MONEY MATTERS

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MONEY MATTERS

• Presented by
• Nancy Myers, Accounting Manager Financial
  Services
• Wendell Northrip, Director of ZipCard Office
• Jaimie Trussell, Scholarship Coordinator

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This session is important because....

• The cost of college is increasing
• The more information you have, the better able
  you are to plan and finance your students
  education
• Its very important to understand the different
  ways Financial Aid, Financial Services and the
  ZipCard office are designed to help you
• While Missouri State is a good buy, we want you
  to be prepared to meet your financial obligations

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Family Educational Rights and Privacy Act (FERPA)

• Your student records are sacred!
• We must speak to the student directly (even if
  Mom and Dad are paying the bills)
• For more information, see the Missouri State
  FERPA website at www.missouristate.edu/recreg/ferp
  a.html

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Financial Services Carrington Hall 113
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Financial Services

• CAP IT
• Accounts Receivable
• Disbursement of Financial Aid
• Collections

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CAP ITChoice and Predictability in Tuition

• Three Choices for your convenience
• Standard Tuition Plan
• Two Year Fixed Tuition Plan
• Tuition Prepayment Plan  (2-, 3- or 4-year)

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Standard Tuition Plan

• Students will be assessed under the fee policy in
  effect for the current year, and fees will be
  subject to change from year to year.
• An example of previous rate changes
• 2004-2005 154 per basic credit hour
• 2005-2006 164 per basic credit hour
• 2006-2007 173 per basic credit hour

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Two Year Fixed Tuition Plan

• Students will pay slightly higher basic fees for
  the 2006-07 academic year but will pay the same
  rate for the 2007-08 academic year, regardless of
  increases in the Standard Tuition Plan rates.
• Rate for 2006-2007 and 2007-2008 will be locked
  in at 176 per credit hour
• This is 3 more than the rate under the standard
  tuition plan for 06-07(173), but student is
  insulated from any possible increase in basic
  course fees

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Tuition Prepayment Plan (2-,3- or 4- year)

• Students may make a lump-sum prepayment that will
  cover basic fees for all courses they take during
  the period of the plan (excluding summers),
  regardless of changes in the Standard Tuition
  Plan rates or the number of credit hours taken.
• Highest savings potential of the three plans
• Rates Missouri Resident Non-Resident
• 2 year 10,726 20,894
• 3 year 16,262 31,678
• 4 year 21,798 42,462

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• The tuition plan you choose will have minimal
  impact on any financial aid or scholarships you
  may receive. You can learn more about how your
  payment option will work with your financial aid
  by contacting the Office of Student Financial
  Aid.
• For more details and answers to frequently asked
  questions, please see the tuition plan options
  FAQ at www.missouristate.edu/capit/
• To choose your tuition plan, go to My Information
  at www.missouristate.edu/myinformation/

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Accounts Receivable

• Required Student Fees
• Commonly referred to as tuition and fees
• Residence Hall Charges
• Miscellaneous Charges
• Parking Permits and Fines
• Long Distance Charges
• Bookstore Charges
• Health Center Charges
• Library Fines

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Deferred Payment Plan

• Available for Required Student Fees Residence
  Hall Charges
• Student agrees to terms at time of enrollment
• 60 deposit required at time of registration
  (even if you are expecting Financial Aid)
• Balance divided over the first 4 months of the
  semester

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Deferred Payment Plan

• Finance Charges
• 1 of unpaid balance
• Apply when semester begins
• If you do not wish to pay finance charges, simply
  pay the entire balance before the last business
  day of the month in which the semester begins
  (August, January, June)

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Deferred Payment Plan

• Important Final Payment Deadlines
• November 15 for Fall
• April 15 for Spring
• July 15 for Summer
• Must be met in order to maintain registration for
  future semesters

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First Semester Student Payment Example

• Student A has registered for classes, and will be
  living in Hammons House.
• His student account shows 5,871 outstanding for
  his required student fees, and his room and
  board.
• He has just been notified that he will be
  receiving 3,000 in Financial Aid for the
  semester.
• He has paid his 60 registration deposit.

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First Semester Student Payment Example - continued

• University Charges 5,871
• Registration Deposit (student paid)
  - 60
• Unpaid Balance in June 5,811
• Unpaid Balance in June 5,811 4 deferred
  payments
• Financial Aid -3,000
• Remaining Balance August 1 2,811
• First payment due August 15 1,453 (covered by
  Financial Aid) Unpaid balance 2,811 28.11
  finance charge
• 2nd payment due September 15 1,453 (covered by
  Financial Aid) Unpaid balance 2,839
  (2,81128.11) 28.39 finance charge
• 3rd payment due October 15 1,453 (93 partially
  covered by fin aid, you pay 1,359) Unpaid
  balance 1,507 (2,81128.1128.39 - 1,359)
  15.07 finance charge
• Final payment due November 15 1,522 (1,453
  28.11 28.39 15.07).

