FOCUS
your
guide to
financial aid, billing, and
payment information
2015
How Do We Communicate?
Once enrolled in classes, we communicate electronically with students and families
in an effort to reduce postage, paper, and printing costs.
Similarly, Student Accounts uses email for the majority of their communication with
students. After the initial financial aid packet is mailed, all communication from the
Financial Aid Office is and will continue to be delivered electronically to the student’s
Valpo email address. Email is our official avenue of communicating with students if their
award is increased or reduced or if there are other messages we need to convey.
Students need to check their Valpo email account regularly.
Complete Information is Available on DataVU
DataVU is a valuable online resource for students to view real-time snapshots
of student accounts, financial aid awards, documents that have been submitted,
and those still outstanding, along with current class schedules, grades, and progress
toward degrees.
Students are also able to grant access to parents or others so they can view any or all
of the information available to them on DataVU. To do so, go to valpo.edu/registrar
and click on the link in the Services section to “Allow Parent/Guest Access to DataVU.”
Follow the instructions on that page and parents can be given access to Class Schedule,
Financial Menu (including the student account and financial aid
information) and/or Grades.
Please Note: Federal regulations restrict our ability to communicate with anyone other
than the student about student accounts, financial aid, or academic information unless
the student has granted permission for us to talk with someone else. As a result, we are
unable to discuss any of the above with a parent unless the student has granted that
parent access to the information on DataVU. Granting a parent access to the data lets
us know that we also have permission to discuss the details of financial aid award
or student account with that parent.
Parents who call or visit will also be asked for the last four digits of the student’s Social
Security number and/or other identifying information to verify that they are the parent.
Students are encouraged to give their parent access to at least the Financial Menu in
DataVU, so the staff in Financial Aid and Student Accounts are able to discuss the
account and award with parents.
2 | Financial Aid, Billing, and Payment Information
The Financial Aid Application Process
If you still need to apply for need-based aid, complete the Free Application for Federal
Student Aid (FAFSA) online at www.fafsa.ed.gov and list Valpo’s school code of 001842
as a recipient.
Note: You need to complete the FAFSA every year to qualify for need-based aid and
for federal student loans.
In May 2015 the Department of Education notified borrowers that they would need
to change their Federal Student Aid PIN to an new FSA ID. Information on how
to complete this process is found on the main page for financial aid at valpo.edu/
financialaid.
How You Are Billed
An account statement will be available online starting in late July, listing fall semester
charges for tuition, fees and, if applicable, room and meals. The account statement also
includes your class schedule.
v Standard semester charges for a first-year student are:
Tuition$17,515
General Fee565
Room (residence hall double)
3,200
Meal Plan (minimum buy-in)
2,060
Orientation Fee (1st semester only)
135
Total$23,475
• The account statement will show as credits any financial aid awarded for the
semester for which all required verification documentation has been received
and reviewed.
• Y
ou may deduct from the balance due any outside scholarship that you know
is being sent to Valpo but is not shown on the statement. You may also deduct
any PLUS or alternative loans that you or your parent intend to apply for which
have not been included on theaccount statement.
v The balance is due by August 15 for the fall semester and December 31 for the
spring semester. Payment Options:
• Cash or Check – Check payable to Valparaiso University
• T
elephone Payment System – Visa, Mastercard, Discover, American Express,
and electronic check are accepted. (See back cover for phone numbers)
• Online Payment System – Once the student is enrolled, payment may
also be made by credit card or checking/savings account through DataVU
at datavu.valpo.edu.
• Tuition Payment Plan – Tuition Management Systems (TMS) provides a tuition
payment plan. (See additional resources section)
Valparaiso University | 3
* If the student is unable to pay the balance by the due date and is not enrolled in a TMS
payment plan:
LOAN APPLICATION PROCESS
Federal Direct Subsidized or Unsubsidized Loans
• A $100 late fee will be charged to the student’s account
• The account is automatically enrolled in a TMS semester payment plan and
a $30 enrollment fee is added to the student’s account
• Unpaid balances will restrict students from registration and access to transcript
information
• The semester must be paid in full before a student is allowed to begin classes
for the following semester
v Statements for any unpaid balance are sent by email at the beginning of every month.
v Every student is required to sign the Educational Benefit Payment Agreement
Form upon their enrollment at Valpo. It will be available at Fall Welcome in August
or can be downloaded at valpo.edu/studentaccounts. Select the “billing” link on the
left side of the page. From this page you will be able to access the form. Students are
unable to register for future semesters until the form has been submitted to Student
Accounts.
