Transcript FileNewTemplate - Wheelock College

MONEY MATTERS:
Understanding Your Bill, Financial
Aid, & Developing Financial Literacy
2014-2015 Academic Year
Michael Discolo
Associate Director of Student Accounts
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AGENDA
• Costs / Health Insurance
• Billing Timeline & Statements / E-Bills
• Payment & Financing Options / Payment Plan
• Financial Aid / Private Loans & Outside Grants
• Clearance Process
• Developing Financial Literacy
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2014-2015 TUITION RELATED COSTS
•
Fall (1st Bill)
•
•
•
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Tuition
Room/Board
General Fee
Student Activity Fee
$15,837.50
$6,800.00
$525.00
$105.00
•
•
•
Orientation Fee
Room Damage Dep.
Health Insurance
$250.00
$100.00
$2,369.00
•
Total Charges -
Spring (2nd bill)
Total Charges
$15,837.50
$6,800.00
$525.00
$31,675.00
$13,600.00
$1,050.00
$105.00
$23,617.50
$250.00
$100.00
$23,267.50
With Health Insurance, Total Charge - $49,254
Commuter (Non-Resident) Total Charges - $33,185
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$46,885.00
HEALTH INSURANCE WAIVE / ENROLL
•
Required by the Commonwealth
of Massachusetts
•
$2,369 annual premium for
2014-15 academic year
(8/15/14 – 8/14/15)
•
If already covered, students must
complete: Health Insurance
Waiver Form
•
To waive or enroll, students
must go to:
www.universityhealthplans.com
•
Deadline to complete waiver August 15, 2014
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BILLING TIMELINE
2014-15 STATEMENT(S)
•
Bills mailed to legal address
each semester
1. Fall 2014 Semester Bill
– Mailed July 1, 2014
– Due August 1, 2014
2. Spring 2015 Semester Bill
– Mailed Nov 14, 2014
– Due December 19, 2014
Students must be financially
clear before they can move in,
start classes, or begin sports.
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E-BILLS / ELECTRONIC PAYMENTS
• Electronic billing statements
can be found on the student
portal – MY Wheelock
• Online payments can be made
by electronic check or
credit/debit card
• AMEX payments cannot be used
online - must be called in to
Student Accounts (617-8792236)
• “Authorized User” – setup
parents login pin and password
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PAYMENT AND FINANCING OPTIONS
•
Personal Check, Money Order, Traveler’s Check (mail to college – return
envelope in July billing packet)
•
Visa, MasterCard, American Express or Discover
•
Electronic Check / Credit/Debit Card Payment through Wheelock on-line
Billing and Payment System (My Wheelock)
•
Wire Transfer
•
Monthly Payment Plan through TuitionPay
•
College Savings Plan and Payment from 529 / Retirement Plans
•
Federal Parent Loan for Undergraduate Students (PLUS) Loan
•
Private Education Loans
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TUITION PAY – PAYMENT PLAN
•
8 – 10 month payment plans over
the course of the school year / 4
month plans as well
•
Set up through Sallie Mae Tuition
Pay - $55 annual fee
($35 semester fee – 4 months)
•
Plan must be setup by August 1,
2014
•
Plan must include both fall and
spring semesters balances (double
fall balance for estimate)
•
http://tuitionpay.salliemae.com
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CREDIT-BASED STUDENT LOANS /
OUTSIDE SCHOLARSHIPS
• Credit Based Loans
• Outside Scholarships
– May borrow up to full cost of
education after financial aid
– Please initiate requests
NOW so we can ensure
processing prior to the bill
due date
– Decide on amount (plan for
both terms) and choose a
lender
– Students must provide
written documentation of the
scholarship(s) for the
pending award to be
reflected on the billing
statement
– Student is responsible for
completing the scholarship
process and making sure
funds are received
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FINANCIAL AID – THINGS TO DO
• Assure that FAFSA (free app. federal student aid) is fully
completed – verification forms sent in
• For students borrowing a Federal Stafford Loan
– Complete Entrance Counseling (studentloans.gov)
– Complete Master Promissory Note (studentloan.gov)
• If receiving outside scholarships, send Financial Aid the
agency notice (award letter from donor)
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CLEARANCE PROCESS
Cleared
• Move into residential
hall
• Begin attending
classes
• Participate in
athletics and
extracurricular
activities
Non-Cleared
• Receive weekly notifications
prior to start of semester
• Cannot attend classes or
move onto campus
• Students that arrive must
meet with Student Accounts
to clear bill prior to moving in
or beginning classes
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DEVELOPING FINANCIAL LITERACY
•
Wheelock is committed to
developing student’s financial
literacy
•
Courses and Tools at
www.wheelock.edu/finaid - click on
“Financial Literacy” link
•
Assistance in creating a budget,
managing finances, and
understanding student loans
•
Cash Course – online tool to
navigate finances during and after
college
•
Loan Repayment Options
•
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Budgeting Tools
Cash Course
On Campus Budgets
Off Campus Budgets
Life After College
Education Tax Benefits
Credit Reporting
Paying Back Student
Loans
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CONTACT INFORMATION
Offices located in Student Service Center
Student Accounts Office (ACW - 1st Floor)
• Telephone: (617) 879-2236
• Fax:
(617) 879-2386
• Email: [email protected]
Financial Aid Office (ACW - 1st Floor)
• Telephone: (617) 879-2443
• Fax:
(617) 879-2470
• Email: [email protected]
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