student account and financial assistance. Do NOT use this login information to make a payment. For your records: User ID PIN
Financial assistance There are four main types of financial aid; scholarships, grants, work study, and loans. Scholarships and grants are considered “gift aid” and do not have to be repaid. Work programs, which include the Federal Work-Study Program and our own institutional work program, allow students to work on campus to help earn money for their education. Student and parent loans are borrowed money that must be repaid, with interest. In addition to merit-based scholarship offered by Northwest, many students receive scholarships from private donors (Optimist Club, High School, Dollars for Scholars, etc.). By law, students are required to report these private resources to the Office of Scholarships and Financial Assistance so that these scholarships can be included with the financial aid package. Your student can report these scholarships on CatPAWS at any time. If they receive a private scholarship check, please forward the scholarship check and the student’s name and ID (919#) to the Office of Scholarships and Financial Assistance. All funds received in the fall trimester will credit to the fall trimester unless stated otherwise by the donor or the student.
Need-based grants Grants are gift aid and are awarded based on calculated need. Examples of need-based grants include Federal Pell Grant, Supplementary Educational Opportunity Grant, Missouri Access Grant and the Northwest American Dream Grant. These grants are credited directly to the student’s account and most are divided equally between the fall and spring trimesters.
Student employment Northwest offers both the Federal Work-Study program and our student employment program. The Federal Work Study Program is need based while the student employment program is available to all students regardless of their financial aid eligibility. Students are responsible for finding their employment and will receive a monthly paycheck (via direct deposit) for hours worked. To learn about student employment opportunities on the Northwest campus, please visit nwmissouri.edu/hr/student/jobs.
STUDENT LOANS
Federal Direct Student Loans
The two types of loans available are through Federal Direct Student Loans are subsidized and unsubsidized.
Depending on the student’s financial need, they may receive both subsidized and unsubsidized loans for the same enrollment period, but the total amount of these loans may not exceed the annual loan limit below. ■■ Freshman (0-29 hours): < $5,500 (maximum of $3,500
in subsidized loan)
■■ Sophomore (30-59 hours): < $6,500 (maximum of
$4,500 in subsidized loan)
■■ Junior (60-89 hours): < $7,500 (maximum of $5,500 in
subsidized loan)
■■ Senior (90 and above): < $7,500 (maximum of $5,500
in subsidized loan)
First-time borrowers of any federal student loans must complete both an Entrance Counseling Session requirement and a Master Promissory Note (MPN) at studentloans.gov before the loan is disbursed to the student’s account.
Private Loans
Private student loans are available through outside lenders and do not require students to demonstrate financial need. These require a credit check and in most cases, students will need a co-signer. For additional information about private loans, visit nwmissouri.edu/finaid/alternative.htm. It is encouraged that your student uses the federal student loans before considering a private loan.
Parent Loan
Parents can borrow a Parent PLUS Loan for the difference between the cost of attendance and any aid the student is receiving. If a parent is not approved for a Parent PLUS Loan due to a negative credit decision, the student may be eligible for additional unsubsidized loan money not to exceed $4,000 per year as a freshman or sophomore and $5,000 per year as a junior or senior. Complete the Parent PLUS Loan application at studentloans.gov.
Has your student:
☐☐Applied for Financial Aid at fafsa.ed.gov (Northwest’s School Code is 002496)
Subsidized loans are available to students who demonstrate financial need. The U.S. Department of Education pays the interest on a Direct Subsidized Loan while students are in school at least half-time.
☐☐Responded to any of our requests for information
Unsubsidized loans are not need-based, and students are responsible for accrued interest on this loan during all periods.
☐☐Completed Entrance Counseling and a Master
nwmissouri.edu/FinAid/Forms.htm
☐☐Accepted Financial Aid online
nwmissouri.edu/FinAid/PDF/AcceptAwardLetter.pdf Promissory Note (first-time borrowers only) at studentloans.gov
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Understanding your
financial aid
award letter
1
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Direct Expenses Expenses the student or family pay directly to Northwest.
2
Indirect Expenses Expenses incurred as a result of attendance that the student or family may pay to a third party (merchant, landlord, etc.) other than Northwest.
3
Estimated Total Cost of Attendance (COA) The estimated total direct and indirect cost of attending Northwest for one academic year.
