GETTING TO KNOW YOUR FINANCES
MONEY DOES
MATTER N O RT H W E S T M I S S O U R I S TAT E U N I V E R S I T Y
TABLE OF CONTENTS The consolidated student account
2
Page 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
7
Financial Assistance
8
Refund and withdrawal policies
10
Other information
11
Bursar/Cashiering Office 800 University Drive Maryville, MO 64468
Office of Scholarships and Financial Assistance 800 University Drive Maryville, MO 64468
Phone: 660.562.1578 Fax: 660.562.1400 Email: cashier@nwmissouri.edu
Phone: 660.562.1363 Fax: 660.562.1674 Email: finaid@nwmissouri.edu
What EVERY Northwest student should know about college expenses The college experience is a tremendous time of growth, whether it’s in the classroom, as part of a student organization, on the playing field or through social opportunities. Understanding and managing your financial responsibilities are equally important, and Northwest is pleased to provide you with the resources needed to manage your finances and provide answers to your questions you didn’t even know to ask, and much more. In addition to the material found within this publication, further information may be obtained at the Northwest Bursar’s Office website at nwmissouri.edu/bursar or by calling 660.562.1578.
THE CONSOLIDATED STUDENT ACCOUNT Northwest combines many of your fees and charges from different areas on campus into one consolidated student account. This allows us to send you one monthly billing statement that covers all of your customary charges, including tuition, technology fees, textbook rental fees, and room and board. Your ID card (Bearcat Card) also serves as a campus charge card, allowing you to be billed through one consolidated account for items such as bookstore purchases, copy charges, dining dollars, parking permits and Wellness Services charges just to name a few.
BILLING POLICY – EMAIL 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 mailed to the student’s permanent address in addition to being emailed. All subsequent bills will be emailed to the student’s University email account. The student may enter up to two additional email addresses on CatPAWS if they wish to have duplicate email bills sent to parent(s) or some other party responsible for payment. This is accomplished by going in to CatPAWS, click “Personal Information” tab, “Update Your Email Addresses,” “2nd and/or 3rd billing email.”
UNIVERSITY EMAIL ACCOUNTS All students have a University assigned email account. Our method of communication is through University email. It is the student’s responsibility to check it often for important information. Failure to do so could result in loss of services.
3
Understanding your monthly billing statement The monthly billing statement includes important messages, due dates, financial assistance, the total amount due, the minimum payment amount and a detail of charges. The numbered items below correspond to numbered examples on the sample billing statement. 1 PREVIOUS BALANCE 1.
The account balance from the last monthly billing statement.
2 2. CHARGES/REFUNDS
New charges billed and refunds processed during this billing cycle. This includes charges put on by various offices on campus. See directory on back to refer questions concerning charges. The account summary above shows the total of the amounts detailed below.
3 PAYMENTS/CREDITS 3.
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 4.
Financial aid awarded to the student that has not yet been applied. Aid will not be credited to the accounts until classes begin. For any questions about anticipated aid, please contact the Office of Scholarships and Financial Assistance at 660.562.1363.
5. 5 MINIMUM DUE
If paying on installments, this is the minimum payment due. To calculate the minimum due on your first installment, take the total charges, subtract scholarships and financial assistance and divide by four. A finance charge will be applied to any unpaid balance.
6 TOTAL BALANCE 6.
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 in order to avoid a finance charge.
7 FINANCE CHARGES 7.
You must pay the ‘Total Balance’ on or before the due date to avoid the 1% per month (12% APR) finance charge.
8 IMPORTANT MESSAGES 8.
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Important information is included in this area. It can range from important dates, to new policy changes, to preregistration or verification information. Be sure to read this each month.
Due Date: August 15, 2017
Bursar’s/Cashiering Office 800 University Drive Maryville, MO 64468 cashier@nwmissouri.edu
PL E
Make Checks payable to Northwest.
Total Balance:
Minimum Due:
Bobby Bearcat 800 University Drive Maryville, MO 64468
$3,651.37 $800.34
Student ID#:
919XXXXXX
Invoice Due:
20-Jul-2017
Amount Enclosed $
Be sure to write Student ID # on check.
