'Money Matters' at Tulane

Money Matters Accounts Receivable Overview Operations Anticipated Aid Credits Student Access to their account information Student Granting Access to Others Important Documents & Forms Parent Access Installment Payment Plan Health Insurance Agreement & Disclosure Additional Information How do we manage bills & payments? Important Documents & Forms Authorization for Release of Information for A/R staff to communicate with others regarding student account Title IV Release Form to have excess federal financial aid funds applied to miscellaneous charges on the student’s account Parent PLUS Release Form to have excess Parent PLUS loan funds applied to miscellaneous charges on the student’s account or refunded to the student Student W-9S to provide student Social Security Number for tax purposes (1098-T) Agreement & Disclosure The Agreement and Disclosure Statement explains the terms and conditions of Tulane University Accounts Receivable accounts. Students and anyone accepting financial responsibility for an account should carefully read this document. University Financial Aid Office Phone: 504.865.5723 or 800.335.3210 E-mail: finaid@tulane.edu Web Address: www.tulane.edu/~finaid/ Financial Aid Overview Operations Status of Financial Aid Info for Federal Loan Borrowers Info for Alternative (non-federal) loan borrowers Disbursements of aid Scholarship Academic Progress requirements Applying for 2014-2015 Aid for 2014 summer Academic requirements for scholarship retention Additional information Cost of Attendance Types of Federal Loans Student Borrower Direct Stafford Loans Perkins Loans Info for Federal Direct PLUS Borrowers Parent is the borrower and is responsible for repayment. Not the student. Loan is credit-based, thus U.S. Department of Education will determine initial eligibility. PLUS loans are solely unsubsidized, thus interest accrues upon disbursement, yet payment may be deferred. Awarded regardless of need as per federal needs analysis (FAFSA required) and federal regulations. Interest rate is fixed at: 7.9% Steps for Federal Direct PLUS Loan Borrowers Parent Federal Direct PLUS Loan Borrowers must: 1. Review award to determine amount of PLUS loan parent wishes to borrow. Recognize that a PLUS loan was NOT included or identified in student’s initial award notification. 2. Locate your Federal PIN that was used in the FAFSA application process. If this has been lost or not completed, then visit http://www.pin.ed.gov/PINWebApp/pinindex.jsp . 3. Visit the U.S. Department of Education’s website: StudentLoans.gov to apply and then complete and e-sign a Master Promissory Note. 4. Wait for Tulane to receive and certify your approved Direct PLUS certification request. Satisfactory Academic Progress All students receiving Tulane institutional funding and/or Federal student aid funds must meet the specified academic requirements in order to retain future eligibility. Details can be found on the Tulane financial aid website. Accounts Receivable Operations Student billing department Produces bills monthly on last business day of the month Bills include tuition, fees, room, board, insurance, miscellaneous purchases, fines, etc. Students should keep up with Tulane emails and look for billing messages Bills are due on the last business day of each month and must be paid by the due date to avoid finance charges Bills are accessed on our website: NetPay Anticipated Financial Aid Credits MOST financial aid will be credited as Expected Financial Aid on the first term bill (July 2012). On your student's first term statement, if the financial aid transaction does not show an amount – your student needs to do something (accept award, sign MPN,etc.) . Tulane only issues paper statements by request. If requested, Tulane will issue one paper statement per student per month to the billing address provided. There is no limit to the number of “other payer” accounts the student may authorize. What is TMS? Tuition Management Systems provides structured payment plan options wherein annual education expenses are pre-paid in monthly installments. What about Health Insurance? The University requires that all full-time students carry adequate medical insurance while attending. Full-time students must either enroll in the University sponsored Student Medical Insurance plan, or waive enrollment in this plan by providing proof of other adequate coverage. Location: Science & Engineering Complex Hours: Monday – Friday 9AM – 5PM Counselors available: Monday – Friday 9AM– 12PM & 1PM– 4:30PM Status of Aid Info for Federal Perkins Loan Borrowers Perkins is solely a Subsidized loan. Interest is subsidized during periods of deferment, such as “in-school.” Awarded based on need as per federal needs analysis and federal regulations. Tulane has limited Perkins Loan funds to award, thus not all students receive a Perkins Loan offer. Interest rate is fixed at 5.0%. Annual loan maximum limit:$5,500 for undergraduates, regardless of year in school. Tulane is the lender and repayments will ultimately be made to Tulane (via Tulane’s designated loan servicing vendor, currently ACS). Steps for Federal Perkins Loan Borrowers Student Federal Perkins Loan Borrowers must: 1. Review award and accept on-line any Perkins Loan amount if offered. 