Managing Your Student Account Presented by: Student Financial - - PowerPoint PPT Presentation

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Managing Your Student Account Presented by: Student Financial - - PowerPoint PPT Presentation

Managing Your Student Account Presented by: Student Financial Assistance and Student Account Services NKU.EDU Your NKU Email Address is the OFFICIAL form of communication from the University. Tuition bills are sent monthly to your NKU


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Managing Your Student Account

Presented by: Student Financial Assistance and Student Account Services

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SLIDE 2
  • Your NKU Email Address is the OFFICIAL form of

communication from the University.

  • Tuition bills are sent monthly to your NKU email
  • No paper invoices generated
  • Financial Aid missing information notices
  • Access it on your smartphone :
  • Search the NKU homepage for “email on phone” or visit the

Norse Tech Bar at UC 252 or contact the IT Help Desk.

NKU.EDU

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SLIDE 3

NKU students, faculty, staff, and visitors are required to wear facial coverings and

  • bserve social distancing criteria on campus

for as long as CDC and Kentucky health guidelines advise.

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SLIDE 4

In-person and hybrid classes will move to fully

  • nline/remote delivery after Thanksgiving break,

including final exam week. In-person instruction will not take place after Thanksgiving break, although buildings and offices will remain open.

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SLIDE 5

FERPA

  • Federal Family Education Rights and Privacy Act
  • All enrolled students financial information is protected!
  • FERPA form grants permission to NKU to release information

to a third party that you designate (parent, spouse, etc.)

  • Allows third party to discuss billing/account information
  • FERPA release form available on University Registrar’s

website

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SLIDE 6

FALL TUITION DATE

  • DUE August 17, 2020
  • Pay 100% of your student account balance (tuition, fees,

housing) by the due date to avoid additional fees

  • Accounts not paid in full by August 17, 2020 will be

charged:

  • $50 installment plan fee
  • 1.25% account maintenance fee (charged at the end of each

month on the outstanding balance)

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SLIDE 7

Fall 2020 Installment Plan Dates

  • Fall 2020 Installment Plan Dates
  • August 17, 2020 – a minimum 50% of your tuition and fee

payments due

  • September 17, 2020 – an additional 25% of your tuition and

fee payments due

  • October 16, 2020 – the remaining 25% of your tuition and fee

payments due

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SLIDE 8

VIEW Student Bill Online

  • Available 24/7 on MyNKU
  • Charges are posted to student account prior to the

start of the semester

  • Includes tuition, housing, and other fees, may be influenced

by add/drops

  • Account statements are emailed to your NKU email

address

  • This is the official form of communication at NKU. Check it
  • ften!
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SLIDE 9

Payment Options

  • Online – MyNKU Portal
  • E-check (Free), Credit Cards (2.5% Fee) accepted include

Visa/Mastercard/American Express/Discover

  • By Mail – Check or Money Order (no cash!)
  • In Person – Check, Money Order, or cash
  • Night Drop Box available in the tunnel between LAC and the UC (DO

NOT DROP CASH!)

*Always include the student name/ID number with all payments!

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SLIDE 10

NEED TO KNOW ESTIMATE PER SEMESTER

In State Resident Out-of-State Resident Cost Per Credit Hour $413 $828 Tuition & Fees $5,148 $10,128 Room & Board (Campus) $4,175 $4,175 Books & Supplies Varies Varies Parking Pass $250 $250 Total Expenses $9,573 $14,553 Average Financial Aid Package $6,500 $8,700 Out Of Pocket $3,073 (Plus Book Expense) $5,853 (Plus Book Expense)

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SLIDE 11

The FAFSA

  • Free Application for Federal Student Aid
  • Opens October 1 every year
  • Online application: FAFSA on the Web
  • fafsa.gov
  • Will use prior-prior year tax information
  • 2017 taxes for the 2019-2020 academic year
  • To Sign the FAFSA, both students and parents must

create an FSA ID on fsaid.ed.gov

  • Title IV School Code for NKU
  • 009275
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SLIDE 12

YOU MUST FILE THE FAFSA TO RECEIVE….

  • *You must re-file the FAFSA every academic year!
  • The whole process can take several weeks
  • If you are selected for Verification, additional documentation must be

supplied to the Financial Aid office before you can be awarded.

