Managing Your Student Account - Presented by: Student Financial Assistance and Student Account Services - Inside NKU

Managing Your
Student Account

Presented by:
Student Financial Assistance
and
Student Account Services

NKU.EDU

• Your NKU Email Address is the OFFICIAL form of
  communication from the University.

    Tuition bills are sent monthly to your NKU email
    No paper invoices generated
    Financial Aid missing information notices

• Access it on your smartphone :
• Search the NKU homepage for “email on phone” or visit the
  Norse Tech Bar at UC 252 or contact the IT Help Desk.

NKU students, faculty, staff, and visitors
are required to wear facial coverings and
observe social distancing criteria on campus
for as long as CDC and Kentucky health
guidelines advise.

In-person and hybrid classes will move to fully
online/remote delivery after Thanksgiving break,
including final exam week. In-person instruction will
not take place after Thanksgiving break, although
buildings and offices will remain open.

FERPA
• Federal Family Education Rights and Privacy Act
• All enrolled students financial information is protected!
   • FERPA form grants permission to NKU to release information
     to a third party that you designate (parent, spouse, etc.)
   • Allows third party to discuss billing/account information
   • FERPA release form available on University Registrar’s
     website

FALL TUITION DATE
• DUE August 17, 2020
   • Pay 100% of your student account balance (tuition, fees,
     housing) by the due date to avoid additional fees
• Accounts not paid in full by August 17, 2020 will be
  charged:
   • $50 installment plan fee
   • 1.25% account maintenance fee (charged at the end of each
     month on the outstanding balance)

Fall 2020 Installment Plan Dates
• Fall 2020 Installment Plan Dates

   • August 17, 2020 – a minimum 50% of your tuition and fee
     payments due
   • September 17, 2020 – an additional 25% of your tuition and
     fee payments due
   • October 16, 2020 – the remaining 25% of your tuition and fee
     payments due

VIEW Student Bill Online
• Available 24/7 on MyNKU
• Charges are posted to student account prior to the
  start of the semester
   • Includes tuition, housing, and other fees, may be influenced
     by add/drops
• Account statements are emailed to your NKU email
  address
   • This is the official form of communication at NKU. Check it
     often!

Payment Options
• Online – MyNKU Portal
   • E-check (Free), Credit Cards (2.5% Fee) accepted include
     Visa/Mastercard/American Express/Discover
• By Mail – Check or Money Order (no cash!)
• In Person – Check, Money Order, or cash
   • Night Drop Box available in the tunnel between LAC and the UC (DO
     NOT DROP CASH!)

   *Always include the student name/ID number with all payments!

NEED TO KNOW ESTIMATE
           PER SEMESTER

                         In State Resident    Out-of-State Resident

Cost Per Credit Hour           $413                    $828

Tuition & Fees                $5,148                  $10,128

Room & Board (Campus)         $4,175                  $4,175

Books & Supplies              Varies                   Varies
Parking Pass                   $250                    $250
Total Expenses                $9,573                  $14,553
Average Financial Aid
                              $6,500                  $8,700
Package
                               $3,073                  $5,853
Out Of Pocket
                        (Plus Book Expense)     (Plus Book Expense)

The FAFSA

• Free Application for Federal Student Aid
   • Opens October 1 every year
   • Online application: FAFSA on the Web
      • fafsa.gov
   • Will use prior-prior year tax information
       •   2017 taxes for the 2019-2020 academic year

• To Sign the FAFSA, both students and parents must
        create an FSA ID on fsaid.ed.gov

• Title IV School Code for NKU
   • 009275

YOU MUST FILE THE FAFSA TO
  RECEIVE….
 •   Federal Pell Grant              • Federal Work Study
 •   Federal Subsidized Loan         • Kentucky CAP Grant
 •   Federal Unsubsidized Loan       • Federal SEOG Grant
 •   Federal Parent Plus Loan

• *You must re-file the FAFSA every academic year!

