Financing Your Future at Midwestern University

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Financing Your Future at Midwestern University
May 31, 2012
Financing Your Future at
Midwestern University
Physician Assistant
Nurse Anesthesia
Physical Therapy
Pharmacy
Student Financial Services
Tom Billard
Director
572-3321
Karen Owens
Assistant
Director
572-3228
Carol Davy
Administrative
Assistant
572-3321
Student Financial Services
Financial Aid Administrators
Lesa
Stanford
Students A-E 623-572-3322
Lisa
Veliz
Students F-K 623-572-3879
Tammy
Schmidt
Students L-P 623-572-3461
Stacia
McBride
Students Q-Z 623-572-3246
Student Financial Services
Accounts Receivable
Terri Pauletich
Senior
Coordinator
572-3267
Craig Lang
Accounts
Receivable
Representative
572-3324
JoAnna
Svoboda
Accounts
Receivable
Representative
572-3782
LOCATION
Barrel III Student Center
Open 8:00 am- 4:30 pm
Phone: (623) 572-3321
Fax: (623) 572-3283
CONTACT
[email protected]
[email protected]
www.midwestern.edu
Midwestern University
Financial Aid AZ
MWU Policies
Important things you should know!
Communication
• All email goes to AZ webmail
• Check your
azwebmail.midwestern.edu
account frequently!
• Use QR code for informative
websites!
• Refer to Message Center in
MWUNET Student Portal
The Message Center
--FERPA-Family Educational Rights & Privacy Act
• Online Authorization for
Release of Account
Information
• Authorizes parent/spouse to
access student account info
• You may revise ANY time
• Student ID # REQUIRED
• NO information release
without the ID #
Coursework, Leave of Absence,
Withdrawal
• While on LOA
• Billing continues for housing,
health and disability, SS fees
• LOA 90+ days consequences:
Withdrawal from financial aid
• Exit interview required
• Loans may enter repayment
• Max 180 days allowed in a year
• Contact your Financial Aid
Administrator
HEOA Drug Policy
• Loss of Financial Aid
Eligibility
• Regaining Eligibility
What do you
need to check
regularly and
why?
MWU
Webmail—
this is how we
communicate
with YOU!
FAFSA and Institutional
Application
Submit FAFSA Every Year
• Opens mid-February
• Submit before PRIORITY
DEADLINE to qualify for
Perkins and need-based
scholarships
Submit Institutional
Application Every Year
• New Loan Amount
Requests
Award Letter
• This is your Cost of
Attendance Budget
• Carefully Review
• Financial Aid Notifications
• Enrollment Changes
• Housing Revisions
• Notify us of any additional aid
• Generally Issued March
through May
• At-A-Glance Refunds online
Cost of
Attendance
• COA contains educational
expenses:
• Solely for students
• NO spouse/dependent expenses
• Budget is based on program and
housing status:
• On Campus (Regular/Luxury)
• Off Campus
• With Parents
• Thrifty Budget
• Cost of Attendance Survey
•
Announcements every fall!
Cost of Attendance
2012-13 Budgets
What TWO
documents must
you complete
each year?
FAFSA
Institutional
Application
FUNDING
OPTIONS
SCHOLARSHIPS
FEDERAL
WORK-STUDY
FEDERAL
LOANS
Military
Scholarships
•Health Professions Scholarship
Programs through Army, Navy
and Air Force early application was
required.
• Too late for HPSP? Many other
repayment programs available!
•Talk to Military personnel today!
•Government
• Vocational Rehabilitation
• National Health Service Corps
MEET THE EXPERTS!
Institutional
Scholarships
•MWU Scholarships
• Campus-Based
• Outside Scholarships
• Program-Specific
•Financial Literacy Scholarship
• Essay Based: Demonstrating
Good financial Practices
• New Announcements
starting early 2013
Federal
Work-Study
•On Campus -$10/hr
• Inter-departmental jobs
• Financial Literacy Peer Counselor
• Sign up today!
•Community Service -$12/hr
•Literacy Tutoring
• Off-Campus and
Professional Research -$12/hr
•Get a work-study job:
•Any time during award year
•Summers during nonenrollment
Perkins Loan
• Low Interest Subsidized Loan
•0% in-school
•5% during repayment
• Available to qualified
borrowers with “exceptional
need”
• Awards $3,000 to $4,000
based on funding levels
Perkins Loan
“My Account” at www.ecsi.net
• Sign Promissory Note
• Account Balance
• Tax Information
• 888-549-3274
•Online Forms
•Deferment
•Cancellation
•Forbearance
•MWU Customer Service
•866-729-2698
FEDERAL LOANS
Stafford and Graduate PLUS
• Master Promissory Note (MPN) is required for each loan
• MPNs are multi-year
• Complete only one MPN if no cosigner is required.
• A new MPN is required each time if loan is cosigned.
• You need a separate MPN for the Graduate PLUS loan.
• Grad PLUS MPN has a “max” indicator – dollar amount
not required
Federal Loans
• Stafford : Six-month grace
period after graduation
• Perkins: Nine-month grace
period
• Graduate PLUS: Grace
deferment option
• New legislation:
• No subsidies, higher fees
• Effective July 1, 2012
Managing Your Credit
Request and Review Credit
Report Annually
www.AnnualCreditReport.com
Three Major Agencies:
•Experian.com
•Equifax.com
•TransUnion.com
• PLUS Loans require good
credit: Don’t threaten future
eligibility!
• Private (Relocation loans)
also require good credit score
• Common PLUS Loan denials
• Credit Cards being over-used/
over-extended
• Short Sales
• Mortgage Modifications
(appeals may be approved!)
