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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?