HOW FINANCIAL AID IS CREDITED
TO YOUR ACCOUNT
Most types of financial aid will appear as direct credits on your billing statement and will
be deducted from the amount owed to the University for tuition, fees, room and meals.
• T
his includes grants, Valpo scholarships and awards, Pell and other federal
grants, state awards and Perkins, Federal Direct Subsidized, Unsubsidized
and PLUS loans
• It does not include any work study awards
If you are receiving only Valpo scholarships or other forms of merit awards such as
music or athletic grants, you should not have to supply any additional documentation.
Students receiving need-based aid based on the FAFSA will generally have their aid
disbursed as a direct credit to their account once all required documentation has been
submitted. This may include tax transcripts, W-2 forms, verification worksheets or other
documents requested by Financial Aid.
Outside Scholarships: Sponsors of outside scholarships will normally send a check to
the University in your name. The check will be deposited to your student account. Some
organizations will send the entire scholarship in one check at the beginning of the year,
and others will split it into two disbursements, with the second arriving at the beginning
of the second semester. Most outside scholarships will not appear as credits on your
account statement.
4 | Financial Aid, Billing, and Payment Information
Federal Direct loans are offered in the Award Letter. If you wish to accept all loans
offered, you need to do nothing more than complete the Direct Loan Master Promissory
Note and entrance counseling as explained below.
If you wish to borrow less or decline the loan, you should indicate that on the Award
Letter Change Form, or send a letter or email, signed by the student.
You may borrow less than offered, but you may not increase the loan unless you
have checked with our office. Typically we will have awarded the maximum amount
available to you.
Direct Loan M
­ aster Promissory Note
All first-time borrowers of Federal Direct Loans are required to complete a Direct Loan
Master Promissory Note. This can be done at studentloans.gov where you can click
on the link to Loan Entrance Counseling and Master Promissory Note. Comprehensive
instructions are provided at the site.
Direct Loan Entrance Counseling
If you have not previously borrowed a Federal Subsidized or Unsubsidized loan, you
must complete loan Entrance Counseling. This is available at studentloans.gov where
you can click on the link to Loan Entrance Counseling and Master
Promissory Note.
Direct Loan Disbursement
vA 1.073 percent origination/insurance fee is deducted from the proceeds of each
disbursement.
v
The loan cannot be credited to your account until all required documentation
(see above) is complete.
Perkins Loan
Students with Perkins Loans as part of their award will need to complete a Perkins
Master Promissory Note and application. When your Perkins Electronic Master
Promissory Note is ready to complete, you will receive an email in July from
signmyloan.com.
v Pay close attention to the instructions, as we are unable to process the loan and
disburse the funds without all steps having been properly completed and submitted.
v If you wish to borrow less, you should complete the Award Letter Change Form
or send a signed note to the Financial Aid Office.
Valparaiso University | 5
v The account will be credited with half the total loan amount at the beginning of each
semester or several days after the application and promissory note are complete,
whichever is later.
v When you apply at studentloans.gov, you will be given an immediate credit check.
In the event the loan is not accepted, the parent may choose to appeal the decision,
seek an eligible endorser, or the student may borrow additional unsubsidized funds.
ADDITIONAL RESOURCES FOR FINANCING
A COLLEGE EDUCATION
v The parent borrower also will need to complete the Federal Direct PLUS Loan Master
Promissory Note. Go to studentloans.gov and click on the Federal Direct PLUS
(Parent) Loan link and then the link to the electronic master promissory note.
Tuition Management Systems (TMS)
v Finance the difference between total charges and total financial aid, by making five
equal monthly payments each semester.
v No interest charge.
v $30 enrollment fee each semester.
v Includes Tuition Protection Coverage. In the event of the death of the person paying
the bill, the unpaid balance is covered by TMS.
v If enrolling after July 1, it will be necessary to catch up on monthly payments missed
on the 5 month payment plan for the fall.
v Deadline to enroll is August 15.
v Brochures available or call 800.356.8329.
v Website: www.afford.com/valpo.
Outside Scholarships
In addition to aid awarded by Valpo, it is possible to find additional scholarship
assistance.
v Check with your high school guidance counselor about scholarships sponsored by the
school and civic and philanthropic organizations in the community.
v Check the free scholarship searches on the Valpo Financial Aid web page:
valpo.edu/financialaid/scholarships.
Parent PLUS Loan
v Parents may borrow up to the cost of attendance minus any financial aid for which
you are eligible.