2. Upon notification from Tulane, complete your Federal Perkins Loan Master Promissory Note (MPN). Info for Non-Federal Alternative Loan Borrowers Non-federal alternative loans are generally viewed as the least attractive educational loans available. Students and families are encouraged to maximize their eligibility under the various federal loan programs prior to borrowing from a non-federal alternative loan source. The student and/or the parent is the borrower and is responsible for repayment. Who is the borrower depends on details of specific lender’s loan program. Often, if student is the borrower, then a co-signer is required. Loan is credit-based (stricter criteria than a PLUS loan), thus lender will determine initial eligibility. All non-federal loans are solely unsubsidized, thus interest accrues upon disbursement. Need to check with lender with regard to possible deferment of payment. Awarded regardless of need. Interest rate will vary depending on the loan program. Often tied to prime, LIBOR, T-bills, etc. Disbursements of Aid Applying for 2014 Summer 2014-2015 FAFSA 2014 Summer Financial Aid Addendum (available April 2014) Only Federal Aid is available for summer with Financial Aid & Accounts Receivable Staff Parent Orientation 2012 Contact Information Accounts Receivable Office Phone: 504.865.5368 or 800.798.7633 E-mail: acctrec@tulane.edu Web Address: pandora.tcs.tulane.edu/acctrec/ Parent Guide pgs. 13-14 There will be time for questions! There will be time for questions! Students should already have: Accepted on-line all Tulane merit and need-based scholarships. Accepted other awarded aid on-line as desired, such as Federal loans (Stafford Loan, Perkins Loan), and/or Federal Work Study. If your student has been awarded Tulane Scholarship (need-based scholarship) OR If U.S. Department of Education selected FAFSA for verification: Then students need to submit to the Tulane FAO: Copies of signed 2012 040 forms and 2012 IRS tax transcript for parent(s) and student Copies of 2012 W-2 forms Completed 2013-2014 Verification Addendum Complete non-filer form if no IRS tax form filed for 2012 Status of Aid, cont. Addendums and forms available on Tulane FAO website An origination fee (3%) and a default fee (1%) are charged by the U.S. Department of Education. A total 4.0% fee means for each gross amount of $1,000 borrowed, the net amount disbursed is $960 ($1,000 - $40 fees). Parent is responsible for repayment of the total gross amounts (plus accrued interest). PLUS stands for Parental Loan for Undergraduate Students More Info for Federal Direct PLUS Borrowers Cost of Attendance (COA) All other aid Maximum PLUS loan amount Loan Fees: Federal regulations usually require 2 disbursements of Federal aid (Pell Grant, Stafford loan) funds during an academic year, half at start (8/26/13); remainder at mid-point (01/13/14). Most non-federal alternative lenders disburse loan funds via electronic fund transfer (EFT) to Tulane. Institutional scholarship funds will disburse in equal installments at the start of the 2013 fall and 2014 spring semesters. All eligibility criteria must be satisfied prior to disbursement of aid. Loan period for the 2013-2014 Academic Year: 08/26/13 to 05/10/14 Origination and guaranty fees are usually charged. Fee amounts an vary. Often non-federal alternative loan fees are not assessed at the time of disbursement but rather are added to the loan principal at the time of disbursement and/or repayment. Loan Fees: Cost of Attendance (COA) All other aid Maximum alternative loan amount Communication with Students: Tulane e-mail address & local mailing address First freshman bill notification emailed to students on July 31st and due on August 30th **Convenience Fee added to credit card payments Loan Fees: There are no loan fees associated with the Perkins Loan program. For each gross amount of $1,000 borrowed, the net amount disbursed is $1,000. It is Tulane's payment plan option. http://www.afford.com Details being resolved currently - will be updated by mid-Summer Deadline for fall 2012 is September 17 except Tuesday mornings Annual loan maximum limit: Annual Maximum loan limit: Information for Parents of New Students Students check on-line: http://tulane.edu/gibson-online.cfm Bills & Statements Deduct half of any accepted award (excluding work study) that is not credited on the bill and pay the difference. Do NOT deduct Work Study which is issued as a payroll check only if the student works. Anticipated Aid, cont'd. Work Study Avoid Finance Charges on budgeted expenses, IF: TMS budget is large enough to cover all expenses All scheduled payment to TMS are paid on time Any unbudgeted expenses are paid monthly to Tulane when due Outside Scholarships: http://www.finaid.org Access both office websites from the main Tulane page. Parent Borrower Direct PLUS Loan Payments can be made via check, Credit Card or ACH. Financial Aid Operations