Student Financial Planning Guide (Fayette Campus) ATTENTION STUDENTS: Please review carefully and retain for reference.

Transcription

1 Student Financial Planning Guide (Fayette Campus) ATTENTION STUDENTS: Please review carefully and retain for reference.

2 This guide will assist you in understanding your student account at Central Methodist University for the academic year. Your student account reflects all charges and payments for tuition, fees, room and board. Student Billing Statements CMU mails monthly statements to every student s address on file. Estimated billing statements will begin in June and continue through August. After the start of classes, confirmed tuition, fees, room and board will be posted to student accounts. Beginning in September, a statement of confirmed charges will be mailed to the address on file. You may also view a copy of your billing statement on your mycmu account. Student Billing Statements on mycmu To view your estimated billing statement for an upcoming session- Log into your mycmu account- Select the Student tab along the top- Select Billing and Payments - Select Upcoming Course and Estimated Fee Statement - Select Set Options at the bottom of the page, select the session and year you wish to view To view your current billing statement with confirmed charges - Log into your mycmu account- Select the Student tab along the top- Select Billing and Payments - Select Student Billing Statement Tuition and Fee Payment Deadlines Fall 2015: July 17- All financial aid paperwork must be completed to avoid state and federal aid being removed from financial aid package (Check Financial Aid Document Tracking on mycmu for needed documents). August 5- Fall Payment Due Date - Any student not considered financially ready will have Fall registration cancelled. Spring 2016: December 16- All financial aid paperwork must be completed to avoid state and federal aid being removed from financial aid package (Check Financial Aid Document Tracking on mycmu for needed documents). January 6- Spring Payment Due Date - Any student not considered financially ready will have Spring registration cancelled. If your registration is cancelled, you have up until the first day of classes to complete the Financial Readiness Checklist and pay a $100 re-enrollment fee in order to re-register for classes. Please note: you will be subject to current class availabilities.

3 Financial Readiness Checklist Includes: Admissions Application completed Official Transcripts received Enrollment Deposit paid FAFSA received Institutional Aid confirmed Loan paperwork completed (if applicable) Financial Aid Package complete Statement of Financial Responsibility submitted Payment plan set or Payment-in-full received Tuition & Fees (Per semester) Undergraduate Full-time tuition $10, (12-18 credit hours) Part-time tuition $900.00/credit hour (7-11 credit hours) Part-time tuition $210.00/credit hour (1-6 credit hours) Overload tuition $210.00/credit hour (for every cr. hour over 18) Residence Hall* $1, Meal Plan** $1, *This is the average cost for a resident hall, this number will vary depending upon which residence hall you will reside. **This is the cost of a full meal plan (19 meals/week); the cost will vary if you change your meal plan. Note: Freshman and Transfer students are required to have the 19 meal plan for their first year. Student Fees- Mandatory Career Center Fee Classroom Assessment Fee Educational Resource Fee Health Clinic Fee Student Government Fee Yearbook Fee $25.00 (full-time) or $2.50/cr. hour (part-time) $ (full-time) or $9.25/cr. hour (part-time) $ (full-time) or $10.00/cr. hour (part-time) $30.00 (full-time) or $2.50/cr. hour (part-time) $70.00 (full-time) or $7.00/cr. hour (part-time) $10.00 (full-time) or $1.00/cr. hour (part-time) Other Fees Art Fee $10.00/credit hour Graduation Fee $75.00 Online Service Fee $50.00/course Orientation Fee $ Parking Citations $15.00-$ Parking Permit (per semester) $30.00 Private Music Lessons $125.00/lesson (Maximum of $250.00) Residence Halls-Damage Deposit $100.00

4 Returned Check $30.00 Science Laboratory Fee $50.00/course (Maximum of $100.00) Single Room Charge $ Sports Medicine/Athletic Training Physical $75.00 Payment Options Determining how to pay for college can be overwhelming, but paying for your future can be more affordable than you think. CMU recognizes that each family s financial situation is unique. That is why we offer a variety of payment options to meet your needs. Payment Option 1: Payment in full by semester due date Payment Option 2: Enroll in a payment plan through e-cashier (available through student s mycmu account) Payment Option 3: 3 rd party payer (Military, Employer, etc.) or Financial Assistance will cover all tuition, fees, room, and board expenses Acceptable payment methods include: cash, check, money order, cashier s check, and credit card payments through e-cashier Payment Plan. Cash or Check Payments Checks* can be dropped off at the CMU Business Office (Brannock Hall) or mailed to: Business Office 411 Central Methodist Square Fayette, MO *Please include your student ID number on the check. Please do not mail cash. ACH payments in full can be made through: e-cashier Payment Plan. Credit Card Payments Credit Card payments can be made in full through: e-cashier Payment Plan. Credit card payments are accepted and processed by our partner Nelnet Business Solutions (NBS). A service fee of 2.75% is added to credit card payments. Credit card payments are only accepted through the e-cashier Payment Plan; credit card payments will not be accepted in-house. Accessing e-cashier Payment Plan: Go to: Log into your mycmu account Select the Student tab at the top of the page Choose Billing and Payments Click on e-cashier Payment Plan Set options for the appropriate session and select the e-cashier icon