• The whole process can take several weeks
    • If you are selected for Verification, additional documentation must be
      supplied to the Financial Aid office before you can be awarded.
    • Standard Processing Time for all documentation is 1-2 weeks

VERIFICATION
 • Approximately 1 in 3 FAFSAs are randomly selected for Verification by
   the Department of Education

 • Requires additional documentation to be supplied to the Financial Aid
   office before students can be awarded.
     •   Verification Worksheets (Provided by the office)
     •   Tax Return Transcripts (Requested from the IRS)
     •   Other Documentation as requested by the Financial Aid Office

            Standard Processing Time for all documentation is
                        approximately 1-2 weeks

 • Once all documentation has been processed, the student will be
   awarded their financial aid package

Accepting your awards

Terms & Conditions

Accepting Your Awards(cont.)
Once you have been awarded you MUST go online to
your myNKU account and ACCEPT or DECLINE the aid
in the amounts you would like to receive.

FINANCIAL AID on myNKU

Accepting Loans
The first time you take out a loan, there are two additional steps
students need to complete in order to receive the money

            Go to studentaid.gov and log in with your FSA ID

   1. Complete Loan Entrance Counseling
      •   You only have to complete this once

   2. Complete a Master Promissory Note for a Subsidized/Unsubsidized
      Loan
      •   These are good for up to 10 years

Federal Aid Log In

Federal Aid – Next Steps

Federal Direct Parent PLUS Loan

• Loan in the Parent’s name
• Based on a Credit Check on studentaid.gov
• Fixed Interest Rate
• Loan repayment can be deferred until 6 months after half-time
  enrollment ends, if the parent chooses.
• Loan amount is limited to the total cost of attendance less student
  financial aid.
• Step-by-step instructions to apply for the PLUS loan can be found
  at financialaid.nku.edu under the Parent Plus Loan tab.

SAMPLE
FORM

Applying for Federal Aid

Alternative Loans
• Private Loan in the student’s name
• Available through banks, credit unions, and private
  student loan companies
• Based on a credit check
   • May need a credit worthy co-signer
• Not everyone is approved
• financialaid.nku.edu              financial aid programs   student and parent loans

      alternative loans   Fast Choice

FINANCIAL AID & MY BILL
• Accepted Aid
    • Be sure to click “submit”
    • Will not appear as an estimate until all steps are complete
• Estimated Financial Aid
    • All steps have been completed
    • Counts as a payment toward 50% requirement
• Applied Aid to the student’s account
    • Actual disbursement of aid to the University – happens after last day to
      add a class
    • Can vary from Estimated Financial Aid if changes occur
• Refunded Aid to the Student
    • Occurs 7 days after aid is applied

Excess Financial Aid REFUNDS
**Refunding occurs 7 days after credit (not estimate) appears on
student account
Excess financial aid refunding begins:
• Tuesday September 1, 2020 - Direct Deposit –(Monday, Wednesday, Friday)
    • Please allow 24-72 hours for funds to appear in your checking account
    • Direct Deposits to checking accounts of your designated bank (YOUR
      CHOICE OF DEPOSITING BANK)

• Friday, September 4, 2020 - paper checks (Once a week on Fridays)

• Credit Card – If an overpayment was created due to a credit card payment,
  the excess will go back to the credit card

BOOK ADVANCE
August 10, 2020
• Requirements:
   • Financial Aid process complete with estimated aid amounts
     viewable on student account (show credit balance) AND
   • MUST BE Signed up for Direct Deposit AND
   • NO financial holds >= $100 from any department
• Funds will be transferred via Direct Deposit to your
  designated bank for the purchase of textbooks
• Book Advance is charged on your account and is deducted
  from financial aid refund
   • $750 maximum – amount will vary based on student’s available
     funds
   • Allow 24-72 hours for funds to post

GENERAL REFUNDING
• Refunding occurs 7 days after credit appears on
  account
   • Refunds are processed based on the last payment received to
     determine the form of refund issued
• Direct Deposit (ACH) – Monday, Wednesday, Friday
• Checks (by exceptions only) – Once a week on Fridays
• Credit Card – If an overpayment was created due to a
  credit card payment, the excess will go back to the
  credit card

MYNKU BILLER DIRECT

MYNKU BILLER DIRECT(cont.)

