Preview 20082009

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Freeing the Power of the Individual
Preview 2008-2009 Presenters David Williamson,
Interim Director of Financial Aid Barbara
Madison, University Bursar Business Services
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Your students education is his or her best
investment for the futurebut lets face itthat
diploma is one expensive piece of paper. You
must prepare for it.

• The University of Southern Mississippi
• Office of Financial Aid
• 118 College Drive, 5101
• Hattiesburg, MS 39406-0001
• Ph [phone] Fax [phone]
• Email financial.aid_at_usm.edu
• Web address www.financialaid.usm.edu
• School Code 002441
• Office Hours Monday-Friday, 800am - 500pm
• Kennard-Washington Hall, Room 101

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What is Financial Aid?

• Gift Aid
• Institutional or External Scholarships, Tuition
  Waivers, Fee Waivers
• Grants (Pell Grant, Supplemental Educational
  Opportunity Grant (SEOG), Academic
  Competitiveness Grant (ACG), SMART
  Grant, TEACH Grant)
• Require federal need as determined by the FAFSA
• Self-Help
• Loans (Subsidized Stafford, Unsubsidized
  Stafford, Parent
  PLUS, Alternative or Outside Loans)
• Repay after graduation (with exception of Parent
  PLUS)
• Interest may or may not accrue while in school
• Work
• Federal Work-Study Program

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Preparing to Apply for Financial Aid

• Secure Personal Identification Number (PIN) for
  student and at least one parent.
• www.pin.ed.gov
• Gather federal income taxes and other financial
  documents to
• help you complete the Free Application for
  Federal Student
• Aid.
• www.fafsa.ed.gov

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Completing the FAFSA

• Apply early. The Priority Deadline for Southern
  Miss is March 15th each year.
• Use student and parent 2007 Federal tax returns
  to complete income information.
• Review the Student Aid Report when returned by
  the Federal Processor.
• The EFC (Expected Family Contribution) represents
  family resources.
• If selected for verification, submit tax returns,
  W-2s, and other requested information to the
  Office of Financial Aid promptly.

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State of Mississippi Student Financial
AidDeadline September 15 of each year

• MTAG--Mississippi Resident Enrolls full-time at
  a Mississippi college or university 2.5 high
  school GPA 15 ACT score Open to freshman,
  sophomore, junior, or senior who meets
  requirements for award.
• MESG--Mississippi Resident Enrolls full-time at
  a Mississippi college or university 3.5
  high-school GPA 29 ACT score Must be a
  first-time freshman applying during senior year
  of high school and attending following graduation
  from high school.
• Special Note Anticipated State Aid is awarded
  to students by the Office of Financial Aid if
  university records indicate that the student
  meets the minimum criteria for the award.
  Students must follow through by completing the
  Mississippi Student Financial Aid Scholarship
  Application online and submitting it to the
  Mississippi Student Financial Aid Office.
• www.ihl.state.ms.us
• 1-800-327-2980

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How much financial aid can I get? Will it cover
everything?

• Cost of Attendance
• (determined by the school)
• __
• Expected Family Contribution
• (determined from the FAFSA)
• Financial Need
• (our goal)

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Estimated Cost of Attendance 2008-2009On Campus,
Full-time Enrollment

• Expense Amount
• Tuition 5,096.00
• Estimated Fees 260.00
• Room Board 5,544.00
  
• Books Supplies 1,200.00
• Personal Travel 3,804.00
• Total for Mississippi Resident 15,904.00
• (Non-Resident Fees 7,650.00)
• Total for Non-Resident 22,682.00
• Fees are subject to change without prior
  notification.

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AWARD Notification

• Once a student is admitted to the University and
  his/her
• financial aid file is complete, financial aid
  eligibility is
• determined.
• Initial award letters are typically sent via
  regular postal
• service to students. Students may accept their
  financial aid
• awards online through their SOAR accounts, or by
  returning
• their paper award letters to the Office of
  Financial Aid at
• their respective campus. Students will be
  notified of
• Revisions to their awards via their Southern
  Miss
• E-mail Accounts.
• Students access their accounts using their SOAR
  User
• ID and Password. For additional assistance with
  obtaining
• a User ID and Password, students may contact the
  iTech
• Help Desk at [phone].
• FERPA regulations prohibit financial aid officers
  from discussing student financial aid information
  with parents or other third party individuals
  over the telephone, via email, or in person, if
  the student is not present. Under no
  circumstances will financial aid officers discuss
  student grades if the student is not present.