Student ID#: 919XXXXXX Account summary as of: 20-Jul-2017 Previous Balance 0
Date
2
$150.00
Transaction Description
Authorized Financial Aid
3
Charges and Refunds
Technology Fee
17-Jun-17
Textbook Usage Fee
17-Jun-17
Tuition UG, R
2,813.40
17-Jun-17
Designated Fees UG
1,572.00
17-Jun-17
Room Contracts
3,100.00
17-Jun-17
Meal Contracts
1,935.00
17-Jun-17
Yearbook
17-Jun-17
New Student Fee
18-Jul-17
Room Pre-Payment
CURRENT BILLED BALANCE
**Minimum Due
4
$6,222.00
17-Jun-17
SA
201810
1 $10,023.37
Payments/ Credits
$800.34
Payments and Credits
M
Term
Charges/ Refunds
90.00
2
150.00
3
Pell
2,000.00
Sub. Loan-Federal Direct
1,732.00
Private Scholarship
*FINANCIAL AID BALANCE*
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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.
165.00
American Dream Grant
6
Important Messages
37.47
Unsub. Loan-Federal Direct
$3,651.37
Questions about your Financial Aid 660.562.1363
*AUTHORIZED FINANCIAL AID*
201810
5
Questions about your bill 660.562.1578
310.50
10,023.37
Total Balance
990.00
4
Sign up for Direct Deposit of your student refund. Log into your account/payment center in CatPAWS today!
1,000.00 500.00 6,222.00
Financial Aid Refunds Direct Deposit: Paper Checks Mailed:
Sept. 7 Sept. 11
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 a finance charge.
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Fees above are reflective of the 2017-2018 school year.
1% per month 12% APR 5
Payment expectations The minimum amount due each month must be paid to remain enrolled. The first payment is due August 15 for the fall term, January 15 for the spring term, 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 extreme measures being imposed.
INSTALLMENT PAYMENT PLAN
HOW TO PAY
Northwest’s installment plan provides an alternative to a large lump sum payment each trimester. This plan enables families and students to make four regularly scheduled monthly installment payments each fall/spring trimester at a 1% per month finance charge.
There are a number of methods available for making payments on the account. Students and authorized users have the following online options.
The minimum payment is one-fourth (1/4) the current term’s charges after financial assistance is deducted. A 1% per month charge (12% APR) will be calculated on the remaining unpaid billed amount. Miscellaneous charges are billed monthly with each installment. Fall Payment Due Dates
Spring Payment Due Dates
August 15
January 15
September 15
February 15
October 15
March 15
November 15
April 15
n WebCheck – an electronic check is a free service in which you can have payment withdrawn from your checking or savings account. n Online Debit – Use your bank debit card to make payment. Not all bank cards allow PINless debit n Credit Card –MasterCard, Discover, VISA, or American Express are accepted online. A convenience fee of 2.75% applies to all credit card payments. Walk in and mailing options are also available n 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. n Pay by mail using money order, cashier’s check or personal check. (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 like other financial assistance and cannot be used towards an installment payment.
FINANCE CHARGES If you take advantage of the installment minimum payment option, or otherwise pay an amount less than the total amount due on your monthly billing statement, the university will assess a 1% monthly (12% APR) finance charge on the unpaid balance. The finance charge is based upon the unpaid total due from the previous monthly billing statement and will not be assessed against new charges appearing in the billing cycle. To avoid finance charges, pay the total amount due on the billing statement by the scheduled due date.
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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 n Log into CatPAWS
2. Release of information concerning grades, student account, and financial assistance.
n Account Tab
n Log into CatPAWS
n Account/Payment Center
n Student Tab
n Click ‘Authorized users tab’
n Click ‘Authorize Release of Information’
n Add an authorized user
n Follow instructions to complete
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. To log on go to CatPAWS and click on Account/Payment Center link (lower right corner).
A unique Northwest ID will be created beginning with ‘T11’ for you to log into CatPAWS to view grades. You will also have access to 1098-T tax credit information from this login. DO NOT enter the account/payment center through this login, it is not connected to the student account for payment. For your records:
For your records:
User ID
PIN
Password
7
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.
PRIVATE RESOURCES/SCHOLARSHIPS 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. You can report these scholarships on CatPAWS at any time. If you receive a private scholarship check, please forward the scholarship check, along with 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.