• A
current FAFSA must be on file for the student before a PLUS Loan can
be awarded.
v Y
our account should be credited with half the total loan amount at the beginning
of each semester or 10 days after the application and promissory note are complete,
whichever is later.
v The government will deduct a net 4.292 percent fee from the loan before disbursing.
v R
epayment begins 60 days after the second disbursement of the loan, usually in
March of the first year. However, you may defer repayment of principal and interest
until six months after the student is no longer enrolled at least half-time.
Private Alternative Loans
A number of banks and financial institutions make alternative loans available for
supplemental financing of college education.
v M
ost have an option to defer the repayment of principal and some will defer
interest. However, unlike the subsidized loans, interest will begin to accrue upon
disbursement.
v M
ost will require that the student borrower meet credit-worthy standards or have
a credit-worthy co-signer.
v R
epayment options vary: Some will require payment of interest while you are
in school.
v A
dditional information about private alternative loans is available at
valpo.edu/student-financial-services/planning
v T
he Office of Financial Aid will process a loan from any lender you choose.
Home Equity Loans
v I nterest on funds borrowed for educational expenses may be tax deductible.
Check with your tax adviser about your individual circumstance.
v T
he interest rate is fixed at 6.84 percent and accrues from the date of disbursement.
v Parent completes the PLUS application at studentloans.gov.
6 | Financial Aid, Billing, and Payment Information
Valparaiso University | 7
TIPS FOR WORKING WITH THE FINANCIAL AID AND BILLING PROCESS
v Please remember that the process for applying for financial aid can be lengthy:
The Financial Aid staff is available to assist you, whether you have questions about the
process or are encountering unexpected financial difficulty. Please don’t hesitate to
contact the Office of Financial Aid at any time. We are open from 8 a.m. to 5 p.m. CT,
Monday through Friday, and there are generally counselors available to see students
and families on a walk-in basis. You also are welcome to make an advance appointment.
The Office of Financial Aid is located in Kretzmann Hall Room 101.
• I t may take the federal processor two to three days to process your FAFSA
if you apply online.
• A
t peak times it may take a couple of weeks for the Office of Financial Aid
to process an award.
• O
nce you complete the promissory note(s), it may take several days at peak
times to transfer the loan money to your account.
• Please don’t wait until the last moment.
The Student Accounts staff is available to assist you with questions about your charges
and payments. The Office of Student Accounts, located on the first floor of Kretzmann
Hall, is open Monday through Friday from 8 a.m. to 5 p.m.
v P
lease remember to contact the Office of Financial Aid with questions or concerns
about the aid awarded, or the Office of Student Accounts with questions about the
billing and payments.
v I f you call either office and the line is busy or no one is available at the moment to
take your call, you will be connected to voicemail. Please be sure to leave a message as
your call will be returned within 24 hours.
FINANCIAL AID AND BILLING CALENDAR
v If
a parent is corresponding with either office, be sure to include the student’s name
and student ID, especially if the name is different than the parent’s.
v P
lease understand that we are unable to credit any need-based financial aid to your
account until all requested documentation has been submitted and reviewed.
v When sending documents to the Office of Financial Aid, please:
• Be sure the copies are signed.
• Be sure you have recorded the student’s name and their ID number in the upper
right-hand corner.
• I f there is more than one student from your family at Valpo, record each
student’s name on the parent form(s), and we will duplicate them for you.
v R
emember that the government will deduct a fee of 1.073 percent of any Direct
Stafford loan to cover guarantee and origination fees, and 4.294 percent of a
PLUS loan.
v I f you apply for a PLUS loan and are denied, you will receive information with
the denial about how to follow up to determine whether it is a “correctable”
problem. In a number of cases, applications are denied on the basis of a mistake
in the credit report.
v I ndiana State Aid is estimated in one lump sum when you receive an award prior
to July. When the funds are actually received from the state, they are disbursed as
individual awards: the Freedom of Choice Award and the 21st Century Award if
applicable. The actual total is determined by the state and may differ from that
8 | Financial Aid, Billing, and Payment Information
estimated on your original award.
P
January/February (prior to enrollment): Complete and submit the Free Application
for Federal Student Aid (FAFSA).
P
March 1: Deadline for submitting the FAFSA for Indiana State Aid. (Must be received
by the federal processor no later than March 10.) Deadline for priority consideration
for Valpo need-based gift awards.
P
Spring/Summer: Award letters are mailed to new students. As they are received,
be certain you have returned any documentation requested by the Office of Financial
Aid (tax transcripts, W-2 forms, verification worksheets, requests for additional
information, etc.).
P
Spring/Summer: Loan promissory notes and entrance counseling must be completed
before the funds can be credited to your account.