  • Standard Processing Time for all documentation is 1-2 weeks
  • Federal Pell Grant
  • Federal Subsidized Loan
  • Federal Unsubsidized Loan
  • Federal Parent Plus Loan
  • Federal Work Study
  • Kentucky CAP Grant
  • Federal SEOG Grant
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SLIDE 13

VERIFICATION

  • Approximately 1 in 3 FAFSAs are randomly selected for Verification by

the Department of Education

  • Requires additional documentation to be supplied to the Financial Aid
  • ffice before students can be awarded.
  • Verification Worksheets (Provided by the office)
  • Tax Return Transcripts (Requested from the IRS)
  • Other Documentation as requested by the Financial Aid Office

Standard Processing Time for all documentation is approximately 1-2 weeks

  • Once all documentation has been processed, the student will be

awarded their financial aid package

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SLIDE 14

Accepting your awards

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SLIDE 15

Terms & Conditions

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SLIDE 16

Accepting Your Awards(cont.)

Once you have been awarded you MUST go online to your myNKU account and ACCEPT or DECLINE the aid in the amounts you would like to receive.

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SLIDE 17

FINANCIAL AID on myNKU

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SLIDE 18

Accepting Loans

The first time you take out a loan, there are two additional steps students need to complete in order to receive the money Go to studentaid.gov and log in with your FSA ID

  • 1. Complete Loan Entrance Counseling
  • You only have to complete this once
  • 2. Complete a Master Promissory Note for a Subsidized/Unsubsidized

Loan

  • These are good for up to 10 years
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SLIDE 19

Federal Aid Log In

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SLIDE 20

Federal Aid – Next Steps

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SLIDE 21

Federal Direct Parent PLUS Loan

  • Loan in the Parent’s name
  • Based on a Credit Check on studentaid.gov
  • Fixed Interest Rate
  • Loan repayment can be deferred until 6 months after half-time

enrollment ends, if the parent chooses.

  • Loan amount is limited to the total cost of attendance less student

financial aid.

  • Step-by-step instructions to apply for the PLUS loan can be found

at financialaid.nku.edu under the Parent Plus Loan tab.

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SLIDE 22

SAMPLE FORM

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Applying for Federal Aid

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Alternative Loans

  • Private Loan in the student’s name
  • Available through banks, credit unions, and private

student loan companies

  • Based on a credit check
  • May need a credit worthy co-signer
  • Not everyone is approved
  • financialaid.nku.edu

financial aid programs student and parent loans alternative loans Fast Choice

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FINANCIAL AID & MY BILL

  • Accepted Aid
  • Be sure to click “submit”
  • Will not appear as an estimate until all steps are complete
  • Estimated Financial Aid
  • All steps have been completed
  • Counts as a payment toward 50% requirement
  • Applied Aid to the student’s account
  • Actual disbursement of aid to the University – happens after last day to

add a class

  • Can vary from Estimated Financial Aid if changes occur
  • Refunded Aid to the Student
  • Occurs 7 days after aid is applied
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Excess Financial Aid REFUNDS

**Refunding occurs 7 days after credit (not estimate) appears on student account Excess financial aid refunding begins:

  • Tuesday September 1, 2020 - Direct Deposit –(Monday, Wednesday, Friday)
  • Please allow 24-72 hours for funds to appear in your checking account
  • Direct Deposits to checking accounts of your designated bank (YOUR

CHOICE OF DEPOSITING BANK)

  • Friday, September 4, 2020 - paper checks (Once a week on Fridays)
  • Credit Card – If an overpayment was created due to a credit card payment,

the excess will go back to the credit card

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SLIDE 27

BOOK ADVANCE August 10, 2020

  • Requirements:
  • Financial Aid process complete with estimated aid amounts

viewable on student account (show credit balance) AND

  • MUST BE Signed up for Direct Deposit AND
  • NO financial holds >= $100 from any department
  • Funds will be transferred via Direct Deposit to your

designated bank for the purchase of textbooks

  • Book Advance is charged on your account and is deducted

from financial aid refund

  • $750 maximum – amount will vary based on student’s available

funds

  • Allow 24-72 hours for funds to post
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SLIDE 28

GENERAL REFUNDING

  • Refunding occurs 7 days after credit appears on

account

  • Refunds are processed based on the last payment received to

determine the form of refund issued

  • Direct Deposit (ACH) – Monday, Wednesday, Friday
  • Checks (by exceptions only) – Once a week on Fridays
  • Credit Card – If an overpayment was created due to a

credit card payment, the excess will go back to the credit card

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SLIDE 29

MYNKU BILLER DIRECT

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SLIDE 30

MYNKU BILLER DIRECT(cont.)

