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inspire a world of good MONEY MATTERS: Understanding Your Bill, Financial Aid, & Developing Financial Literacy 2014-2015 Academic Year Michael Discolo Associate Director of Student Accounts
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MONEY MATTERS:
Understanding Your Bill, Financial Aid, & Developing Financial Literacy
2014-2015 Academic Year
Michael Discolo
Associate Director of Student Accounts
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• Costs / Health Insurance
• Billing Timeline & Statements / E-Bills
• Payment & Financing Options / Payment Plan
• Financial Aid / Private Loans & Outside Grants
• Clearance Process
• Developing Financial Literacy
AGENDA
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• Fall (1st Bill) Spring (2nd bill) Total Charges
• Tuition $15,837.50 $15,837.50 $31,675.00• Room/Board $6,800.00 $6,800.00
$13,600.00• General Fee $525.00 $525.00
$1,050.00• Student Activity Fee $105.00 $105.00
• Orientation Fee $250.00 $250.00• Room Damage Dep. $100.00 $100.00• Health Insurance $2,369.00
• Total Charges - $23,617.50 $23,267.50 $46,885.00
With Health Insurance, Total Charge - $49,254Commuter (Non-Resident) Total Charges - $33,185
2014-2015 TUITION RELATED COSTS
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• Required by the Commonwealth of Massachusetts
• $2,369 annual premium for 2014-15 academic year (8/15/14 – 8/14/15)
• If already covered, students must complete: Health Insurance Waiver Form
• To waive or enroll, students must go to: www.universityhealthplans.com
• Deadline to complete waiver -August 15, 2014
HEALTH INSURANCE WAIVE / ENROLL
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• Bills mailed to legal address each semester
1. Fall 2014 Semester Bill – Mailed July 1, 2014– Due August 1, 2014
2. Spring 2015 Semester Bill– Mailed Nov 14, 2014– Due December 19, 2014
BILLING TIMELINE
2014-15 STATEMENT(S)
Students must be financially clear before they can move in, start classes, or begin sports.
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• Electronic billing statements can be found on the student portal – MY Wheelock
• Online payments can be made by electronic check or credit/debit card
• AMEX payments cannot be used online - must be called in to Student Accounts (617-879-2236)
• “Authorized User” – setup parents login pin and password
E-BILLS / ELECTRONIC PAYMENTS
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• Personal Check, Money Order, Traveler’s Check (mail to college – return envelope in July billing packet)
• Visa, MasterCard, American Express or Discover
• Electronic Check / Credit/Debit Card Payment through Wheelock on-line Billing and Payment System (My Wheelock)
• Wire Transfer
• Monthly Payment Plan through TuitionPay
• College Savings Plan and Payment from 529 / Retirement Plans
• Federal Parent Loan for Undergraduate Students (PLUS) Loan
• Private Education Loans
PAYMENT AND FINANCING OPTIONS
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• 8 – 10 month payment plans over the course of the school year / 4 month plans as well
• Set up through Sallie Mae Tuition Pay - $55 annual fee ($35 semester fee – 4 months)
• Plan must be setup by August 1, 2014
• Plan must include both fall and spring semesters balances (double fall balance for estimate)
• http://tuitionpay.salliemae.com
TUITION PAY – PAYMENT PLAN
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• Credit Based Loans– May borrow up to full cost of
education after financial aid
– Please initiate requests NOW so we can ensure processing prior to the bill due date
– Decide on amount (plan for both terms) and choose a lender
• Outside Scholarships– Students must provide
written documentation of the scholarship(s) for the pending award to be reflected on the billing statement
– Student is responsible for completing the scholarship process and making sure funds are received
CREDIT-BASED STUDENT LOANS / OUTSIDE SCHOLARSHIPS
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• Assure that FAFSA (free app. federal student aid) is fully completed – verification forms sent in
• For students borrowing a Federal Stafford Loan– Complete Entrance Counseling (studentloans.gov)– Complete Master Promissory Note (studentloan.gov)
• If receiving outside scholarships, send Financial Aid the agency notice (award letter from donor)
FINANCIAL AID – THINGS TO DO
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Cleared• Move into residential
hall
• Begin attending classes
• Participate in athletics and extracurricular activities
Non-Cleared
• Receive weekly notifications prior to start of semester
• Cannot attend classes or move onto campus
• Students that arrive must meet with Student Accounts to clear bill prior to moving in or beginning classes
CLEARANCE PROCESS
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• Wheelock is committed to developing student’s financial literacy
• Courses and Tools at www.wheelock.edu/finaid - click on “Financial Literacy” link
• Assistance in creating a budget, managing finances, and understanding student loans
• Cash Course – online tool to navigate finances during and after college
• Loan Repayment Options
Budgeting Tools• Cash Course• On Campus Budgets• Off Campus Budgets• Life After College • Education Tax Benefits• Credit Reporting• Paying Back Student
Loans
DEVELOPING FINANCIAL LITERACY
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Offices located in Student Service Center
Student Accounts Office (ACW - 1st Floor)• Telephone: (617) 879-2236• Fax: (617) 879-2386• Email: [email protected]
Financial Aid Office (ACW - 1st Floor)• Telephone: (617) 879-2443• Fax: (617) 879-2470• Email: [email protected]
CONTACT INFORMATION