GRANTS Grants are gift aid and are awarded based on calculated need. Such grants are the Federal Pell Grant, Supplementary Educational Opportunity Grant, Missouri Access Grant, and the Northwest American Dream Grant. These grants are also credited directly to the students account and most are divided equally between the fall and spring trimesters.
WORK–STUDY Northwest offers both the Federal Work-Study program and our own institutional work program. The Federal WorkStudy Program is need-based but the institutional program is not. Students are responsible for finding their employment and will receive a monthly paycheck (via direct deposit) for hours worked. To find student employment opportunities, please visit nwmissouri.edu/hr/student/jobs.
STUDENT LOANS Federal Direct Student Loans There are two types of Federal Direct Student Loans available to students: Subsidized and Unsubsidized. Subsidized loans are available to students who demonstrate financial need and the U.S. Department of Education pays the interest on a Direct Subsidized Loan while you’re in school at least half-time. Unsubsidized loans are not need-based and you are responsible for accrued interest on a Direct Unsubsidized Loan during all periods. Depending on your financial need, you 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) 8
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) before the loan will be disbursed to the student account.
Perkins Loans Federal Perkins Loans are offered to students who demonstrate financial need. First-time borrowers of a Federal Perkins Loan must complete the Perkins MPN (ecsi.net/ prom4P) before the loan will be disbursed to the student account. Repayment on the Perkins Loan will be made to Northwest. Due to recent legislation, no new Perkins loans will be processed after Sept. 30, 2018.
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 on private loans, please visit our website at nwmissouri.edu/finaid/ alternative.htm. We encourage students to use 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 PLUS loan due to a negative credit decision, the student can assume additional Unsubsidized loan eligibility up to $4,000 per year as a freshman or sophomore and $5,000 per year as a junior or senior.
HAVE YOU? ❏ Applied for Financial Aid at fafsa.ed.gov (Northwest’s School Code is 002496) ❏ Responded to any of our requests for information nwmissouri.edu/FinAid/Forms.htm ❏ Accepted Financial Aid online nwmissouri.edu/FinAid/ PDF/AcceptAwardLetter.pdf ❏ Completed Entrance Counseling and a Master Promissory Note (first-time borrower) at studentloans.gov ❏ Completed the Parent PLUS Loan application at studentloans.gov
Office of Scholarships and Financial Assistance Northwest Missouri State University
finaid@nwmissouri.edu nwmissouri.edu/finaid 660.562.1363 | 800.633.1175
2017-2018 Financial Aid Award
E
Student ID: 919XXXXXX EFC (if available from FAFSA): 3411
Dear Bobby Bearcat:
MP L
The Office of Scholarships and Financial Assistance is pleased to provide your most recent award letter for the 2017-2018 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. Estimated Cost of Attendance (COA) Tuition and Fees
Direct expenses are items you are charged by Northwest, such as tuition, fees, and room/board (only if you live on campus).
$9,572.00
Housing and Meals
$9,242.00
Estimated Direct Expenses
$18,814.00
Educational Supplies
$1,000.00
Personal Expenses
2 Indirect expenses are allowances for other
$21,789.00
Estimated Total Cost of Attendance
$21,789.00
Award Period EFC (from FAFSA)
-
3411
Estimated Additional Resources
-
$500.00
=
$17,878.00
Calculated Financial Need
Grant and Scholarship Eligibility
Your EFC is a calculated index based on the financial information you provided on your 4 FAFSA. It is used to calculate eligibility for need-based aid and does not indicate your cost or the amount of aid you will receive.
Fall 2017 Spring 2018
Summer 2018
Accepted
$2,000.00
$2,000.00
$4,000.00
American Dream Grant
Accepted
$1,000.00
$1,000.00
$2,000.00
SA
Total Grants and Scholarships
Estimated Net Cost (COA minus total grants and scholarships)
$6,000.00
5
$15,789.00
Summer 2018
Total
Options To Pay Remaining Costs
6
Fall 2017 Spring 2018
Fed Work Study Eligibility
Offered
$1,200.00
$1,200.00
$2,400.00
Subsidized Loan
Accepted
$1,750.00
$1,750.00
$3,500.00
Unsubsidized Loan
Accepted
$1,000.00
$1,000.00
$2,000.00
Parent PLUS Loan Eligibility
Offered
$3,945.00
$3,945.00
$7,889.00
Total Financial Aid Award
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.