4
Expected Family Contribution (EFC) A measure or index of how much the student and family can afford to contribute to the cost of education for the year. The EFC is calculated according to a Federal formula and is based upon the information provided during the FASFA filing process.
5
Estimated Net Cost Amount of direct and indirect costs remaining after all gift aid (scholarship and grant) is subtracted.
6
Options to pay remaining Costs Financial aid in the form of student employment or loans. Loans are used to help pay the remaining net costs after gift aid is deducted. Student employment earnings (including Work-Study awards) are not deducted from billed costs and are paid in the form of wages.
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Information Information about your awards, including instructions on how to accept or decline any offered awards. will be provided here.
Office of Scholarships and Financial Assistance Northwest Missouri State University
finaid@nwmissouri.edu nwmissouri.edu/finaid 660.562.1363 | 800.633.1175
2018-2019 Financial Aid Award
Estimated Cost of Attendance (COA) Tuition and Fees Other Course Fees Housing and Meals Estimated Direct Expenses
PL
1 Direct expenses are items you are charged by Northwest, such as tuition, fees, and room/board (only if you live on campus).
M
Educational Supplies $400.00 Transportation Expenses $1,000.00 2I Indirect expenses are allowances for other items and may vary based on your needs. Northwest will not bill Personal Expenses $1,575.00 you for these items. Estimated Total Cost of Attendance $22,787.00 While reviewing your award letter, remember the importance of separating amounts you pay directly to Northwest from other indirect costs. Additional information about tuition and fees is available on the Bursar’s Office website www.nwmissouri.edu/bursar/index.htm Financial Need Analysis (if applicable) Estimated Total Cost of Attendance $22,787.00 Award Period EFC (from FAFSA) $4,383 4 Your EFC is a calculated index based on the financial information you provided on your FAFSA. It is used to Estimated Additional Resources $.00 calculate eligibility for need-based aid and does not Calculated Financial Need = $18,404.00 indicate your cost or the amount of aid you will receive. Grant and Scholarship Eligibility Fall 2018 Spring 2019 Summer 2019 Total Federal Pell Grant Accepted $873.00 $873.00 $1,745.00 Missouri Access Grant Accepted $1,025.00 $1,025.00 $2,050.00 Transfer Merit Scholarship Accepted $500.00 $500.00 $1,000.00 Total Grants and Scholarships $4,795.00 Estimated Net Cost (COA minus total grants and scholarships) $17,992.00 5
SA
3
$9,814.00 $533.00 $9,474.00 $19,812.00
E
Student ID: 919XXXXXX Dear Bobby Bearcat: EFC (if available from FAFSA): 3411 The Office of Scholarships and Financial Assistance is pleased to provide your most recent award letter for the 2018-2019 Aid Year. The financial aid offered is based on financial need and/or academic achievements. Need-based awards are calculated using your Expected Family Contribution (EFC) from your Free Application for Federal Student Aid (FAFSA). Initial awards are based on an expected enrollment status of full-time and are contingent upon continued funding from federal, state, and institutional sources. If you plan to enroll at a less than full-time status, you should report this information to our office by sending an email message to finaid@nwmissouri.edu. For more information about your awards, please visit our website or call our office at 660.562.1363.
Options To Pay Remaining Costs Fed Work Study Eligibility Subsidized Loan Unsubsidized Loan Parent PLUS Loan Eligibility Total Financial Aid Award
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Offered Accepted Accepted Offered
Fall 2018 $2,100.00 $2,750.00 $1,000.00 $3,145.00
Spring 2019 $2,100.00 $2,750.00 $1,000.00 $3,145.00
Summer 2019
Total $4,200.00 $2,750.00 $2,000.00 $6,292.00 $22,787.00
Accepted awards will be processed for you and do not require any action. To accept or decline any offered awards, login to CatPaws and navigate to Financial Aid > Award > Accept Award by Aid Year. For additional information on this process please review our Financial Aid Award Letter Instructions.
