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Money Matters:

Money Matters:. Understanding Your Bill, Financial Aid, & Developing Financial Literacy. 2014-2015 Academic Year Michael Discolo Associate Director of Student Accounts. Agenda. Costs / Health Insurance Billing Timeline & Statements / E-Bills

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Money Matters:

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  1. Money Matters: Understanding Your Bill, Financial Aid, & Developing Financial Literacy 2014-2015 Academic Year Michael Discolo Associate Director of Student Accounts

  2. Agenda • Costs / Health Insurance • Billing Timeline & Statements / E-Bills • Payment & Financing Options / Payment Plan • Financial Aid / Private Loans & Outside Grants • Clearance Process • Developing Financial Literacy

  3. 2014-2015 Tuition Related Costs • Fall (1st Bill)Spring (2nd bill)Total Charges • Tuition$15,837.50 $15,837.50 $31,675.00 • Room/Board$6,800.00 $6,800.00 $13,600.00 • General Fee$525.00$525.00 $1,050.00 • Student Activity Fee $105.00 $105.00 • Orientation Fee$250.00 $250.00 • Room Damage Dep.$100.00 $100.00 • Health Insurance $2,369.00 • Total Charges -$23,617.50$23,267.50 $46,885.00 With Health Insurance, Total Charge - $49,254 Commuter (Non-Resident) Total Charges - $33,185

  4. Health Insurance Waive / Enroll • Required by the Commonwealth of Massachusetts • $2,369 annual premium for 2014-15 academic year (8/15/14 – 8/14/15) • If already covered, students must complete: Health Insurance Waiver Form • To waive or enroll, students must go to: www.universityhealthplans.com • Deadline to complete waiver -August 15, 2014

  5. Billing Timeline 2014-15 Statement(s) • Bills mailed to legal address each semester • Fall 2014 Semester Bill • Mailed July 1, 2014 • Due August 1, 2014 • Spring 2015 Semester Bill • Mailed Nov 14, 2014 • Due December 19, 2014 Students must be financially clear before they can move in, start classes, or begin sports.

  6. E-bills / Electronic Payments • Electronic billing statements can be found on the student portal – MY Wheelock • Online payments can be made by electronic check or credit/debit card • AMEX payments cannot be used online - must be called in to Student Accounts (617-879-2236) • “Authorized User” – setup parents login pin and password

  7. Payment and financing options • Personal Check, Money Order, Traveler’s Check (mail to college – return envelope in July billing packet) • Visa, MasterCard, American Express or Discover • Electronic Check / Credit/Debit Card Payment through Wheelock on-line Billing and Payment System (My Wheelock) • Wire Transfer • Monthly Payment Plan through TuitionPay • College Savings Plan and Payment from 529 / Retirement Plans • Federal Parent Loan for Undergraduate Students (PLUS) Loan • Private Education Loans

  8. Tuition pay – Payment Plan • 8 – 10 month payment plans over the course of the school year / 4 month plans as well • Set up through Sallie Mae Tuition Pay - $55 annual fee ($35 semester fee – 4 months) • Plan must be setup by August 1, 2014 • Plan must include both fall and spring semesters balances (double fall balance for estimate) • http://tuitionpay.salliemae.com

  9. Credit-based Student Loans / Outside Scholarships • Outside Scholarships • Students must provide written documentation of the scholarship(s) for the pending award to be reflected on the billing statement • Student is responsible for completing the scholarship process and making sure funds are received • Credit Based Loans • May borrow up to full cost of education after financial aid • Please initiate requests NOW so we can ensure processing prior to the bill due date • Decide on amount (plan for both terms) and choose a lender

  10. Financial Aid – Things to do • Assure that FAFSA (free app. federal student aid) is fully completed – verification forms sent in • For students borrowing a Federal Stafford Loan • Complete Entrance Counseling (studentloans.gov) • Complete Master Promissory Note (studentloan.gov) • If receiving outside scholarships, send Financial Aid the agency notice (award letter from donor)

  11. Clearance Process Non-Cleared • Receive weekly notifications prior to start of semester • Cannot attend classes or move onto campus • Students that arrive must meet with Student Accounts to clear bill prior to moving in or beginning classes Cleared • Move into residential hall • Begin attending classes • Participate in athletics and extracurricular activities

  12. Developing Financial Literacy Budgeting Tools • Cash Course • On Campus Budgets • Off Campus Budgets • Life After College • Education Tax Benefits • Credit Reporting • Paying Back Student Loans • Wheelock is committed to developing student’s financial literacy • Courses and Tools at www.wheelock.edu/finaid - click on “Financial Literacy” link • Assistance in creating a budget, managing finances, and understanding student loans • Cash Course – online tool to navigate finances during and after college • Loan Repayment Options

  13. Contact Information Offices located in Student Service Center Student Accounts Office (ACW - 1st Floor) • Telephone: (617) 879-2236 • Fax: (617) 879-2386 • Email: studentaccounts@wheelock.edu Financial Aid Office (ACW - 1st Floor) • Telephone: (617) 879-2443 • Fax: (617) 879-2470 • Email: finaid@wheelock.edu

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