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SLIDE 31

MYNKU BILLER DIRECT(continued)

  • Signing up for Direct Deposit
  • Instructions: http://studentaccountservices.nku.edu/refunds/directdeposit.html
  • Manage Bank Account
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SLIDE 32

Financial HOLDS

  • Financial Warning emails begin September 1, 2020
  • Sent to students who owe more than 50% of total student

account balance after original due date

  • Classes are dropped for non-payment on September 28, 2020
  • Contact Student Account Services
  • Account balance >= $100
  • Can’t register for additional/future classes
  • Can’t receive transcript or diploma
  • Account balance < $100
  • Can’t receive transcript or diploma
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SLIDE 33

CLASS CANCELLATION REFUND*

  • 100% Tuition Refund
  • Until August 24th
  • 50% Tuition Refund
  • August 25th - September 8th
  • 0% Tuition Refund
  • After September 8th
  • *Full-Session Classes
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SLIDE 34
  • Can affect your tuition and fees and result

in you owing a balance!

  • According to Federal Financial Aid

Regulations, failure to complete, or withdrawing from courses can result in repayment of financial aid

  • Tuition Adjustment Dates- Please refer to

the Academic Calendars @ https://inside.nku.edu/registrar/calendars.html

http://www.nku.edu/calendars.ht

Dropping/Adding Classes

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SLIDE 35

Withdrawal Information

  • Completely withdrawing from the university can result

in a student owing a bill to the university for returned funds within that semester.

  • If the student feels it is necessary to withdraw from

class, please have them contact the Office of Student Financial Assistance to discuss the possible ramifications.

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SLIDE 36

Drop/Add/Withdrawal Example

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SLIDE 37

CONSEQUENCES OF NON-PAYMENT

  • Classes dropped for non-payment (still owe 100%)
  • Account sent to collection agency
  • Adds 25-33% more to your bill
  • Credit Score decreases
  • Harder to get loans
  • Account sent to KY Dept of Revenue
  • Assets frozen
  • Tax refund garnished
  • Wages garnished
  • Property liens
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SLIDE 38

Satisfactory Academic Progress Policy

  • Student must have a 2.0 cumulative GPA at the end of

the spring semester in order to receive federal aid for the next school year. Student is required to earn a cumulative 67% of the credit hours they attempt. Example: If attempting 24 hours in fall and spring you must complete 17 hours in the academic year

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Scholarships

  • Students attending NKU and receiving Merit-Based

scholarships should be aware of the requirements for scholarship renewal.

  • Renewal Criteria can be found in the students award packet
  • r on the Financial Aid section of the NKU website.
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Outside Scholarships & 529 Plans

  • Outside Scholarships – Student should bring them to

Student Account Services for processing. They are split between Fall and Spring semesters unless sponsor specifies a different disbursement.

  • 529 Plans – There are many different 529 plans. Please

contact your provider for payment information and documents required. Be sure you submit the payment request 2 weeks before tuition due date to avoid fees

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SLIDE 41

Veterans Resource Station

Veterans, Active Duty, and Dependents

NKU Certifying Officials

  • Inform you on GI Bill/Education Benefit or Tuition

Assistance procedures

  • Assist you to understand communication from the

VA regarding your GI Bill/Education Benefits, certifies enrollment and enrollment changes with the VA

  • Report all changes in enrollment to the VA
  • Provide instructions for 1606, 1607 and 30 recipients

NKU’s Partnership with Veterans Affairs

  • A VA representative comes every Monday; can help you enroll in

VA medical and understand your disability paperwork

Veterans Resource Station

  • The Station’s mission is to create a community of university

personnel, students, and community agencies that provide, facilitate, and coordinate programs and services that increase the likelihood of veterans, student service members, and their family members completing their educational goals

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NEED TO KNOW 15 TO FINISH

Your student will need at least 120 credit hours to graduate from NKU. 120 divided by 4 years = 30 credits a year

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NEED TO KNOW 15 TO FINISH (cont.)

  • Why does it matter?
  • Taking 15 credits each semester is the same cost as

taking 12 credits. That is 3 credits for free!

  • Avoid the cost of extra semesters.
  • Maximize KEES money: KEES money only lasts 8

semesters or within five years of high school graduation.

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NEED TO KNOW TIPS

  • Check your email account daily
  • Attend, complete, and pass classes
  • Ask questions, use resources
  • Refrain from accepting/using credit cards
  • File for Financial Aid early (each October)
  • Know and remember deadlines
  • Check your NKU email (and read it!)
  • Get involved!
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SLIDE 45

CONTACT

  • Student Account Services
  • LAC 2nd Floor
  • M-F, 8:15-4:30
  • 859-572-5204
  • studentaccountservices@nku.edu
  • Studentaccountservices.nku.edu
  • Student Financial Assistance
  • LAC 3rd Floor
  • M-F, 8:15-4:30
  • 859-572-5143; 1-888-225-4499
  • Ofa@nku.edu
  • Financialaid.nku.edu