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Managing the Money Maze

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by

Brian Kinsey

on 23 June 2015

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Transcript of Managing the Money Maze

Managing the Money Maze
Welcome to SOU!
Meet Jill
Registration
Tuition and Fees
Jill receives her first bill
for the term.
Payment
Refunds
Privacy
Jill's family want to know why she owes SOU.
Reminders
Constant change
Check your Student Account often
Early means options
File FAFSA in January
Pay attention to registration timetables
Communication is key
Be money smart
Only borrow what you need
Do not overspend
Take advantage of resources
Christina Negrete
Assistant Director of Financial Aid
NegreteC@sou.edu
541-552-8019

Anna Reeve
Revenue Agent
Collections@sou.edu
541-552-6600
and Jill's family
Jill registers for classes via MySOU.
I'm gonna take
Scuba Diving!
Begin applying to Jill's account 1 month prior to start of term.
Fall = September
Winter = December
Spring = March
College!
Cost!
Tuition
Assessed each term
Based on:
Delivery Method
online, on-campus, or hybrid
Rate Code
OR resident, non-resident, WUE
Refunds: by second Sunday of term for 100%
Required Fees
3 Required Fees
Incidental Fees
Supports campus programs
Building Fees
Expansion and maintenance
Health Service Fee
Supports campus health initiatives
Applied each term
Billing
I have something
for you.
Billing
Billed 3 times per term
1 month prior- Paper
10th of first month of term- Paper
10th of second month of term- Email
Paper bills go to Billing Address
Email goes to student account
Important reminders
Bills are snapshot in time
First bill has no Financial Aid listed
24/7 access to current balance through MySOU
Now Jill has to pay
her account balance.
Money?
Where are you?
Balance or Refund?
Tuition
and
Fees
Financial
Aid
Refund
Tuition
and
Fees
Financial
Aid
Balance
Due
Tuition
and
Fees
Financial
Aid
Balance
Due
Balance Due!!!!
Due first Friday of the term
Pay in Full by first Friday
Make Payment
Paid in Full!!!
Online
Mail
In Person
MySOU- students only
Pay Visa, MasterCard, or electronic check
Family and Friends- all
Identify student
One time or make account
Enrollment Services Center- Britt Hall
Mondays - Thursdays 9 am to 5 pm, Fridays 10 am to 5 pm
Billing statement
Check, Money Order, or Credit Card
Mail directly to Enrollment Services Center
Checks made out to SOU
Financial Aid
Approximately 10 days prior to start of term
First applies to student account balance
Federal monies cannot be applied toward previous year's balance
Refunds sent to Higher One
Common reasons for Financial Aid delay
Financial Aid status and registered credits do not match
Full time = 12+ credits, etc
Documents still missing
Jill receives a refund for the term.
Food or books?
Higher One
Refunds sent to Higher One
Usually next business day after aid disburses to Student Account
Two refund options:
Higher One account
Direct Deposit
Higher One Account
Checking account with Higher One
Refunds available same day
SOU OneCard becomes debit card
Recommend signing for payments instead of PIN
Subject to Higher One fee schedule
Account is active until student closes
Find out more at souone.com
SOU OneCard
Official SOU Student ID Card
Arrives in 7 - 10 business days after first registration
Do not throw this away!!
Everyone needs to activate their card and choose a refund preference!
I pay the bills!
FERPA
Family Education Rights and Privacy Act,
or the reason why we can't talk to you
Federal law that prohibits release of non-directory information about a student's record and account with any third party, including family.
Name
Addresses
Phone numbers
Date and place of birth
Academic major
Enrollment status
Participation in official activities
Dates of attendance
Degrees and awards
Most recent institution attended
Directory Information
Protected Information
Academic records
Grades, class registration, etc
Financial Aid
Loans, scholarships, grants, etc
Student Account
Balance, charges, payments, etc
Advising
Advising plans, comments, etc
Conduct
Disciplinary actions, sanctions, etc
Housing
Contracts signed, assignments, etc
FERPA Release
Form that student completes
May be rescinded by student at anytime
Does not include health related records
Only used for release of information
To access information, third party must provide their full name and password
Sample Fall Term Timeline
June
July
August
September
October
November
December
Registration
June - First of October
Financial Aid Disbursements
Begin 10 days prior to term
Fall Term
Late September - Mid December
Tuition and Fees Assessed
Begins early September
1st Paper Bill
Payment Due
First Friday of term
2nd Paper Bill
Mid October
2nd Payment Due
November 1st
3rd Email Bill
Mid November
Full Balance Due
December 1st
Miscellaneous Fees
Per Usage
Parking permits, printing, Health Center, etc
Fines
Library, Parking, Housing, etc
Payment Option
Revolving Charge Plan
Minimum amount due by first Friday
1/3 tuition and housing, plus all fees
Second payment due 1st of second month
Third payment due 1st of last month of term
$15 per term fee + monthly interest on unpaid balance
All students sign Revolving Charge Agreement
Direct Deposit
Forward refunds to a personal checking account
Refunds available in about 2 - 3 business
No obligation to Higher One
Still need to activate the card to choose the refund preference
Full transcript