P
July: Account statements for the fall semester will be available online. The account
statement shows estimated charges and aid, as well as the fall semester class schedule.
P
July: Check “My Documents” on DataVU to be certain you have submitted all
requested documentation to the Office of Financial Aid.
P
July: Be certain to have completed loan promissory notes and entrance counseling.
P
August 15: Payment due for fall. (See Additional Resources on page 6 for options).
P August 22 to August 31: Welcome Week. (Move-in Day is Saturday, August 22)
continued on next page a
Valparaiso University | 9
P August 25: First day of classes for fall semester and Opening Convocation.
P
September 10: First monthly statement of account will be available online. It shows
actual charges, actual financial aid and payment credits, and balance due.
P October 8: Second monthly statement of account will be available online.
P
Late October through early November: Spring registration will begin. If you have
an unpaid balance from the fall semester, you will not be permitted to register for
the spring semester.
P
December: Account statements will be available online for spring semester, with
payment due at the end of the month.
P
December/January: FAFSA reminder sent by the federal processor to students
who filed a FAFSA the prior year.
P
December 24 through December 31, January 1: University offices closed.
P January 6: First day of classes for spring semester.
P February 1: Spring semester statement of accounts will be available online.
P
March 1: Deadline to file FAFSA/Renewal Application for Indiana grants.
(Must be received by the federal processor by March 10 for Indiana grants.)
P
March 1: Statement of accounts will be available online.
P
Late Spring/Summer: Award letters for the following year are sent by email to
returning students who have filed a FAFSA and who have submitted all requested
documentation (e.g., tax transcripts, W-2 forms, etc.).
Using your OneCard (Valpo ID card)
v For identification as a Valparaiso student
• Card entry into buildings, events, etc.
v To purchase course-related books and supplies in the Bookstore
• Must complete confirmation.
• Charges will post to your student account.
v
Access your dining dollars in any dining service facility
• Initial charge posted to student account.
• When food is purchased, dining dollars are deducted from meal plan account.
• Add dining dollars online through DataVU.
• A
ll dining dollars funds will transfer from fall to spring semester, but all dining
dollars must be used by the end of the spring semester.
v To use Crusader Cash funds:
• This includes library copiers and some snack machines.
• R
eceive a discount when you use your Crusader Cash funds instead of coins
when making copies.
• Use at the Health Center to pay for services and flu shots.
• U
se at the Fitness Center to rent equipment, pay for intramurals and
additional services.
• Use at any dining facility once your dining dollars have been depleated.
• A
dd funds to Crusader Cash at the Kretzmann cashier desk, online through
DataVU, by calling 888.300.1052 and choosing the payment options, or through
Payment Headquarters in Location (P.H.I.L.), a 24-hour accessible kiosk located
in the Harre Union, room 245 or Wesemann Hall vending area.
• Use in Bookstore to purchase non-classroom related items.
• C
rusader Cash will now be accepted at various off-campus locations. Keep
checking the website to see which merchants will accept Crusader Cash.
• Carry
Crusader Cash funds from one semester to the next. Funds remain in
Account until used.
For more information, visit valpo.edu/aux/onecard.
Valparaiso University admits students of any race, color, national and ethnic origin, age, gender, disability, sexual orientation or (as qualified herein) religion, to
all the rights, privileges, programs, and activities, generally accorded or made available to students at the school. It does not discriminate on the basis of race,
color, national and ethnic origin, age, gender, disability, sexual orientation, or (as qualified herein) religion in administration of its educational policies, admissions policies, scholarship and loan programs, career services and placement, and athletic and other school-administered programs. Valparaiso University is an
institution committed to its Lutheran traditions. The University reserves the right to promote the teachings of the church and to exercise preferences in admissions in favor of Lutherans.
Valparaiso University is a tobacco-free environment.
10 | Financial Aid, Billing, and Payment Information
Valparaiso University | 11
Questions? Contact:
Financial Aid
Kretzmann Hall, Room 101
1700 Chapel Drive
Valparaiso, IN 46383
phone: 219.464.5015
toll free: 888.GO.VALPO
Option 2 to speak with Financial Aid staff
fax: 219.464.5012
valpo.edu/financialaid • [email protected]
Student Accounts
Kretzmann Hall, 1st Floor
phone: 219.464.5101
toll free: 888.300.1052
Option 1 to speak with a student account representative
Option 5 to make a payment with a credit card or to make
a payment from a checking or savings account
fax: 219.464.6000
valpo.edu/studentaccounts • [email protected]