Financial Information

1. Financial Information Student Financial Planning Student Accounts Steve Tracht Judy De Volld

2. Student Financial Planning Office Hours (located in Founders Hall, 1st floor) Orientation Hours Friday 8:00am to 6:30pm Regular Hours Monday through Friday 8:00am to 4:30pm

3. How do you apply for Financial Aid? • MVNU Financial Aid Application • Part of the Application for Admissions in first year • Determines eligibility for State Choice Grants • Communicates intent to file FAFSA • Must be completed each year to be considered for any financial aid • Free Application for Federal Student Aid (FAFSA) • Federal form that determines a standardized “ability to pay” • Determines eligibility for need-based funds • 1 in 3 applicants are selected for verification • (requires income tax returns and W-2s) • Must be completed each year to be considered for need-based aid

4. What types of Financial Aid are available? • Grants & Scholarships • Do not have to be repaid • Merit versus need-based • Work-Study/Campus Employment • Work-study is employment awarded based on need • Employment opportunities available, but not awarded • Loans • Must be repaid with interest • Favorable repayment terms and interest rates

5. Grants & Scholarships • Federal, state, institutional, & outside sources • Merit aid awarded first, then need-based aid • Merit - academic, athletic, church, etc. • Need - cost of attendance less EFC (FAFSA) • Combination - both merit and need required • MVNU will include all known scholarships from federal, state, and institutional sources • Outside sources: www.gotomvnu.com/preparing/private.asp

6. Federal Work-Study Employment • Students awarded Federal Work-Study (need-based employment) will have the following in their orientation packet: • Student Employment Application • Federal & state withholding forms • I-9 Employment Eligibility Verification* • Forms must be completed and returned to Financial Aid Office by July 31* to guarantee employment. * The documents required to establish employment eligibility (listed on the back of the I-9 Form) may be provided now through move-in weekend.

7. Employment Federal Work-Study (continued) • Students will be notified of job placement within first two weeks of the beginning of school; some students will receive notification prior to beginning of school • Some work-study is off-campus (America Reads program ) • Students will choose from the following options to receive payment: • direct deposit to student account • direct deposit to bank account* • check* *payments not applied to student’s account should be subtracted from financial aid when calculating estimated balance due

8. Student Loans Federal Stafford Loan • Subsidized (need) or unsubsidized (no need) • Subsidized means government pays interest while student is in school at least half-time, during six-month grace period after leaving school, and any period of deferment (a postponement of payments) • Unsubsidized means student is responsible for interest from the time the loan is disbursed • Fixed interest rate is 6.80% • Funds delivered to MVNU within first 30 days of classes • Payments begin 6 months after graduation, leaving school, or dropping below half-time status

9. Student Loans Federal Stafford Loan (continued) Maximum Annual Eligibility Dependent Independent StudentStudent Freshman (0-25 hours) $3,500 $7,500 Sophomore (26-55 hours) $4,500 $8,500 Junior/Senior (56+ hours) $5,500 $10,500 Dependent students whose parents are unable to obtain a PLUS Loan are eligible for an additional $4,000 unsubsidized Stafford Loan as a freshman or sophomore. As a junior or senior, the additional amount increases to $5,000.

10. Student Loans Federal Stafford Loan (continued) • Loan is guaranteed through Great Lakes Higher Education Corporation (GLHEC) • Student must select a lender and complete Stafford loan counseling (called an entrance interview) before borrowing • Student must complete a Master Promissory Note (valid up to 10 years) • Complete all steps online at: www.gotomvnu.com/preparing/stafford.asp • Select lender and complete loan counseling • Complete and sign promissory note electronically with federal PIN (or print out and sign, or ask Great Lakes to send the promissory note)

11. Student Loans Federal Perkins Loan • Need-based loan processed through MVNU • Interest rate is fixed at 5% • Cancellation provisions for specified careers • No interest or payments until 9 months after graduation, leaving school, or dropping below half-time status • Complete all steps online at: www.gotomvnu.com/preparing/perkins.asp • -Complete loan counseling • -Complete and sign master promissory note electronically with federal PIN (or print out and sign, or ask Campus Partner to send MPN)

12. Parent Loan Parent PLUS Loan • Federal Parent Loan for Undergraduate Students (PLUS) • Borrowed in the parent’s name • Fixed interest rate of 8.50% • PLUS on award notification may be up to cost of attendance • Parent may borrow up to the cost of education minus student’s financial aid • Cost of education includes direct costs billed through MVNU and “budgeted” costs for books, travel, and miscellaneous expenses • Origination & guaranty fee deduct 3% from amount borrowed

13. Parent Loan Parent PLUS Loan (continued) • Loan is guaranteed through Great Lakes • Federally insured against death and disability • Parent – death & disability Student – death • Parent must select a lender and complete a master promissory note (valid up to 10 years) • Payments begin in Spring after 2nd half of loan is disbursed** • **In-school repayment may be postponed by requesting a forbearance. Forbearance granted in 12 month increments. Contact Great Lakes at 1-800-236-4300 for more information.

