Money Matters

Presented By

The Financial Aid OfficeAnd

The Student Accounts Office

Our goals for this morning are:

- To raise your awareness of options to pay for college

- To help you begin to develop a plan to finance your college expenses

- To let you know what to do if you have questions or concerns

- To discuss the importance of good personal money management and alert you to potential financial pitfalls

Our Agenda

1. Introduction

2. Financial Aid

3. Financial Aid Questions

4. The Bill Process

5. Refunds

6. Billing and Refund Questions

7. Other Helpful Tips

8. Questions??

Important Web Sites

• Financial Aid Officewww.OSWEGO.edu/financial

• Student Accounts Office www.OSWEGO.edu/administration/

student_accounts

Financial Aid –To Do

Complete the FAFSA.

• Apply for other scholarships– Go to www.OSWEGO.edu/financial and select Scholarships

• Going into education?– Consider Applying for a TEACH Grant- Go to www.OSWEGO.edu/financial and select TEACH

• Carefully follow all instructions you receive on your Award Letter and other correspondence

Federal Direct Loans

• Student needs to accept the loan on MyOswego

• Student will be sent information about completing Master Promissory Note (MPN).

• Student must complete Loan Entrance Counseling, even if you did it at your previous school.

Other Borrowing Options

• Parent Loan– Terms

• In the parent’s name• 7.8% interest• Deferment Options

• Home Equity Loans

• Other private loans

Student Employment

Campus Job opportunities

Federal Work StudyResidence Life and HousingOther Campus Employment

Auxiliary Services

We strongly encourage students to work on campus.

Go to www.OSWEGO.edu/financial and select Employment

Special Circumstances

• Lost your job?• Parent lost their job?• Income has been reduced?• Unusual medical expenses?

If any of these are affecting you, we may be able to help.

Go to www.oswego.edu/financial and select Download Forms

Financial Aid Questions ???

The Bill– When will you receive a bill?

– What is the due date?

– What are your options?

• E-Bills

– Guest Access and FERPA

• Acceptable forms of payment

– Visa, Master Card, AMEX, Discover, Check, Cash

• Time Payment

Semester Time payment Due Date

Fall August - December 15th of each Month

Spring January - May 15th of each Month

What’s Included on a Bill?

• Tuition & Fees

• Room & Board

• Other Charges– Accident & Sickness Insurance

– Book Store (Flex Plans)

– Parking Registration

– Orientation Charges

– Dorm Damage

– Health Club Membership

– Key Replacements

– Additional Meal plans (Plus Plans)

Refunds• What is a refund?

– A payment to a student or a parent

• Who receives refunds?– When Financial Aid exceeds charges– When changes during the semester

• When do you receive refunds?– Loan refunding begins on the 1st day of classes– All other refunding begins about 6 weeks into the semester

• How do I get my refund?– Sign up with Higher One and make a refund choice

Check “MyOswego” account for refunds

Oswego Debit Cards

Eliminate fees• Always swipe and sign• Use Pin # only at the ATM• Balance your checking account• Call Higher One if charged a fee and inquire

– Remove the first time

Keeping your account active• Accounts are inactivated if not used in 6-9

months• Check account before each semester

Billing Questions ???

Use Multiple options to pay the bill

You can use a combination of tools to pay the bill:

- Student Financial Aid- Time Payment- Home Equity- Parent (PLUS) Loan- Savings- Summer earnings- Graduation gifts- Grand parents and other family members

Dropping Courses/Withdrawing Dropping Classes

Dropping means: - Dropping below F/T, 12crs - Remaining 3crs, 6crs,

9crs

What Does this mean for you?

- Lowers Financial Aid - Causes possible bills

Withdrawing

Withdrawing means: - Cancelling all classes

Why would I Withdraw from

School? - Transferring - Medical, family, military,

personal

What should I do if I decide to Withdraw from School? - Talk with our Student

Advisement office - Officially Withdraw - Keep track of your attendance

Overseas Study Opportunities

Financial Aid can be used to study for a semester or year in other countries

We strongly encourage students to consider this option

How do I get started?

- Make an appt with an advisor in Fin. Aid. - Bring invoice, cost sheets, acceptance letter, financial aid arrangement forms

A Word About …

• Maintaining good grades

• Credit Card Usage and Debt

• Student Debt

• Protect your Identity

• Creating and using a personal budget

Be Prepared/Be Aware

• Respond to all emails/correspondence

• Monitor your “My Oswego” account.

• Visit our offices, we’re here to help you.

• Check out our websites for important

information and ideas

QUESTIONS ???