What loan type
requires a credit
check?
Graduate
PLUS loan
Tuition Billing and
Management
Student Bills
 Students are expected to
check MWU email
DAILY
 Online tuition payments
 What’s your account
balance?
 Tuition is due the FIRST
day of each quarter
 Summer tuition due date:
June 4, 2012
Student Bills
2012-13 Tuition
Due Dates
June 4, 2012
August 27, 2012
November 26, 2012
March 4, 2013
Student Bills
Advantages to Online
Payments
Monthly Payment
Plan
• Interest-free monthly
payment plans
• No extra ID or password
• View statement 24/7
• Real-time billing
• Email notification
• $25 fee per quarter
• Set up after financial aid
received
• Late payments may cause
you to lose privileges
Student Bills
• Cash/ Check
• online.midwestern.edu
• Credit Card
• 3rd Party Payment
• Grandma wants to help out
• Uncle Ed won the lottery
Go to: https://online.midwestern.edu
From drop-down box, select “Public Access”
Select “Family” tab at the top
Select “Tuition Payment”
Student Bills
Overdue Accounts
• Balances MUST be paid in
full –OR– a payment plan
established
• Late fees: 1.5% or $7.50,
whichever is greater
• Past Due Notice sent via
email
• Delinquencies reported to
Deans
Student Bills
May 14, 2012
Summer Quarter
Charges
$10,362.70
June 1, 2012
Summer Quarter
Loans
$17,891.33
June 8, 2012
Student Refund
$7,528.63
July 1, 2012
You now have a $0 balance
Parking Ticket
$10.00
This is the refund from your loans for living expenses
and books.
Student Bills
Adjustments
• Additional/Missed Charges
• Housing, Carport
• Add/Drop Classes
• Dual Degree
• Health Insurance
Charges after the quarter due date are due
within 10 days or a payment plan
Living Expense Refunds
Direct Deposit
• MANDATORY
• Submit through Financial
Services tab on
midwestern.edu
• Guaranteed payment arrival
• Manual checks individual
basis exception only
• Delays payment
Living Expense Refunds
Student Refund Checks
• No direct deposit?
Checks sent June 8, 2012
• You MUST personally
endorse all scholarship
checks that are co-payable
What is the due
date for summer
tuition?
June 4, 2012
Living Expense Refunds
Loan Refund Check
• Disbursed only during period of
enrollment
• Generally disbursed equally each
quarter (exception: front-loaded
loans).
• Refund from loans is for living
expenses or items not “directly
billed.”
• Don’t forget books & supplies
you must purchase yourself!
Living Expense Refunds
Monthly Allotments
Estimated monthly amount to pay all
living expenses:
• On Campus Average $1,925/mo.
• Off Campus Average $2,400/mo.
• Thrifty Average $1,395/mo.
•Travel budget is increased for required
travel or rotations later on
Living Expense Budget
On Campus
Off Campus
Thrifty
Rent
$740
$875
$450
Food
$394
$394
$296
Utilities
$190
$380
$190
Transportation
$116
$325
$116
Auto
Insurance/Registration
$180
$180
$180
*Personal
$305
$305
$163
MONTHLY TOTAL
$1,925
$2,459
$1,395
*Includes $400 extra in first year to cover titers
Determine What You Need
• Ask for enough funding
• Try to make just one loan
request
• Don’t ask for too much
• Review your Award Letter!
• Returns made within 120 days,
reverse interest/fees
Determine What You Need
Excess Loan Returns
• Bring check to Financial
Services, payable to MWU
• Recalculate/reduce future
loans (avoid multiple returns)
Other Financial Resources
• Arizona Department of
Economic Security (DES)
• www.azdes.gov
• Students with children may
qualify for
• Nutrition Assistance (NA)
• AZ Health Care Coverage
(AHCCCS)
• Notify Student Services for
health insurance waivers
annually!
Can you receive
a loan
disbursement if
you’re not
enrolled?
Not allowed!
RepayReady
Workshops
RepayReady Workshops
• Free lunch
• Hands-on
• Track your loans with
RepayReadyTM
Bring:
• FAFSA PIN—
www.pin.ed.gov
• Laptop
Interested in Peer Counseling?
• Sign up today!
• No extra charge to students
• Yearly check-in
• Easy access loan
management
• Workshops available
throughout the year
Comments from Graduates
2012 graduates have told us:
• “Encourage to take out less
student loan at all times.”
• “Workshops and constant
emails from SFS have kept
my attention about my debt
and how to plan for it.”
• “Repay ready would be a
good option earlier on for
students like myself who
are trying to figure out what
to do to repay loans starting
the day after graduation.”
MWU Class of 2012 Debt
Program
Graduates
Low
Average
High
Physician Assistant
83
$6,304
$119,071
$161,385
Nurse Anesthesia
30
$30,427
$138,768
$165,879
Pharmacy
122
$15,000
$184,280
$319,774
RESOURCES AND INFORMATION
www.midwestern.edu
Federal Work-Study
Alumni Repayment Information
Cost of Attendance Budgets
Scholarships
This Presentation!
What great tool
is available to
help students
monitor their
loans and
repayment?
Staff Questions?
Accounts Receivable
Terri
Craig
JoAnna
Sr. Coordinator
572-3267
A/R
Representative
572-3324
A/R
Representative
572-3782
Financial Aid
Lesa
A-E
572-3322
Lisa
F-K
572-3879
Tammy
L-P
572-3461
Stacia
Q-Z
572-3246
Military Questions?

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