MISSOURI WESTERN FINANCIAL AID AND BUSINESS OFFICE Helpi ping - - PowerPoint PPT Presentation

MISSOURI WESTERN

FINANCIAL AID AND BUSINESS OFFICE Helpi ping you A Achieve you

• ur G

Goa

• als

Not h t having y g your Finan nanci cial al A Aid i id in place ace WEL ELL B BEF EFOR ORE th the e first d t day o y of cla lass c s cause ses s hi high h le levels of… s of…

Complete the following checklist to ensure your finances are in place when school begins.

Want t nt to

• sta

tart s schoo

• ol

l str stress-free ee?

The PRIV IVACY A ACT T limits what Business and Financial Aid Office representatives are allowed to discuss with parents of Missouri Western students. St Stude dents ma may sig sign a re rele lease allowing us to discuss information with a third party (i.e. parent).

Sign a Federal Buckley Amendment Form.

Your final eligibility for financial assistance cannot be determined until all required transcripts have been received and evaluated.

TRANSFER STUDENTS Contact Financial Aid TODAY

• If your overall GPA is below

2.00; or

• If you have not

successfully completed at least 67% of the courses you have attempted; or

• If you have attempted

greater than 135 hours.

Make su sure ALL r LL required t transc scripts are su submitted t to

• the Office o
• f A

Admissions

• ns.

 Your FAFSA should be submitted as soon as possible after October 1st eve

very ye year.

 Februar

ary 1 y 1st is is the Pr Priorit ity d deadli line to be considered for SEOG, Missouri Western Competitive Scholarships and the Access Missouri Program.

 You MUST c

T complete t e the e FAFSA SA before Missouri Western Scholarships will be disbursed to your account.

Sub ubmit A ALL r requested d documents t to t the F FAO.

Un Understand nd y your

• ur f

financ ncial o

• bligation.
• n.

Parents must complete the PLUS Pre-Approval Application

• nline at www.s

.stud udent ntloa

• ans

ns.g .gov.

Parent PLUS S Loans

• Borrowers are credit worthy

parents of undergraduate students.

• Fixed interest rate of 7.00%.
• Origination fee of 4.276%
• No Grace period. Repayment

begins immediately after the loan is fully disbursed.

• Annual loan limit equals the cost
• f attendance minus other aid.

Need a a job job to h

• help fund y

d your educat ucatio ion?

• The Federal government sets limits on

the amount of money students may borrow - $5, $5,50 500 f for fres eshmen en.

• Be sure to read y

you

• ur a

award infor

• rmation
• n

ca caref efully – many awards require full- time enrollment, etc.

• There is a 30

30 day d del elay after classes begin before loans funds will be released to first-time freshmen borrowers.

• Be prepared for ou
• ut-of
• f-pocket e

expens nses like books – around $400 per semester.

Important t thin things t to k kee eep in in min ind…

Tuit itio ion P Paym yment Plan Plan This plan allows you to take the balance of your account after all financial aid has been applied and make payments during the semester. Th There is a $50 enrollm lment fee PE PER SE SEMESTE TER.

Don’t i ignore y e your a r account s statem emen ent. Make e necessa essary p paymen ent a arrange gemen ents. s.

A $ $100 l lat ate e fee

will apply if your account is n is not paid paid in full by Financial Aid or

• ther payments;

OR OR a Tuitio ion Pa Payme ment P Plan has not been established by the due date.

Stat tatements ts wil will be e EMAILE ILED on the the 5th th o

• f

f eac each mont nth w with pa payments d due ue o

• n t

n the 2 20th. .

If you HAVE VE NO NOT T completed your financial aid file AND ND accepted your aid, you MUST enroll in a payment plan or pay in full. If you

• u d

don

• n’t you
• ur c

classe sses s WILL B BE E dr droppe pped. d.

Don’t be a college dropout

• pout before
• re you

even s n sta tart!

Drop

• p D

Date

August 2 23, , 2017

Goldli dlink is s Missou ssouri W West stern’s p primary m method of

• f

communica cating i g impo portant i information to you.

Act ctivate y your Goldlink nk (E (Email ail) A Account.

What’ t’s A Available on e on Goldlink? Financial l Aid an and Billi lling Tab ab

You m may m make p e payment ents throug ugh Goldlink ink using ing y your c credit it o

• r debit

it card rd. (MasterCard, American Express, Discover, Visa) You m may al also p pay b by c y cas ash o

• r che

heck in the Business Office located in Eder Hall.

Manage ge Your r Accou count nt

If If you h u have e MO MORE AI AID D than you

• ur c

cost

• st…

Up to $750 of your pending Financial Aid will be transferred to your student ID card for use in the campus bookstore. (Two weeks prior to the first day of class.) Any remaining credit balance funds will be issued the third week of classes. The e fastes est way t to g get et your ref efund i d is by establishing your direct deposit account nt o

• n

n Gold ldlink (prefer

erred ed m met ethod).