5 Payment Plan Information Last Day to Enroll Payment Plan Options: Fall 2015 (Available May 1, 2015) Required Down Payment # of Payments Months of Payments Spring 2016 (Available November 1, 2015) Enrollment Fee May 25 None 6 June- Nov. $50.00 June 25 None 5 July-Nov. $50.00 July 24 20% 4 August-Nov. $50.00 August 5 25% 3 Sept.-Nov. $ % 2 Sept. Oct. $ % 3 Oct.- Dec. $ % 2 Oct.-Nov. $25.00 Last Day to Enroll Required Down Payment # of Payments Months of Payments Enrollment Fee November 25 None 6 Dec.-May $50.00 December 26 None 5 Jan.-May $50.00 January 6 20% 4 Feb.-May $ % 3 March-May $ % 2 Feb.-March $ % 3 March-May $ % 2 April-May $25.00 Financial Aid The Office of Financial Assistance is available to assist students with both need-based and non-need based assistance. If you are awarded financial aid, it will be reflected on your student account. You can track needed documents for your financial aid through your mycmu account (Select the Student tab Select Financial Aid Select Financial Aid Document Tracking ). The Office of Financial Assistance may be reached at for questions about your financial aid package or to learn about more financial aid opportunities. Late Charges/Holds The student is responsible for ensuring all CMU charges are personally paid or covered with financial aid by the tuition due date each semester. A financial registration hold will be placed for students who have a delinquent account. This financial registration hold will prevent you from registering for further classes and/or receiving an official transcript or diploma. Delinquent accounts will be accessed a late fee of 2% of the balance monthly. Failure to resolve a delinquent account may result in your account being placed with a professional collection agency. If this does happen, you will be required to pay any and all collection fees, late charges, interest, legal fees, and other recovery expenses incurred by the University, their successors or assignors.

6 Outside Payment Policies Third Party Billing The Business Office must receive an authorization from your third party payer no later than the tuition due date for the semester. This authorization must contain the student name, CMU ID#, and allowable fees. Authorizations should be sent to: Becky Bonuchi/Business Office 411 Central Methodist Square Fayette, MO Fax: Once we receive the authorization from your third party payer, we will submit an invoice to them per their instructions. Any amount your third party payer does not pay is your responsibility. Outside Scholarships Outside scholarships will not be calculated into your student balance until CMU receives the payment from your sponsor. If an invoice is required, the Business Office must receive authorization from the organization or company in order to generate an invoice. Outside scholarships will automatically be split evenly between the fall and spring semesters, unless specifically stated or requested otherwise. Outside scholarship leads may be found at: Financial Aid Options Federal Pell Grant The Pell Grant program provides grants to undergraduate students who demonstrate financial need based on the results of their FAFSA application. Students are eligible for up to 12 semesters of Pell awards. The Pell award amounts for the academic year range from $626-$5,775 for students with Expected Family Contributions (as calculated by the FAFSA) of $5,198 or less. Federal Supplemental Educational Opportunity Grant (FSEOG) The FSEOG program is a campus-based grant available to undergraduate students who demonstrate an exceptional financial need based on their FAFSA application. CMU is given limited FSEOG funds. Priority is given to those students who have submitted their FAFSA by March 15th and are a Federal Pell Grant recipient. State Grants An Access Missouri Grant is available for Missouri residents who are attending full time, have submitted their FAFSA prior to April 1 each year, and demonstrate financial need based on FAFSA results. To maintain the grant award, students must achieve at least a 2.5 cumulative GPA. Access Missouri Grant award amounts depend on state legislative activity. The estimated award for academic year is $1500.