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Accounts Receivable

• Miscellaneous charges due in 30 days
• Bookstore charges
• Supplemental course fees
• Parking permits fines
• Library fines
• Health Center charges
• Finance charge of 1 accrues on 2nd statement

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Accounts Receivable

• Statements sent once a month
• Printed after last business day of month
• Mailed 2nd business day of month
• Can send only one statement
• Sent to permanent address
• Student may request local address
• Due date is always the 15th

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Accounts Receivable

• Account information may be viewed over the Web
  using students PIN
• Terms of the Deferred Payment Plan are printed on
  the back of monthly statements and are available
  on the Web

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Payments

• In person
• Carrington Hall, first floor
• Through the mail
• Over the Web
• Credit card authorized at time of transaction
• Financial Aid

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Payments

• Master Card
• American Express
• Check
• Personal
• From relative

• VISA
• Discover
• Cash
• Zipcard Debit Account

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Disbursement of Financial Aid

• Once financial aid arrives, it is credited to
  students account receivable
• All outstanding charges are paid, not just the
  deferred amount for that month
• Any remaining balance is deposited into students
  bank account via direct deposit
• First direct deposit occurs before the semester
  begins

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Direct Deposit

• Sign up for direct deposit over the web at
  www.missouristate.edu/myinformation/ or in CARR
  113
• Account information remains in effect until
  student notifies us of a change
• May designate bank account other than students
  or parents
• Notification sent when a deposit is made

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Collections

• Credit Manager
• Collector

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Collections

• Student accounts are encumbered if payments are
  past due
• Participation in Deferred Payment Plan may be
  denied if payments are late
• Always respond to any communication from our
  Collector or Credit Manager!

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ZipCard OfficePlaster Student Union 128
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Three Functions of the Zip Card

• Identification/Access
• Debit account
• You first have to add funds into your Bearbucks
  account
• May use only at on-campus vendors
• Charge card
• Charges to the student account receivable
• Payment for miscellaneous charges due in 30 days

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Office of Student Financial AidCarrington Hall
101
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Special Notes for students regarding your
Financial Aid

• Its not too late to apply for aid!
• Please carefully read everything sent to you
• Be sure to check your Missouri State email
  account regularly
• Pay particular attention to scholarship renewal
  requirements
• Be sure to return the scholarship acceptance form
  to the Office of Student Financial Aid
• Check with your department, our website and our
  bulletin board for all available scholarship
  opportunities

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Application process

• Complete the FAFSA
• Receive your Student Aid Report (SAR)
• Check your SAR for errors.
• Make sure Missouri State is listed to receive
  your information
• Missouri State may request additional information
• Verification or clarification
• View your award letter from Office of Student
  Financial Aid
• Accept/decline your award(s)
• Follow up as directed
• (i.e. Complete Stafford entrance counseling or
  have your parents complete the PLUS application,
  sign and return the Promissory Note)

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What if circumstances change?

• Please notify us of situations like
• Family member losing a job
• Family member suffering disability
• Reduction in benefits received
• Complete a Special Circumstance Form (found
  online at www.missouristate.edu/financialaid)
• Sometimes awards can be adjusted to reflect
  circumstances not reported on the FAFSA

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What if my parents arent helping me pay for
school?

• The federal government considers it your parents
  responsibility to help pay for your education
  unless you
• Were born before January 1, 1983
• Will be working on a masters or doctoral degree
  in the upcoming year
• Are married
• Have a child you are supporting financially
• Are an orphan or ward of the court
• Are a veteran

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Independent status, continued

• If you can answer yes to any of the previous
  questions you may be considered independent of
  your parents.
• As an independent student, you are not
  obligated to report your parents financial
  information on your FAFSA
• Whether or not your parents claim you on their
  taxes does not affect your independent status

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Application Status

• If you applied for aid prior to June 1- your
  award letter should be ready online
• If you applied in June your award letter will
  be prepared within two weeks of Missouri State
  receiving your FAFSA information
• Its not too late to apply for Stafford and Pell
• Free Applications for Federal Student Aid are
  available in our office or via the web at
  www.fafsa.ed.gov

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2006-07 Interest Rates

• For subsidized Stafford Loans, no interest
  accrues until repayment.
• For unsubsidized Stafford Loans, and Stafford
  Loans in repayment, interest will accrue at 6.80
  until changed by Congress.
• For PLUS (parent) loans, interest will accrue at
  8.50 until changed by Congress.

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Office of Student Employment Blair-Shannon, Room
113

• Helps students find jobs on or near campus
• For more information and to see the documents
  required for campus job placement visit
  www.missouristate.edu/studentemp/

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Timing is everything

• University Scholarships pay to student accounts
  at end of July (Pay your 60!)
• Scholarships from private sources pay to student
  accounts when funds are received by Missouri
  State (but no sooner than the end of July)
• Stafford Loans, Federal Grants and Perkins Loans
  pay to students accounts 10 days prior to first
  day of class
• State programs pay upon notification by the State
  (varies)
• Bright Flight
• Gallagher Grant
• Missouri College Guarantee

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Cost Information

• Required Fees, Room, Board, Books
• Missouri Resident
• 6,020 per semester, 12,040 per year
• Non-Missouri Resident
• 8,480 per semester, 16,960 per year
• Remember we are a great buy!
• See www.missouristate.edu/costs or the Family
  Guide

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Special Notes

• Please carefully read everything sent to you
• You must reapply for federal and state aid each
  year
• The FAFSA becomes available after January 1

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Special Notes

• Please carefully read everything sent to you
• Make sure to communicate regularly regarding your
  students finances, statements, and aid status
• Closely monitor loan debt, and more importantly,
  the use of credit cards

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• QUESTIONS?