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Please use the CatPaws process to inform us of any scholarships or private resources you will receive that are not listed on this award letter. Receipt of aid not reported to our office may impact your eligibility for aid listed on this award letter. Please forward all private scholarship checks to the Office of Scholarships and Financial Assistance. Northwest Missouri State University | Office of Scholarships and Financial Assistance | Administration Building | Room 273 | 800 University Drive | Maryville, MO 64468
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Refund and withdrawal policy
REFUNDING DROPPED COURSES
Tuition and required fees will be reduced in the case of drop or complete withdrawal from Northwest as follows: Refund/Reduction
Full Trimester Courses
Block Courses
Single Session Summer Courses
100%
1st Week
3 Days
1 Day
75%
2nd Week
2 Days
1 Day
50%
3rd Week
3 Days
1 Day
25%
4th Week
2 Days
1 Day
Other time frames prorated accordingly.
Return of Title IV Federal Student Aid This requirement applies to the student ONLY if: ■■ the student received federal student aid, and ■■ the student is withdrawing prior to completing 60 percent of the
trimester
The federal law requires federal aid recipients to “earn” most of the aid they receive. Students who withdraw prior to completing 60 percent of the trimester will be required to return some of the aid they were awarded. The University must calculate the amount of aid earned based on a calculation determined by the federal government. This means a portion of the student loans and grants received will be returned and the student may have an outstanding balance to the University. If the student considers withdrawing for any reason, please meet with a financial aid counselor to determine the financial impact.
Refund procedures Refunds are processed weekly, and direct deposit of student refunds is required. To set up direct deposit of student refunds, log in to the “account/payment” center through your CatPAWS account. Click the eRefunds tab and complete the refund account setup. Direct deposit remains active until deleted in the account/payment center in your CatPAWS account. Currently, direct deposit is only available for student refunds. Refunds resulting from Parent Plus loan are mailed to the parent who originated the loan. If direct deposit is not activated, refunds are mailed to the student’s local address. This can take a week longer to receive. Any charges occurring after a refund is processed are expected to be paid monthly as they are billed.
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Other information Tax benefits for education
Estimating your budget
The American Opportunity Tax and the Lifetime Learning credit are two tax credits available to qualified tax payers. Additionally you may be eligible for tax deductions for tuition and fees. The University will produce a form 1098-T for each tax year if applicable. This information is available on the student’s CatPAWS.
It is common for students to use multiple funding resources to pay for college. The student will likely use a combination of savings, family contributions, scholarships, grants, loans and work study. The cost calculator is available at nwmissouri.edu/Bursar/costworksheet.htm to help determine the student’s costs.
For details about the possible credits and to find out if the student is eligible to take advantage of any of the options, refer to IRS Publication 970 “Tax Benefits for Education.” If assistance is needed in determining their eligibility or there are questions about preparing a tax return, please contact a qualified tax professional. The University is unable to provide tax or legal advice.
Taxation of aid received A portion of the student’s financial aid may be taxable. It is the student’s responsibility to determine the portion of financial aid, if any, that is taxable and to properly report it on the income tax return. Per IRS guidelines, the University does not provide income reporting on the taxability of your financial aid.
How much will I have to pay? Cost Tuition
Miscellaneous* Total Cost
$202.47
Financial Assistance Grants
Scholarships
Student Loans
Parent Plus
Student’s Responsibility *Miscellaneous charges include $165 new student fee and $37.47 optional yearbook charge. Implementation of tuition rates approved by the Board of Regents is contingent on the level of state appropriations budgeted and awarded throughout the fiscal year by the State of Missouri.
Notes
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Have questions about your bill? Call these numbers for assistance figuring out specific charges
BURSAR/CASHIERING OFFICE
Billing and refund questions.......................................................... 660.562.1578 Payment arrangements ................................................................. 660.562.1583
OTHER OFFICES
Advisement – class schedule changes....................................... 660.562.1695 Bookstore – charges....................................................................... 660.562.1246 Computer Help Desk....................................................................... 660.562.1634 Financial Assistance........................................................................ 660.562.1363 Registrar............................................................................................... 660.562.1151 Wellness Services – charges......................................................... 660.562.1348
QUESTIONS ABOUT HOLDS?
Admissions......................................................................................... 660.562.1148 Assessment....................................................................................... 660.562.1452 Cashiering.......................................................................................... 660.562.1578 Meningitis.......................................................................................... 660.562.1348 MMR.................................................................................................... 660.562.1348
GENERAL INFORMATION 660.562.1212 800.633.1175