Transcript My Finances 101

Student Financial Services
My Finances 101
2015-2016 New Student Orientation
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.
– Service through phones, email, and one-on-one counseling. In
2014, SFS responded to nearly 80,000 inquiries from students and
families via telephone (60,495), email (10,630), and in-person visits
(7,410).
Student’s Responsibility
• Student Financial Services works primarily with students unless they
give permission to speak with others (federal regulations stipulate that
any academic or financial information belongs to the student).
– Students are responsible for ensuring their accounts are financially
clear/paid by the billing due dates.
– Students should monitor their UDel email for important
communications. All correspondences, including reminders of
bills/when balances are due, is through email.
– Students must actively grant access if they wish to share “My
Finances” with a parent, guardian, or other third party.
UD Self-Service Options
• UDSIS – Student Information System
− Largely replaces My Blue Hen Home
− Available now, as long as students have created their UDelNet/UD
emails
– What students can do:
o Academics - view course schedules/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
My Finances - Access
• SFS uses email for most
communications, including when
aid is processed and when
balances are due.
• Students must use UDSIS to grant
access to “My Finances” and other
Parent Guardian Services.
• A student’s UDel email and any
email provided when granting
authorization to parent or guardian
will receive notifications when a
balance is due.
Test Student-SFS 702279054
My Finances - Access
• Once your student grants you My
Finances access, you will receive
an email from [email protected]
with the subject line “UD
Parent/Guardian Services
Invitation”.
• Clicking the link in the email will
direct you to the site where you
can set up your account.
• Follow the prompts to complete
your access setup.
My Finances Resources
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Financial Aid Award Notice provides a
view of the aid offered for the full academic
year. It supplements the student’s access
in UDSIS.
To Do List and Announcements displays
to-do items required to process financial aid
or other important messages.
Make a payment shows any pending
financial aid and allows users to report
additional aid, make online payments,, or
indicate a payment is being mailed.
Account activity / Statements allows you
to view charges and payments on your
account and download spreadsheet- or
PDF-style statements.
1098-T Tax Form will be available by end
of January each year and can be used for
tax form preparation in claiming educational
benefits.
My Finances
Financial Aid Awards
•
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”.
My Finances
Account activity / Statements
•
Review detailed information related to
charges and payments posted to
student account.
•
Download pdf statements or account
information in Excel in total or by term.
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. To do
this, the student or their authorized Parent/Guardian should 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.
Managing the Student Account
•
Review pending (non-disbursed)
financial aid.
•
Pending aid consists of funds coming
directly to the University, e.g., Federal
Direct Student Loans.
•
If expected financial resources are
missing, click the pencil icon below
Additional credits to indicate other
sources of aid.
Managing the Student Account
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Select the type of credit/funding* from
the drop down menu.
Enter the amount of the credit/funding.
Enter source of funding in the
Comments box.
Click Submit.
*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.
Managing the Student Account
•
Note the amount in the Additional
credit cell is no longer $0.00.
•
The payment cell now shows a
reduction in the amount owed by the
pending financial aid and, temporarily,
the additional credit amounts. The full
payment amount and the installment
amount, were reduced.
Managing the Student Account
•
Choose your option:
– No payment is being made:
confirm aid will cover balance due
(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
•
Agree to the terms and conditions.
Managing the Student Account
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Final step summarizes your payment
details.
•
Clicking Next step will take you to
CASHNet, UD’s third party payment
system, where you can complete your
transaction.
•
You will receive a confirmation email
after you submit your payment.
Academic Year Timeline – Costs/Aid
•
Spring: Students receive a cost estimate and a financial aid award based on
estimated tuition/costs and aid eligibility as a prospective student.
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Early July: New rates announced for the 2015-2016 academic year.
•
Mid-July: My Finances site updated with Fall billing and/or financial aid activity;
students and any authorized user(s) sent email alerting them they can view
updates and make any appropriate payment(s).
•
Early September: Financial aid is disbursed to students’ accounts around the
start of the academic term (it appears as “Pending Aid” prior to that point).
Students should refer to the To Do List to ensure all action items are completed
before we can disburse their financial aid.
•
Students with pending loans who wish to decline these loans may still do so
through UDSIS.
Academic Year Timeline – Billing
Fall Semester
Spring Semester
Semester Billing Notification Sent
Mid-July
Mid-December
Semester Payment Due Date
August 1
January 4
Installment Plan Due Dates
August 1
January 4
September 1
February 4
October 1
March 4
November 1
April 4
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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.
Financial Aid Renewability
•
University Scholarships*: Renewed automatically each June provided
student maintains a 3.0 minimum Grade Point Averages (GPA) and successfully
completes 12 credit hours per fall/spring semester.
•
University Grants: Renewed automatically each June provided student
maintains a 2.0 minimum GPA and successfully completes 12 credit hours per
fall/spring semester. Also requires family file FAFSA and demonstrate
equivalent level of financial need for subsequent year.
•
Federal Direct Student Loans: Renewed automatically for maximum eligibility
provided family files the FAFSA. Student required to maintain minimum 2.0
GPA and successfully complete 67% of attempted coursework.
•
Other Loans (Federal PLUS or Alternative): Requires application each year,
and Federal PLUS Loan requires that family file the FAFSA.
*All students are considered for endowment support for the subsequent academic
year each June. Families are required to file the FAFSA for consideration.
A Note on Student Health Insurance Requirement
• Students are required to have health insurance, and UD requires
students provide proof of coverage or purchase insurance.
• Already insured: Students can waive University coverage by
completing online waiver at http://www.universityhealthplans.com.
• Need Insurance: Students can enroll in the University’s Student Health
Insurance Plan online at http://www.universityhealthplans.com.
Note: Accounts are automatically charged the University health insurance
premium (Health Insurance UD Plan). To receive the offsetting credit,
students must complete the waiver process (Waive Health Insurance UD
Plan).
Additional Sessions
• Other slide presentations available online for your review.
– Financial Aid Next Steps: How to Finalize Your Financial Aid
– Educational Loan Borrowing
Questions After Today
• Online
– SFS Website: www.udel.edu/sfs
– AskSFS: www.udel.edu/asksfs
• Phone
– 302-831-2126
• In Person
– Student Services Building
30 Lovett Avenue, Newark, DE 19716
– Office Hours: Monday-Friday 8:00 a.m. to 5:00 p.m.