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 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 students, faculty, staff, and visitors are required to wear facial coverings and observe social distancing criteria on campus for as long as CDC and Kentucky health guidelines advise.

In-person and hybrid classes will move to fully online/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.

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

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)

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

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 often!

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!

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 $6,500 $8,700 Package $3,073 $5,853 Out Of Pocket (Plus Book Expense) (Plus Book Expense)

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

YOU MUST FILE THE FAFSA TO RECEIVE…. • Federal Pell Grant • Federal Work Study • Federal Subsidized Loan • Kentucky CAP Grant • Federal Unsubsidized Loan • Federal SEOG Grant • Federal Parent Plus Loan • *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

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 office 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

Accepting your awards

Terms & Conditions

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.

FINANCIAL AID on myNKU

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

Federal Aid Log In

Federal Aid – Next Steps

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.

SAMPLE FORM

Applying for Federal Aid

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

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

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

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

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

MYNKU BILLER DIRECT

MYNKU BILLER DIRECT(cont.)

MYNKU BILLER DIRECT(continued) • Signing up for Direct Deposit • Instructions: http://studentaccountservices.nku.edu/refunds/directdeposit.html • Manage Bank Account

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

CLASS CANCELLATION REFUND* • 100% Tuition Refund • Until August 24 th • 50% Tuition Refund • August 25 th - September 8 th • 0% Tuition Refund • After September 8 th • *Full-Session Classes