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Money matters

Money matters. Financial Aid, FERPA, E-Bills, Paying Your Bill . The Importance of Grants, Scholarships, Work and Loans for UW Students. Processed 13,309 FAFSAs Provided some form of financial assistance to 11,316 UW students Provided $105,452,402 all types of financial aid

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Money matters

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  1. Money matters Financial Aid, FERPA, E-Bills, Paying Your Bill

  2. The Importance of Grants, Scholarships, Work and Loans for UW Students • Processed 13,309 FAFSAs • Provided some form of financial assistance to 11,316 UW students • Provided $105,452,402 all types of financial aid • Awarded $55,121,388 in scholarships and grants • Students earned $598,865 in work-study opportunities • Students borrowed $49.7 million in student loans (UG/GR)

  3. UW Students Need to Know How to… • Make good decisions related to: • Budgeting • College resources and costs • Financial obligations • Borrowing • These money matters directly impact academic success!

  4. Preparing a Budget • Take a serious look at your finances • Be COMPLETELY honest with yourself • Is staying out of debt a TOP PRIORITY? • How much money do you have saved up? • How much money can you make while attending school? Working over the summer? • How much are family members willing to help you with?

  5. Budgeting Tips • No magic formula for keeping costs down • Preparation---both academic and financial • Planning---research funding---extra time in school is money lost---use tax credits if you don’t qualify for grants • Choices---high cost program or graduate school, attend FT and work PT or reverse • Work---school is a job---earn scholarships • Sacrifices---lifestyle now or later • A penny saved is STILL a penny earned

  6. Applying for Federal Student Aid • Students are encouraged to apply early so their money is available at the beginning of each fall semester • Get PIN at www.pin.ed.gov (keep this for all years in college) • File taxes and wait a few weeks . . . • File FAFSA at www.fafsa.ed.gov • Use the new IRS Data Retrieval process • Electronic Award Notices (On WyoWeb) • Keep checking - Note changes if you received update notices • A Red Flag on your checklist indicates something is needed

  7. Using Federal Student AidTo Pay For Books • Complete Authorization form in Financial Aid to allow for aid to pay off book charges • Go to Bookstore Homepage (available the end of July) • Active Financial Aid • Go to Bookstore and Pick Out Books • Financial Aid will automatically pay bookstore charges

  8. FERPA • The disclosure of individually identifiable student information is prohibited by the Family Educational Rights and Privacy Act (FERPA). • If a student wishes for someone else to be authorized to have access to his or her information, s/he must complete a form in the specific office where the information is to be obtained. For example, Student Financial Aid, Accounts Receivable, or Student Health Services.

  9. WyoWeb

  10. Know what you owe! Maximize all other sources before borrowing to pay for college. Know the facts before taking on unnecessary debt.

  11. Know the Terms of your Loans • Do you need a short-term loan or a long-term loan? • Should you borrow a federal loan or a private loan? • Are the interest rates variable or fixed? • Are there origination fees? • Are there penalties for prepayment? • Am I able to consolidate this loan with other loans?

  12. Know the Repayment Provisions • Do you understand federal / private loan benefits? • Do you know about extended repayment options for higher loan balances? • Are there any loan cancellation or loan forgiveness provisions? • Have you heard about teacher loan cancellation provisions? • Do you know about public service repayment forgiveness provisions? Income-based or income-contingent repayment provisions? • Military service may provide for loan forgiveness

  13. Student Financial Information WWW.STUDENTLOANS.GOVFinancial Awareness Counseling Tool WWW.NSLDS.ED.GOV Repay info under “Tour” / “Exit Counseling” • www.uwyo.edu/financialwellness

  14. Electronic Billing You will not receive a paper bill for your account balance—you will be eBilled. How eBilling works: • An email is sent to your UWYO email account notifying you that your eBillis available • To view your account balance • Sign into WyoWeb • Click “Student Account” box • Scroll to My Account channel (left column) for account balance • It is your responsibility to check your account monthlyfor any new charges.

  15. WyoWeb

  16. Paying Your Bill • Cashiers’ Office Knight Hall, RM 170 • By Mail • By Phone 307-766-2313 • Online WyoWeb - Student Financials tab, My Account Channel • Installment Plan payment deadline extension

  17. Payment Installment Plan • $15.00 setup fee • Three installment payments • Automatic enrollment if balance is not paid in full by the third Friday of Classes • 1st Installment payment due on the 3rd Friday of Semester • 2nd Installment payment due on 6th Friday of Semester • 3rd and Final Installment payment due on 9th Semester • Interest of 1.5% per month and holds placed on accounts with past due charges • Payment deadlines are strictly enforced

  18. Credit Balance Refunds Be on the look out for the “Bright Green Envelope” This is how you will receive your refund. Do not throw this envelope away!

  19. Credit Balance Refunds UW Cowboy Card Program Electronic Refunding Access to uwcowboycard.com website to make a selection: ACH to existing bank account Electronic transfer to your new OneAccount Paper check

  20. Important Dates to Remember • September 3, 2014 – Fall Classes begin • September 12 – Last day to drop classes. Last day for 100% refund • September 16 – Last day to make changes to health insurance selection • September 19 – All Tuition/Fees due or 1st Installment Payment due • October 31 – All charges are due (Interest and financial holds placed on unpaid accounts)

  21. Contact Information Student Financial Aid Knight Hall Room 174 (307) 766-2116 Accounts Receivable Knight Hall Room 250 (307) 766-6232 Cashier’s Office Knight Hall Room 170 (307) 766-2313 Student Financial Operations Knight Hall Room 172 (307) 766-3214

  22. Additional Contact Info • Joanna Carter - Student Financial Aid • 307-766-6726 • jcarte22@uwyo.edu • Aaron Courtney – Financial Service Business Office • 307-766-3205 • courtne@uwyo.edu

  23. Questions ?

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