Student Financial Services. My Finances New Student Orientation

Transcription

1 Student Financial Services My Finances New Student Orientation

2 Who is Student Financial Services (SFS)? We are a team dedicated to servicing all aspects of your student financing needs. We provide: Integrated counseling on the student account AND financial aid so we can assist students and their families in meeting their financial obligations. Comprehensive self-service options through My Finances. Students and families do not have to wait for a bill or information on financial aid or account status available 24/7.

3 UD Self-Service Options My Blue Hen Home as prospective and newly admitted students Available to students through New Student Orientation UDSIS Student Information System Largely replaces My Blue Hen Home Available now, as long as students have created their UDelNet/UD s What students can do: o Academics - view course schedules and grades, and manage registration o Financial access My Finances, review financial aid, decline student loans, review To Do List, request refund o Grant access to My Finances through Parent/Guardian Services

4 What is My Finances? My Finances Customized online access that supplements UDSIS. This site focuses on information regarding their student financials and is available 24/7 to students and authorized parents/guardians: View student account (billing) information Review financial aid awards (offered and disbursed) Pay student bill, including opting in to monthly installment plan Monitor financial aid To Do List Check any announcements from SFS Print 1098T Forms (education tax benefit statements) Add Funds to FLEX account.

5 Student s Responsibility Per federal regulations, any academic or financial information belongs to the student. It is the students responsibilities to ensure their accounts are financially clear by the billing due dates. Students must monitor their UDel for important communications. All correspondences, including reminders of bills/when balances are due is through . Students must actively grant access if they wish to share My Finances with a parent, guardian, or other third party.

6 STEPS FOR STUDENT TO GRANT PARENTAL ACCESS TO FINANCIAL INFORMATION (My Finances)

7 UD does not send paper statements when a balance us due. is used for most communications from SFS. My Finances - Access Students must use UDSIS to grant access to My Finances and other Parent Guardian Services. A student s UDel and any provided when granting authorization to parent or guardian will receive notifications when a balance is due.

8 Once your student grants you My Finances access, you will receive an from with the subject line UD Parent/Guardian Services Invitation. My Finances - Access Clicking the link in the will direct you to the site where you can set up your account. Follow the prompts to complete your access setup.

9 How to Keep Account in Good Standing Students must be Financially Cleared each semester by the billing due dates to avoid late fees being assessed to their student accounts. The student or their authorized Parent/Guardian must ensure the following: There is enough pending aid to cover the balance due, or Full payment is made for the balance due* Partial payment is made for the balance due using the Installment Plan (spreads payments over four months each semester)* *Less financial aid. Ensure all to-do items are complete so aid may disburse by start of classes. My Finances will guide you through these options.

10 My Finances Summary Current balance and due date are displayed on the Summary page. Before Beginning - View Account Activity Provides details of all charges/credits that have been applied to the account (recommended option as it will provide up-to-date overview). View Statement will summarize all activity on just most recent statement. Click on Next Steps to be prompted through the necessary steps to financially clear the student account.

11 My Finances (Next Steps) Review pending (non-disbursed) financial aid. Pending aid consists of funds coming directly to the University, e.g., Federal Direct Student Loans.

12 My Finances (Next Steps) If you expect additional credits* not reflected on account activity or in pending aid. Use this option to report additional credits by indicating Yes and the Type of credit Amount of credit Any additional comments *For example, 529 Plans, outside scholarships, and/or loans. This confirms why no payment is being made if balance will be fully covered or allows you to pay the remaining balance after aid and reported credits.

13 My Finances Make a Payment Choose your option: No payment by confirming aid to cover (will have option to add FLEX) Full payment Partial payment: Monthly Installment Plan ($50 fee per semester) Payment Method: Online check Credit card (2.75% fee) Mail a check

14 My Finances Make a Payment Final step summarizes your payment details. You will receive payment confirmation and instructions on mailing a check for your payment (if using this payment option).

15 Other Important Resources in My Finances To Do List and Announcements will display to-do items to clear your account or important messages. Statements will display a list of statements that have been generated. Payment History will display a listing of all payments or additional credits that have been reported. 1098T Tax Form will be available by end of January each year and can be used for tax form preparation in claiming educational benefits. NEW THIS YEAR: Financial Aid Award Notice provides a view of the aid offered for the full academic year. It supplements the student s access in UDSIS

16 My Finances Financial Aid Awards (View Only) This view is a supplement to the Financial Aid view students access in UDSIS. Loans can only be declined or reduced from UDSIS. Grants, scholarships, loans, and workstudy awards have terms and conditions that should be reviewed. Amount will appear in gray once that award has disbursed. Awards not grayed out may require additional action per the To Do List.

17 Academic Year Timeline Costs/Aid In Spring you received a cost estimate and a financial aid award based on estimated tuition and costs as a prospective student and aid eligibility. New rates are established early in July for the academic year. By mid-july, students and any authorized users will receive an when their My Finances site is updated with Fall billing activity and/or financial aid and when these are available to view/pay. Students with pending loans who wish to decline these loans may do so through UDSIS. This should be completed prior to initiating payment in My Finances. Financial aid is reflected as pending until it is disbursed to students accounts around the start of the academic term. (Students should refer to the To Do List to ensure no action is required before we can disburse their financial aid.)

18 Academic Year Timeline Billing Fall Semester Spring Semester Semester Billing Notification Sent Mid-July Mid-December Semester Payment Due Date August 1 January 3 Installment Plan Due Dates August 1 January 3 September 1 February 3 October 1 March 3 November 1 April 3 The installment plan allows families to spread each semester s payments over four months. There is a $50 enrollment fee per semester, which will appear on the student account on the following billing notification, for this option. Changes in balance are incorporated into the monthly installments. Failure to make payment by the due dates will result in a $55 late fee per month for those who do not enroll in the installment plan. Late installment plan payments will be assessed a $25 late fee.

19 A Note on Student Health Insurance Requirement Beginning in the academic year, students are required to have health insurance, and UD requires proof of coverage. Already insured: Students can waive University coverage by completing online waiver at Need Insurance: Students can enroll in the University s Student Health Insurance Plan online at Note: Accounts are automatically charged the University health insurance premium (Health Insurance UD Plan). To receive an offsetting credit, student must complete the waiver process (Waive Health Insurance UD Plan).

20 Additional Sessions Please join SFS for further information at our special interest sessions. 3:00-3:30pm Financial Aid Next Steps How to Finalize Your Financial Aid 3:35-4:05pm Educational Loan Borrowing

21 Questions After Today Online SFS Website: AskSFS: Phone In Person Student Services Building 30 Lovett Avenue, Newark, DE Office Hours: Monday-Friday 8:00am to 5:00pm