My My fin inancia ial aid aid is is more re than than my bal alan ance due… e…

SEL SELF-HELP ELP A AID

Federal Loans (Low Interest) Employment (FWS/Institutional)

Fin inancia ial Aid Aid is is an an INVESTM TMENT NT in in your fu futu ture m mad ade e by sources o

• th

ther than than y your f r fam amil ily…or b by you.

Studen dent Lo Loan ans s - You

• ur person
• nal i

investment.

When YOU borrow money to fund YOUR education, you are taking on a VERY SERIOUS OBLIGATION!

• utilize loan funds for

educational expenses ONLY;

• understand loan repayment

terms/conditions;

• monitor loan balances; and
• know who is servicing the

loan.

Mis issou

• uri W

Western s stud udent loan

• an

bor

• rrowers ar

are EXPEC ECTED ED to:

Most li likely ly, you w will ll be mak aking ng student nt l loan an pa payment nts f for th the n next t 10-30 30 years of

• f y

you

• ur

li life.

Stu tudent l t loan ans are are re real loans ns—ju just as t as real real as as car ar loan ans o

• r

r mortg tgag ages an and m must t be e rep repai aid.

Repayment begins six months

after you graduate, withdraw or drop below six hours.

Subsid idiz ized Staffor

• rd L

Loans

Wha hat’ t’s s the the int nter erest st ra rate? e?

Un Unsub ubsidized Staf tafford L Loan ans

4.45% 45% 4.45% 45%

Rat ates are are determin ined e each h year o

• n J

n Jul uly 1st.

Unsubs bsidi dized S d Stude dent Loan ans Are not based on financial need; you should make interest payments while in school. Subs bsidi dized S d Stude dent Loan ans Are based on financial need; government pays the interest while you are in school.

Understand the difference between Subsidized and Unsubsidized loans.

Are you accr accruing inter erest st now?

If you borrow $5, $5,50 500 0 in unsubsidized funds during your first year in college, your interest payment will be around $20. $20.39 per month. Over 4 years that amount will become $9 $979. 79. making your first year loan debt $6, $6,479 79 plus the interest that will accrue during your grace and repayment period.

Year in School Amt Borrowed Per Year Total Borrowed Freshman Year $5,500 $5,500 Sophomore Year $6,500 $12,000 Junior Year $7,500 $19,500 Senior Year $7,500 $27,000

Loan debt can add up up fast!

If you borrow $27,000 in a 4.45% interest rate Stafford Loan, you'll have to pay $279.17 every month for 120 months - 10 years. By the time you pay back the $27,000 plus interest, you will have paid $33,500! You will need to earn around $42,000 per year to manage this payment.

The he rea reality of

• f loa
• an paym

yments! s!

If you borrow $35,000 you will pay $362 and need to earn $55,000 to manage. If you borrow $50,000 you will pay $517 and need to earn $78,000 to manage.

With th tha that t in n mind nd, consider y

your ear arnin ings gs p potential ial b bas ased o

• n y

your d degr gree program.

Monitor y your s student loans online.

De Defaul ult is is the failu ilure t to repay a a lo loan according to the terms of the promissory note. Be aware, there can be serious consequences for student loan defaulters.

• The entire unpaid balance plus interest will

become due immediately and a collection agency will take over your loans…more fees.

• Your credit history will be damaged (wrecked).
• Your wages will be garnished.
• Your federal tax refunds and social security

benefits will be withheld.

• You will lose your professional license.

What t if I don

• n’t

t pay y my y loa

• ans back?

k?

No problem… I’ll just declare bankruptcy.

CAN’T DO DO IT IT!! In

In most cas ases es F Fed eder eral al s stud udent ent l loans ans ARE N NOT dis ischar argea eable in e in bank ankruptcy.

To h help y you u u understand nd your

• ur student

nt loan d debt

• bligatio

tion…

Wha hat t else lse d do

• I

I ne need t to

• kno

now? w?

If you are reported for never attending,

• r if you stop

attending one or more of your classes, Missouri Western may be required to return all, or part, of your Federal and State funding leaving you with an

• utstanding

account balance.

Did you know…you earn your financial assistance as you go to class?

The government REQ REQUIRES RES Missouri Western to monitor your academic progress. If you fall below a 2.0 GPA or fail to successfully complete at least 67% of the courses you attempt, you are at risk of losing your financial aid eligibility.

Did you know…you can lose your eligibility to receive Federal and State financial assistance? For many, losing your aid means… losing your opportunity..

• 100% re

% refu fund thr hrou

• ugh t

the he 1 1st w week

• f c

classe sses. s.

• 50% re

% refu fund during t the 2n e 2nd & 3r 3rd weeks of

• f cla

lasses.

• No re
• refu

funds will b l be given a after t r the 3rd w week of

• f cla

lasses.

What t if I dec ecide not t to

• att

tten end?

Students who completely withdraw from school and submit a correctly executed withdrawal form will receive a refund based on the Withd hdra rawal R l Refund S Schedule le b below.

Wher ere e are e we e loc

• cated

ed…

Finan ancial al Aid Aid O Offic ice

Eder Hall, Room 103

Busine ness O Office

Eder Hall, Room 104