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Financing Your Future

Financing Your Future. Student Financial Services Summer 2014. How Much Does it Cost to Attend UCM?. Tuition and Fees: $7,265 Based on 30 on-campus credit hours ($13,656 for non-residents) Books and Supplies: $1000 Housing: $5,034 for a double room Meal Plan: $2,794

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Financing Your Future

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  1. Financing Your Future Student Financial Services Summer 2014

  2. How Much Does it Cost to Attend UCM? Tuition and Fees: $7,265 Based on 30 on-campus credit hours ($13,656 for non-residents) Books and Supplies: $1000 Housing: $5,034 for a double room Meal Plan: $2,794 Total $16,093 for Missouri Residents ($22,484 for Non-Residents)

  3. Direct and Indirect Costs Direct • Tuition and fees • Room and Board • Books (if you buy them at UCM) Indirect (part of the Financial Aid budget but not paid to UCM): • Travel expenses • Loan fees

  4. Financial Aid Process You can still apply for federal aid • Free Application for Federal Student Aid • www.fafsa.gov • www.pin.ed.gov • UCM FAFSA code is 002454 • Priority deadline is April 1st for state and UCM campus based funding.

  5. Financial Aid Process continued Financial Need Cost of Attendance (COA) • Expected Family Contribution (EFC) _______________________________ = Financial Need This formula is the basis for how all aid is awarded to the student.

  6. Types of Financial Aid • Scholarships and Grants • Can be from federal, state or private sources • Can be need or non-need based • Loans • Stafford Subsidized and/or unsubsidized • Perkins • PLUS loans or Private/Alternative Loans • Work Study

  7. Loans • For Perkins and Stafford loans • FAFSA is application • Must do Master Promissory Note (MPN) and Entrance Loan Counseling • Parent PLUS and Private/Alternative • Separate credit check/application • Must do MPN for PLUS

  8. PLUS loan • Credit based loan held by biological or adoptive parent • Interest rate for 2014-15 is 7.21% • May borrow up to COA less Financial Aid • Repayment of the principal begins 60 days after loan is fully disbursed

  9. Parent PLUS Loan

  10. Contact SFS

  11. Other Assistance UCM payment plan • 529 Plans • Third party bill payment • UCM payment plan There is no paperwork to sign; all students are automatically on a payment plan when charges begin accruing on their student accounts. If financial aid (defined as grants/scholarships/loans) does not pay the balance in full, payment of at least 20% is due each month. For the convenience of making monthly payments, a 1.5% additional processing fee will be charged toward the unpaid balance beginning with the third monthly installment. Formula: Total Due – financial aid = balance due Balance due ÷ 5 payments (3 for summer) = amount of 1st payment Remaining original balance due + additional charges since first payment ÷ 4 (# of payments remaining) = amount of 2nd payment Remaining balance due + additional charges x 1.5% ÷ 3 = amount of 3rd payment, and so on for 4th and final payments

  12. How Can I See My Financial Aid? • By email and mail • Most correspondence is via UCM email account • MyCentral portal • Student only access with 700# • Reset of password via our help desk • Other FAQs are on www.ucmo.edu/contactsfs

  13. What if I haven’t seen our aid yet? • We haven’t received your FAFSA • FAFSA is rejected • Most common issues are signatures, selective service or missing information • Verification has not been completed • Check status via MyCentral

  14. When will we get our bill? • Statement includes • Class fees/tuition • Housing/meal charges • Books • Financial Aid credits • Bills available online • www.mycentral.ucmo.edu • Click on view and pay my bill on the Student Services Tab New Student Fee on September bill

  15. When will we get our bill? • July 23 - Fall semester bills will be printed and available in the MyCentral Billing and Payment Center • August 20 – Payment for the “Amount Due” after aid is applied • in full or 20% of “Amount Due” balance Amount Due

  16. Online Account Access • Set up bank account info for payments and refunds • Direct deposit • If students choose to not use direct deposit, please note that checks are run on a specific schedule and funds are mailed to the permanent address

  17. Online Billing • Review your bill • Make single immediate payment • Schedule future payments • Set up personal profile and authorized users • Students will receive only one paper bill per semester

  18. Viewing the Bill

  19. Setting Up Text Alerts

  20. Authorized user

  21. Important Information • Most aid is based on full time enrollment (12 or more hours), if you drop below 12 hours some aid may be prorated or cancelled. • State aid and scholarships are based on full time • Pell grant is prorated • Before you drop a class, talk to SFS and your academic advisor

  22. Central One Card • Anyone with a valid UCM ID card can choose to use it as a debit card on campus • Central Cash • Bookstore • Meal points and meal plans • Access to the following • Library card • Home sporting events • SGA Voting • Planner-Handbook distribution • Not required to get your FA refund!

  23. Contact SFS • Located in Ward Edwards Room 1100 • Hours are 8-5 Monday-Friday during the school year and 7:30-4:30 in the summer • Phone 660-543-8266 or 1-800-SAY-UCM • Fax 660-543-8080 • Other services • Budgeting assistance • Financial literacy • Notary

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