Estimated Total Cost of Attendance (COA)
Expected Family Contribution (EFC)
5
Estimated Net Cost
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.
$21,789.00
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.
3
Expenses incurred as a result of attendance that the student or family may pay to a third party (merchant, landlord, etc.) other than Northwest.
Amount of direct and indirect costs remaining after all gift aid (scholarship and grant) is subtracted.
Total
Federal Pell Grant
Indirect Expenses
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.
3
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. Financial Need Analysis (if applicable)
2
Expenses the student or family pay directly to Northwest.
4
items and may vary based on your needs. Northwest will not bill you for these items.
$1,575.00
Estimated Total Cost of Attendance
Direct Expenses
The estimated total direct and indirect cost of attending Northwest for one academic year.
1
$400.00
Transportation Expenses
1
7
7
Information
Information about your awards, including instructions on how to accept or decline any offered awards. will be provided here.
Northwest Missouri State University | Office of Scholarships and Financial Assistance Administration Building | Room 273 | 800 University Drive | Maryville, MO 64468
9
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.
REFUNDING ROOM AND BOARD
REFUND PROCEDURES
In the case of withdrawals, the board cost will be $100 weekly plus a $100 processing fee. Any unused dining dollars will be refunded. The room charge will be refunded as follows:
Refunds are processed weekly. Direct deposit of student refunds is required. To set up direct deposit of student refunds, log into the account/payment center through your CatPAWS account. Click the eRefunds tab and complete the refund account setup.
n Daily pro-rated amount to the date of check out of residence hall and a $200 cancellation fee will be charged. n No refund after the 12th week of classes.
RETURN OF TITLE IV FEDERAL STUDENT AID This requirement applies to you ONLY if: 1. You received federal student aid, and 2. You are withdrawing prior to completing 60% 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% 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 your student loans and grants will be returned and you will have an outstanding balance owed the University. If you consider withdrawing for any reason, please meet with a Financial Aid Counselor first to determine the financial impact.
10
Direct deposit remains active until deleted in the account/payment center in your CatPAWS account. Currently, direct deposit is available only for student refunds. Refunds resulting from Parent Plus loan proceeds are mailed to the parent who originated the loan. If direct deposit is not activated, refunds will be mailed to the student’s local address which will take up to a week longer to receive. Any charges occurring after a refund is processed are expected to be paid monthly as they are billed.
Other information TAX BENEFITS FOR EDUCATION 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 during which the student is billed for classes. This will include amounts billed for qualified educational fees and amounts of scholarships and grants you received. This information is available on the student’s CatPAWS. For details about the possible credits, and to find out if you are eligible to take advantage of any of the options, refer to IRS Publication 970 “Tax Benefits for Education.” If you need assistance determining your eligibility, or have questions about preparing your tax return, please contact a qualified tax professional. The University is unable to provide tax or legal advice.
ESTIMATING YOUR BUDGET Few students pay for college using just one funding source. You will likely use some combination of savings, family contributions, scholarships, grants, loans and work– study. It is important that you understand how much it will cost to attend college. Once you know this, you can match this information with available funding sources to know exactly where the funds will come from. Use the cost calculator on our website at nwmissouri.edu/Bursar/ costworksheets.htm to help determine your costs.
HOW MUCH WILL I HAVE TO PAY? Cost Tuition
Room
TAXATION OF AID RECEIVED
Meal
A portion of your financial aid may be taxable. It is your responsibility to determine the portion of financial aid, if any, that is taxable and to properly report it on your income tax return. Per IRS guidelines, the University does not provide income reporting on the taxability of your financial aid.
Miscellaneous*
$292.47
Total Cost
Financial Assistance Grants
Scholarships
Student Loans
Parent Plus
Student’s Responsibility * Miscellaneous charges include $165 new student fee, $90 optional parking permit and $37.47 optional yearbook charge.
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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 Campus Dining – meal charges............................................ 660.562.1430 Computer Help Desk............................................................ 660.562.1634 Financial Assistance.............................................................. 660.562.1363 Registrar............................................................................... 660.562.1151 Residential Life – room charges........................................... 660.562.1214 University Police – parking charges...................................... 660.562.1254 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