Financial Information

1. Financial Information

2. Financial Aid Office Hours (located in Founders Hall, 1st floor) Regular Hours Monday through Friday 8:00am - 4:30pm Orientation Financial Aid Office 8:00am – 6:00pm Advisors in Registration Lines 8:00am – 9:00am Advisor Appointments 10:00am – 5:40pm

3. How Do You Apply For Financial Aid? • 1. 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 non-need & need- based aid • 2. Free Application for Federal Student Aid (FAFSA) • Federal form completed online at www.fafsa.ed.gov • 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 • Gift aid; does not have to be repaid • Federal, state, institutional, & outside sources • Merit versus need-based • Work-Study/Campus Employment • Work-study is employment awarded based on need • Other employment opportunities available • Loans • Must be repaid with interest • Favorable repayment terms and interest rates

5. How is Financial Aid Communicated? Financial Aid Award Notification • Mailed after student is accepted by Admissions and FAFSA is completed (if filing) • Communicated to students online in future years • Includes financial aid awards and instructions • 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

6. Grants & Scholarships • Federal, state, institutional, & outside sources • MVNU will include all known scholarships from federal, state, and institutional 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 • Outside sources: www.gotomvnu.com/preparing/private.asp

7. 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 Aug15* 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

8. 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

9. Student Loans Federal Stafford Loan • Subsidized(need) or unsubsidized (no need) • Subsidizedmeans 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) • Unsubsidizedmeans student is responsible for interest from the time the loan is disbursed • Fixed interest rate is 6.0% subsidized; 6.80% unsubsidized • Receive 99.5% of loan amount (2.0% fee less 1.5% rebate) • Payments begin 6 months after graduation, leaving school, or dropping below half-time status

10. Student Loans Federal Stafford Loan (continued) Maximum Annual Eligibility DependentStudent Subsidized or TotalUnsubsidizedUnsubsidized Freshman(0-25 hrs) $5,500 $3,500 $2,000 Sophomore (26-55 hrs) $6,500 $4,500 $2,000 Junior/Senior(56+ hrs) $7,500 $5,500 $2,000 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.

11. Student Loans Federal Stafford Loan (continued) Maximum Annual Eligibility IndependentStudent Subsidized or TotalUnsubsidizedUnsubsidized Freshman(0-25 hrs) $ 9,500 $3,500 $6,000 Sophomore (26-55 hrs) $10,500 $4,500 $6,000 Junior/Senior(56+ hrs) $12,500 $5,500 $7,000 Independent students do not have undergraduate PLUS loan eligibility

12. Student Loans Federal Stafford Loan (continued) Steps to Obtain Stafford Loan • Accept, decline, or revise Stafford Loan on returned copy of student’s Financial Aid Award Notification • Go online to: www.gotomvnu.com/preparing/stafford.asp • Complete entrance counseling (loan counseling) • Complete and sign Master Promissory Note (MPN) electronically with federal PIN (MPN valid for 10 years) • MVNU will disburse funds after classes begin

13. Student Loans Federal Perkins Loan • Need-based subsidized loan processed through MVNU • Interest rate is fixed at 5% • Payments begin 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 and interview • Complete and electronically sign MPN with federal PIN • Accept Truth-in-Lending/Loan Indebtedness Disclosure

14. Parent Loan Parent PLUS Loan • Federal Parent Loan for Undergraduate Students (PLUS) • Borrowed in the parent’s name • Fixed interest rate of 7.90% • Receive 97.5% of loan amount (4.0% fee less 1.5% rebate) • Federally insured against death & disability • Parent – death & disability Student – death • Payments begin in Spring after 2nd half of loan is disbursed • Deferment option available July 1

15. Parent Loan Parent PLUS Loan (continued) • Federal Parent Loan for Undergraduate Students (PLUS) • Credit check involved; looking for adverse credit history • If denied, student eligible for additional $4,000 unsubsidized Stafford • PLUS on award notification up to approximate direct costs • Direct costs = known items to be billed (tuition, general fee, room, meal plan, health care fee for residential students) • Parent may borrow up to the cost of attendance minus student’s financial aid • Cost of education includes direct costs billed through MVNU and “budgeted” costs for books, travel, and miscellaneous expenses

16. Parent Loan Parent PLUS Loan (continued) Steps to Obtain PLUS Loan • Accept, decline, or revise PLUS Loan on returned copy of student’s Financial Aid Award Notification • Determine amount to borrow • Go online to: www.gotomvnu.com/preparing/plus.asp • Print and return completed PLUS Loan Request Form to MVNU Financial Aid Office • Complete and sign Master Promissory Note (MPN) electronically with federal PIN (MPN valid for 10 years)

17. 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 with at least half-time enrollment • View some options online at: www.gotomvnu.com/preparing/alternative_loans.asp • www.simpletuition.comhas additional options • Contact Financial Aid Office for more information

18. Dependent Residential Student Example Direct Charges (tuition, gen. fee, room, meals, health fee) 25,040 Financial Aid Grants & Scholarships 7,740 Federal Work Study (Employment) 1,800 Stafford Subsidized Loan 3,500 Stafford Unsubsidized Loan 2,000 Financial Aid before PLUS (or Private Loan) 15,040 *Parent (PLUS) Loan included in financial aid award* 10,000 Financial Aid Award Notification 25,040 • *Parent (PLUS) Loan is packaged to approximate costs, but it is up to parent to determine actual amount to borrow • Can accept, decline, or revise amount • Can increase to indirect costs (books, travel, miscellaneous) • Origination fee 4.0% less 1.5% interest rebate equals 2.5% deduction

19. Dependent Residential Student Example Direct Charges (tuition, gen. fee, room, meals, health fee) 25,040 Financial Aid Grants & Scholarships 7,740 Federal Work Study (Employment) 1,800 Stafford Subsidized Loan 3,500 Stafford Unsubsidized Loan 2,000 Financial Aid before PLUS (or Private Loan) 15,040 Parent (PLUS) Loan included on financial aid award 10,000 Financial Aid Award Notification 25,040 • Other items to consider: • class feesmay be added depending on schedule • employment taxes (approx. 10%) and amounts not applied to account • Stafford Loan origination fee less interest rebate equals 0.5% deduction

20. Financial Aid Office Contact Information Phone 740-397-9000 ext. 4520 Toll-free 866-686-8243 option 2 Fax 740-393-0511 Email finaid@mvnu.edu Website www.gotomvnu.com/preparing

21. Student Accounts

22. Payment Plan Options – page 69

23. 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.

24. 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. • Confirmation deadline is August 15. Late fees apply.

25. Come to Student Accounts to… • Pay your bill, including CLEP and AP recording fees • Transfer student account credit to bookstore account • Cash personal checks up to $50 • If over $50, balance is deposited into savings account • Cash MVNU paychecks up to $100 (with savings option) • Withdraw from savings account(up to $50 per day) • Purchase Road Bucks for any dollar amount • 13.6% of amount purchased is added to account

26. Student Accounts Office Hours Office Hours Today: 8:00 am – 6:00 pm Regular Office Hours: 8:00 am – 4:30 pm Phone: 740-397-9000 ext. 4440/4441 Toll-free: 866-686-8243 option 1 Fax: 740-393-0511 Email: accounts@mvnu.edu