7 Subsidized Federal Stafford Loan Subsidized Federal Stafford Loans are need-based loans. Subsidized loans disbursed after July 1, 2015, accrue a fixed 4.29% interest. The Federal government pays the interest while the student is continuously enrolled for at least half-time. Repayment begins 6 months after departure from school. Note: The Federal Government retains 1.073% origination fee on subsidized Stafford loans before disbursing funds to CMU. Unsubsidized Federal Stafford Loan Unsubsidized Federal Stafford Loans are not need-based loans. For loans disbursed after July 1, 2015, the interest accrues at a fixed 4.29%. The student is responsible for paying all the interest after the loan is disbursed. Students have the option to pay the interest as it accrues or defer it as long as they are enrolled at least half-time. Repayment begins 6 months after departure from school. Note: The Federal Government retains 1.073% origination fee on unsubsidized Stafford loans before disbursing funds to CMU. Maximum loan amounts allowable: * Freshman (0-29 hours) =$ /year, up to $ subsidized Sophomores (30-59 hours) =$ /year, up to $ subsidized Juniors & Seniors (60+hours) =$ /year, up to $ subsidized Parent PLUS Loan If you're an undergraduate student enrolled at least half-time and dependent on your parents, your parents may qualify for a Parent PLUS Loan. The PLUS loan is available without regard to financial need; however, the parents must be U.S. Citizens, and the loan is credit based. The parents are responsible for repaying the loan and unless otherwise requested, repayment begins 60 days after the loan is fully disbursed. The interest rate is fixed at 6.84%. Parents may borrow a Parent Loan for Undergraduate Students up to the full Cost of Attendance minus any financial assistance the student is receiving. Note: The Federal Government retains 4.292% origination fee on Parent PLUS loans before disbursing funds to CMU. *If a student s parent is denied for a PLUS loan, the student is eligible for additional unsubsidized loans. Freshman and Sophomores are eligible for up to $ in additional funds. Juniors and Seniors are eligible for up to $ in additional funds. Federal Perkins Loans The Federal Perkins Loan program is a campus-based loan program that provides student loans at a fixed 5% interest rate to undergraduate students who demonstrate financial need based on their FAFSA application. Funds are limited, so priority is given to Freshman and Sophomore students who have submitted their FAFSA by March 15 and are a Federal Pell grant recipient. This loan program is scheduled to end in October 2015.

8 Alternative Loans Sometimes federal student and parent loans are not enough to cover all educational expenses. For this reason, students may consider applying for a private, alternative loan that may be used as a supplemental resource for paying college costs. A variety of privately funded loans are offered. More information can be found on the FastChoice website. Go to: and select FastChoice website under Alternative Loans. Other Resources for Financial Aid Information Withdrawal Tuition Refund Schedule Fall & Spring Semester Withdrawal 1 st & 2 nd weeks Withdrawal 3 rd & 4 th weeks Withdrawal 5 th, 6 th, 7 th, & 8th weeks Withdrawal after 8 th week May Term Withdrawal 1 st -4 th days of class Withdrawal 5 th -7 th days of class Withdrawal after 7 th day of class Summer Semester Withdrawal in 1 st week Withdrawal in 2 nd week Withdrawal after 2 nd week Refund 90% of tuition 50% of tuition 25% of tuition None 50% of tuition 25% of tuition None 50% of tuition 25% of tuition None Board fees are refunded on a pro-rata basis. Room and incidental fees are non-refundable. Institutional financial aid will be reduced at the corresponding tuition refund percentage. Federal assistance must be refunded according to federal guidelines. Note: Non-attendance or informing staff/faculty does not constitute withdrawal from a class(es). Students who wish to withdraw from CMU must see the Retention Coordinator in the Center for Learning & Teaching for a withdrawal form. Withdrawal is not complete until all required signatures are obtained and the paperwork is signed by the Business Office.

9 Important Dates March 15 FAFSA Priority Deadline for FSEOG April 1 FAFSA Deadline for MO Access Grant July 17...All financial aid paperwork must be completed to avoid state and federal aid being removed from financial aid package. August 5 Fall Payment Due Date - Any student not considered financially ready will have Fall 2015 registration cancelled. (See Financial Readiness Checklist) August 21..Residence Halls open for New Students August 23..Residence Halls open for Returning Students August 24..First Day of Fall Classes October Family Weekend October Homecoming Weekend October Any student who has not followed their payment plan will be withdrawn from school; the regular withdrawal refund schedule will apply. November Thanksgiving Break December Final Exams December 16..All financial aid paperwork must be completed to avoid state and federal aid being removed from financial aid package. January 6...Spring Payment Due Date - Any student not considered financially ready will have Spring 2016 registration cancelled. January 17.Residence Halls open for Spring January 19.First Day of Spring classes March Spring Break April Any student who has not followed their payment plan will be withdrawn from school; the regular withdrawal refund schedule will apply. May Final Exams

10 CMU Contact Information Business Office Financial Assistance Fax: Fax: Admissions Helpdesk Technician (mycmu) Registrar Student Development/Housing Central Methodist Square Fayette, MO Please see: for a listing of necessary steps each new student should complete before arriving on campus.