jsc money matters
DESCRIPTION
A powerTRANSCRIPT
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
‘Education
costs money,
but so does
ignorance.’
— Claus Moser
•
‘Learning is a
treasure that
will follow
its owner
everywhere.’
— Chinese Proverb
MONEY MATTERSMONEY MATTERS
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Agenda
• Calculating cost of attendance• Financial Aid– Schedule– Deadlines– Processes
• Billing and Payment Processes– Overview of Process– Tutorial– Deadlines and Reminders
We are here to
help you start the semester smoothly
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Calculating Cost of Attendance
• Cost of attendance is based on: – Residency or Program Status– Number of Credits Enrolled– Room and Board– Fees– Books
• These costs will vary for you based on your course enrollment
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Financial Aid To Do List
FAFSAState Grant ApplicationAccept your Financial Aid AwardSubmit any Documents RequestedFederal Direct Student LoansFederal Direct Parent PLUS LoanPrivate Student Loans
Students must check
their JSC email
accounts regularly
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
What should already be done?
• FAFSA- The Free Application for Federal Student Aid– This is JSC’s only application for aid
• State Grant Applications– Check with your state agency
In college, students
are responsible
for these tasks with assistance
from parents
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Once you’ve been awarded!
Communication is Key!Students and Parents need to know what is going on! Have a checklist to
stay on track!
What should you be doing now?
Many financial aid
tasks have deadlines students
and parents must share information
regularly
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Aid and Documents
• Accept Your Aid Package– Return letter by mail
– Accept aid on Web Services
• Submit Requested Documents– Verification Worksheet
– Federal Tax Returns
• Do Not Delay!– Submit requests for any additional information
promptly.
– Students need to check their JSC email accounts regularly for important updates.
If you are asked for
information provide it as soon as possible
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Loan Entrance Counseling
Visit www.studentloans.gov and complete two requirements to borrow student loans:
• Step 1– Sign in using your FAFSA PIN as your password
• Select: Complete Entrance Counseling– Follow the directions all the way through to the end
of the online session. – Required so you learn your rights and
responsibilities as a borrower.
Student loans will not be released to JSC until completion of this process.
You complete this once while at
JSC, take a few
moments now to
complete the process
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Master Promissory Note
• Step Two
• Select Complete Master Promissory Note (MPN)– Then select: Subsidized/Unsubsidized as the loan type
• You will need to complete the on screen instructions through the entire process
• Notification on the screen and by email means you successfully completed the process
• Student Loan funds cannot be disbursed without a signed Master Promissory Note on file. Parents borrowing will complete a master promissory note as well.
If you are accepting
both subsidized
and un-subsidized loans you
only do this task once
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Perkins Loan
When Notified Take Action• Students need to complete their Perkins
Promissory Note and Entrance Counseling online if this award is part of your aid package.
• Procedures for completion will be sent from our servicer, ECSI once the loan is accepted.
• Upon receiving the instructions, students must complete the process as soon as possible.
• Only required to complete this process once while enrolled at JSC.
If you are accepting a
Perkins Loan, you
must complete
the promissory
note on-line
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Work-Study
• What is it? Federally funded campus employment paid to the student biweekly (Use direct deposit to receive funds quicker).
• How is work-study eligibility determined? Based on need as determined from your FAFSA information.
• What is it used for? Earnings are for the student’s personal spending money and can not be applied towards the college bill.
• How is a job found? List of positions provided at start of the semester. Look for a job early as employment is not guaranteed.
Students CAN NOT
begin earning their work-study until their
Financial Aid file is
complete, and account
is settled
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Additional Funding
• Federal Direct Parent PLUS Loan—– Complete the JSC PLUS Pre-Application provided
by the FA Office or print from our web-site. – At www.studentloans.gov the parent borrower
logs in with their PIN.– Choose menu option “Sign Master Promissory
Note” and follow instructions to completion. – A credit check is performed before loan can be
approved.
• Private Student Loans—Requires a credit worthy co-signer, and is a resource to consider as a last resort.
PLUS loans are
processed on-line
no Entrance Counseling required
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Student Health Insurance
• Johnson State Health Insurance Requirement
• Accept or Decline online by August 12 to avoid a late fee
• Completed annually• Decline the health insurance no later
than September 30. If not declined by this date the charge cannot be removed
Save yourself $1407 by declining
the health insurance if
you have insurance through another carrier
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Save $1,407 here!
Online Health Insurance Form
Decline on-line by
September 30 or the
charge remains on the account
Save $1,407 here!
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Payment Options
• Electronic payments using your check or credit card
• Cash, check or credit card
• Payment Plans All payment options are
available electronically
24-hours a day
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Payment Plans
• Interest Free• Six (June start), Five (July start) and
Four (August start) month plans available
• Can be set up as early as June 1• First payment due at signing• $30 set-up fee• All payments must be made
electronically
Payment plans are available
now, sign-up early to have the longest
repayment terms
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Deadlines
• Payment must be finalized by August 12 meaning…– Your financial aid is complete and
ready to disburse– Your remaining balance is paid
in full– Your remaining balance is
covered with an approved, up-to-date payment plan
Save yourself
$100, finalize that
payment plan by the deadline!
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Why finalize payment by the deadline?
• Skip the line at the Business Office
• Charge your books at the Bookstore
• Begin your Work Study job at the start of the semester
• Maintain eligibility to play on a Varsity Team
• Avoid a $100 late fee
The biggest benefit? Knowing that your account is
settled and you can start the semester without worry
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Tutorial
Tutorials are available on
the JSC YouTube channel.
Links can be found on
myjsc.vsc.edu & jsc.edu
http://www.youtube.com/watch?v=7zq5hsJauF4
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
MONEY MATTERS
Last Thoughts
• Work together to understand where you are in the financial aid cycle
• Finalize your financial aid paperwork and Make your final payment and/or set-up your payment plan by August 12 to avoid a late fee
• Accept or decline health insurance• Request your student set you up as an
“Authorized User” for electronic billing• Students must check their JSC email
regularly to stay up to date
Financial Aid and the
Business Office are ready to
help
MONEY MATTERS
Understanding
Financial Aid
and
Payment
Procedures
‘Education
costs money,
but so does
ignorance.’
— Claus Moser
•
‘Learning is a
treasure that
will follow
its owner
everywhere.’
— Chinese Proverb
MONEY MATTERSMONEY MATTERS
Questions?