14. Parent Loan Parent PLUS Loan (continued) • Complete all steps online at www.gotomvnu.com/preparing/plus.asp • Select a lender (our preferred lenders and borrower benefits are available to view) • Complete a short pre-approval process (which does not obligate to take the loan) • Complete Master Promissory Note • Sign promissory note electronically with federal PIN (or print out and sign, or ask Great Lakes to send the promissory note)

15. I don’t want the Parent Loan (PLUS). Are there other loan options? Private/Alternative Loan • Borrowed in the student’s name • Usually requires a co-signer (equally liable for the loan) • Variable interest rate changes monthly or quarterly • Not federally insured against death and disability • Payments usually deferred while student is enrolled at least half-time • View options from our preferred lenders online at www.gotomvnu.com/preparing/alternative_loans.asp • Contact Student Financial Planning for more information

16. How is Financial Aid Communicated? Financial Aid Award Notification • Mailed after accepted and FAFSA is completed (if filing) • Communicated to students online in future years • Includes financial aid award and basic direct charges • Scholarships, employment, loans • Estimated direct and indirect costs • Enables student to calculate an estimated balance due prior to Student Account Invoice notification in July • Total Direct Charges less Total Financial Aid Award equals approximate balance

17. Student Financial Planning Office Contact Information Phone 740-392-6868 ext. 4520 Toll-free 866-686-8243 option 2 Fax 740-393-0511 Email finaid@mvnu.edu Website www.gotomvnu.com/preparing

18. Confirmation Process • Registered (R) vs. Confirmed (C) • Registrar’s Office – Schedules Classes (R) • Financial Aid Office – Awards Aid • Student Accounts Office – Confirms Classes (C) • Students will go online to my.MVNU.edu • to confirm classes. • Things I Need To Do

19. Fall 2007 Online Confirmation • Set your academic session to Fall Semester 2007 • Check and clear all Holds • Update your personal information: • Biographical information • Vehicle registration • Information Release/Billing Statement • Emergency contact information

20. Fall 2007 Online Confirmation - cont’d • 4. View and submit your Student Account Invoice • - class schedule • - financial aid for fall semester • - balance due • - payment plans • - submit button (to be completed by August 15th)

21. Payment Plan Options – page 65

22. Payment Plan Options – cont’d • Private/Parent PLUS Loan must be confirmed, not just pre-approved, for student to be confirmed. If not, a down payment of 20% of fall balance will be required.

23. Payment Plan Options – cont’d • TuitionPay Monthly Payment Plan should not include book expenses. • TuitionPay contract must be paid current for student to be confirmed.

24. Fall 2007 Online Confirmation - cont’d • 5. Pay online or mail/bring payment to Student Accounts (by August 15th) per payment plan selected in step 4. • MVNU has contracted with Official Payments Corporation to process online tuition payments. • There is a $3 transaction fee for ACH payments and a 2.5% processing fee for credit card payments. • 6. Once all steps above have been satisfactorily completed, Student Accounts will process your information and change your status to confirmed.

25. Come to Student Account to… • Ask questions about your student account • Pay your bill, fines, CLEP and AP recording fees • Deposit money into savings account (non-interest bearing) • Withdraw from savings account (up to $50 per day) • Cash personal checks up to $50 • If over $50, balance is deposited into savings account • Cash semi-monthly MVNU paychecks up to $100 • If over $100, balance is deposited into savings account

26. Come to Student Account to… • Transfer student account credit to bookstore account • Request refund check from credit balance • Purchase Road Bucks for any dollar amount • Special buy - pay $22, get $25 worth of Road Bucks • Special buy - pay $44, get $50 worth of Road Bucks • Purchase money orders ($1 each)

27. Student Accounts Office Office Hours Today: 8:00 am – 6:30 pm Regular Office Hours: 8:00 am – 4:30 pm Phone: 740-392-6868 ext. 4440/4441 Toll-free: 866-686-8243 option 1 Fax: 740-393-0511 Email: accounts@mvnu.edu