Office of Student Financial Services
Understanding Financial Aid
and Billing
Discussion Topics
Billing Information and Due Dates
Financial Aid and Your Bill
Special Notes on Instructions Just Sent
Meal Plan and Health Insurance Options
Payment Options
Planning for the Future
Questions
Our Website – Check Here Often!
Billing Information
Family are strongly encouraged to become
Authorized Payers to view and pay bills
Paper semester bills are addressed to the
student and mailed to the permanent home
address in July and December; all other
communication is done electronically
Billing Information, continued…
Notifications are sent to students and
authorized payers as tuition, room, or
board changes are made to accounts
View bills and aid online 24/7 through
HomerConnect for most current information
Billing Dates
Fall semester due date is August 10
Spring semester due date is January 10
$200/month late fee for unpaid bills; plan
early
Financial Aid and Your Bill
We will give you deductions up front for your
aid, and will deduct it from your balance.
Deductions could be noted as:
Possible Additional Financial Aid (Memo)
o Indicates student might need to complete an
action to receive the source
Authorized Aid
o All information complete; awaiting disbursement
date
Financial Aid and Your Bill, cont.
Other items to note:
Federal Work Study will NOT appear as a
credit on the bill
Outside Resources
o Fill out and send us “Outside Resources Form”
(from our website, under “Documents”)
Special Notes on Financial Aid
Awards are considered preliminary until all
required documents have been reviewed and
confirmed
Be sure to submit all requested documents
to finalize aid (W-2 Statements, Verification
Worksheets, etc.)
Financial Aid Instructions Sent
Recent information sent to students includes
Direct Loan and Perkins Loan action steps:
o Direct Loan four step process instructions
• On HomerConnect review “Terms & Conditions”
tab and select choice to receive electronic
communications
• Accept loans via HomerConnect
• At www.studentloans.gov federal website
– Do Entrance Counseling
– Do Master Promissory Note (MPN)
Instructions, continued…
• Perkins Loan three step process instructions
(sent to students via their Ithaca email):
• Accept loan via HomerConnect
• At our partner ECSI’s website
(https://www.ecsi.net/prom58)
- Do Master Promissory Note either electronically or
print, complete, sign and mail to Student Financial
Services
- Do entrance counseling (follow prompts)
Choices In Your Billing – Insurance
Student Health Insurance
o Charged in fall for the full year
o Students with their own coverage may waive our
insurance online at:
• www.universityhealthplans.com
o Must complete the waiver by August 10, 2017
Choices In Your Billing – Meal Plan
Meal Plan (Board)
o Different plans offered; vary in cost and number
of set meals and “Bonus Bucks”
o Change plan options via HomerConnect
o Details to follow in Dining presentation
Payment Options
Online payment options
o Authorized payer - student may authorize others
to view/pay bills
o ACH electronic debits from savings or checking
account
Checks or cash
Higher One Tuition Payment Plan
o Monthly payment plan
o $55 enrollment fee
o www.TuitionPaymentPlan.com
Federal PLUS Loans
Federal PLUS Loans are obtained by the parent
o Student must submit FAFSA
o Interest rate of 7.00%
o Origination fee (currently 4.276%) will be
deducted
o Complete a Direct PLUS Loan Application on
the federal site, www.studentloans.gov (go to
Parent Borrowers tab)
o Complete a Master Promissory Note (MPN) at the
same site after submitting the Request Form
Alternative Bank Loans
Alternative Loans are obtained by the student
Private loans available to students with a cosigner
Unsecured loans
Terms and qualifications vary
Explore options by viewing “Financing Options”
under “Documents” on our website
o Contact vendors directly for more information
o
o
o
o
Planning for the Future
Financial aid normally remains the same
each year if your situation remains the same
o Decreases may occur:
• If the number of undergraduate students
attending college and/or household size
changes
• If there is a significant increase in income
Planning for the future, continued
Endowed scholarships available for returning
students
o Application process starts in January, 2018;
students should visit their school’s website for
possible opportunities
o Endowed scholarships are awarded based on
academic performance, financial need, or both.
Some require separate applications and/or
recommendations.
Planning for the Future - Deadlines
Reapply each year by completing the FAFSA
Priority deadline is March 1 for returning
students; begin filing in October; use 2016
tax information for 2018-2019 FAFSA
Aid packages sent via email to returning
students beginning in late May once all
grades have posted and required documents
are received
Contact Information
We are located:
o 2nd Floor of the Peggy Ryan Williams Center
Office Hours and Contact Information:
o 8:30 – 4:30 Monday-Wednesday
o 10:45 – 4:30 Thursday
o 8:30 - 2:30 Friday (summer); 8:30 – 4:30 (year)
Contact us at:
Phone: 800.429.4275 or 607.274.3131
Fax:
607.274.1895
Email: [email protected]
Web:
www.ithaca.edu/finaid
Questions?