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Important Reminders

• Complete and submit the Free Application for
  Federal Student Aid online at www.fafsa.ed.gov.
• When notification of the award is received,
  accept and/or decline the award and return the
  signed acceptance form to the Office of Financial
  Aid. Students may also accept or decline aid
  through their SOAR accounts.
• Students should check their SOAR and Southern MS
  email accounts regularly.
• Apply early! Apply early! Apply early!
• Reapply each year.

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The University of Southern MississippiBusiness
Services
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Business Services
Business Services The University of Southern
Mississippi 118 College Drive, 5133 Hattiesburg,
MS 39406-0001 Phone [phone] Fax (601)
266-5876 Forrest County Hall Room 101 Office
Hours 800am 400pm Email Business.Services_at_u
sm.edu Web Address www.usm.edu/bizserv
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Pre-Registration

• Following pre-registration, a Class
• Schedule Fee Invoice will be mailed to
• each student. Students who are required
• to make a minimum payment, should make
• payment to Business Services via mail,
• online, or in person, no later than August
• 18, 2008.
• SPECIAL NOTE Students are required to make
  their minimum payments by the due date. Failure
  to meet minimum payment requirements may result
  in the cancellation of students classes on
  September 3, 2008.

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Minimum Payment Requirements and Application of
Financial Aid to Fees
The University requires one-half (1/2) of a
students total current fees as well as all
charges which may exist from a previous semester
(s) as a minimum payment. Awarded financial
aid may be used to satisfy the minimum payment
with the following exceptions. 1. Financial
aid from the current semester cannot be applied
to prior balances in accordance with federal
regulations. 2. Work-study cannot be used to
satisfy minimum payment requirements. 3. Parent
Plus Loans cannot be used to satisfy minimum
payment requirements, unless the parent can
provide a copy of the loan guarantee to the
Business Services Office.
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Maintaining Current Address Information

• It is very important that a student notify
  the Office of the University Registrar, in
  writing, of any changes regarding his/her name,
  address, and telephone number. This is
  especially important for those students who
  expect to receive refunds since these proceeds
  are mailed to students from the Business Services
  Office.

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Typical Charges on Student Accounts

• Tuition
• Course Fees
• Textbooks
• Meal Plans
• Housing
• Bookstore
• Parking/Towing Fines
• Library
• Printing Services
• Clinic Charges
• Wireless Access Charges

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Billing and Finance Charges

• Bills are mailed monthly on the last Friday of
  each month and are due on the 3rd Monday of the
  following month (with the exception of holidays).
  Billing schedules are listed on the Business
  Services website.
• Southern Miss applies a monthly periodic rate of
  1.5 to all unpaid balances and transactions.
  The corresponding percentage rate is 18. The
  finance charge on a students account is
  calculated by applying the periodic rate to the
• balance billed, after deducting any payments or
  credits.
• In addition, a 100 Late Payment Fee will be
  assessed to accounts at the end of each semester
  when a balance is still owed to Southern Miss.

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MPACT/Prepaid Tuition Plans

• Students participating in a Prepaid Tuition Plan
  (MPACT, ALPACT, etc.) should contact Ginger Poole
  at Ginger.Poole_at_usm.edu or, by phone at (601)
  266-4143 to ensure that Business Services has the
  correct plan information for your student. This
  will ensure that your plan is used to help
  confirm your students classes for the
  appropriate enrollment period.

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Refunds of Excess Financial Aid Proceeds
First refunds for the Fall 2008 semester will be
mailed to students approximately the third week
of classes. Refunds for campus residents are
mailed to the students campus mailboxes. All
other student refunds are mailed to the address
on file with the Office of the University
Registrar.
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Fall 2008Important Dates to Remember

• July 25, 2008 -Fee Invoices are mailed to
  students.
• August 18, 2008 -Fee Invoices are due back to
  Business Services.
• August 20, 2008 -Classes begin.
• September 3, 2008 -Last day to receive financial
  credit for dropping classes or for withdrawing
  from the University.
• October 1, 2008 -Last day to drop classes without
  academic penalty.
• December 17, 2008 -Grades are expected to be
  available to students on SOAR.

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Thank You

• Thank you for attending our session.
• We look forward to serving your students during
  the upcoming 2008-2009 award year.