MYNKU BILLER DIRECT(continued)

• Signing up for Direct Deposit
• Instructions: http://studentaccountservices.nku.edu/refunds/directdeposit.html
      • Manage Bank Account

Financial HOLDS
• Financial Warning emails begin September 1, 2020
   • Sent to students who owe more than 50% of total student
     account balance after original due date
   • Classes are dropped for non-payment on September 28, 2020
   • Contact Student Account Services
• Account balance >= $100
   • Can’t register for additional/future classes
   • Can’t receive transcript or diploma
• Account balance < $100
   • Can’t receive transcript or diploma

CLASS CANCELLATION REFUND*
• 100% Tuition Refund
   • Until August 24th

• 50% Tuition Refund
   • August 25th - September 8th

• 0% Tuition Refund
   • After September 8th

   • *Full-Session Classes

Dropping/Adding Classes
    • Can affect your tuition and fees and result
       in you owing a balance!
    • According to Federal Financial Aid
       Regulations, failure to complete, or
       withdrawing from courses can result in
       repayment of financial aid
    • Tuition Adjustment Dates- Please refer to
      the Academic Calendars @

https://inside.nku.edu/registrar/calendars.html

    http://www.nku.edu/calendars.ht

Withdrawal Information
• Completely withdrawing from the university can result
  in a student owing a bill to the university for returned
  funds within that semester.

• If the student feels it is necessary to withdraw from
  class, please have them contact the Office of Student
  Financial Assistance to discuss the possible
  ramifications.

Drop/Add/Withdrawal Example

CONSEQUENCES OF
NON-PAYMENT
• Classes dropped for non-payment (still owe 100%)
• Account sent to collection agency
   • Adds 25-33% more to your bill
   • Credit Score decreases
   • Harder to get loans
• Account sent to KY Dept of Revenue
   •   Assets frozen
   •   Tax refund garnished
   •   Wages garnished
   •   Property liens

Satisfactory Academic
          Progress Policy
• Student must have a 2.0 cumulative GPA at the end of
  the spring semester in order to receive federal aid for
  the next school year.

 Student is required to earn a cumulative 67% of the
 credit hours they attempt.

 Example: If attempting 24 hours in fall and spring you
 must complete 17 hours in the academic year

Scholarships
• Students attending NKU and receiving Merit-Based
  scholarships should be aware of the requirements for
  scholarship renewal.
• Renewal Criteria can be found in the students award packet
  or on the Financial Aid section of the NKU website.

Outside Scholarships & 529 Plans
• Outside Scholarships – Student should bring them to
  Student Account Services for processing. They are split
  between Fall and Spring semesters unless sponsor specifies
  a different disbursement.

• 529 Plans – There are many different 529 plans. Please
  contact your provider for payment information and
  documents required. Be sure you submit the payment
  request 2 weeks before tuition due date to avoid fees

Veterans Resource Station
     Veterans, Active Duty, and Dependents
NKU Certifying Officials
• Inform you on GI Bill/Education Benefit or Tuition
  Assistance procedures
• Assist you to understand communication from the
  VA regarding your GI Bill/Education Benefits, certifies
  enrollment and enrollment changes with the VA
• Report all changes in enrollment to the VA
• Provide instructions for 1606, 1607 and 30 recipients
NKU’s Partnership with Veterans Affairs
• A VA representative comes every Monday; can help you enroll in
  VA medical and understand your disability paperwork
Veterans Resource Station
• The Station’s mission is to create a community of university
  personnel, students, and community agencies that provide,
  facilitate, and coordinate programs and services that increase
  the likelihood of veterans, student service members, and
  their family members completing their educational goals

NEED TO KNOW 15 TO FINISH
 Your student will need at least 120 credit hours to
                 graduate from NKU.

              120 divided by 4 years =
                 30 credits a year

NEED TO KNOW 15 TO FINISH (cont.)

• Why does it matter?

   • Taking 15 credits each semester is the same cost as
     taking 12 credits. That is 3 credits for free!
   • Avoid the cost of extra semesters.
   • Maximize KEES money: KEES money only lasts 8
     semesters or within five years of high school graduation.

NEED TO KNOW TIPS
•   Check your email account daily
•   Attend, complete, and pass classes
•   Ask questions, use resources
•   Refrain from accepting/using credit cards
•   File for Financial Aid early (each October)
•   Know and remember deadlines
•   Check your NKU email (and read it!)
•   Get involved!

CONTACT
• Student Account Services
   •   LAC 2nd Floor
   •   M-F, 8:15-4:30
   •   859-572-5204
   •   studentaccountservices@nku.edu
   •   Studentaccountservices.nku.edu
• Student Financial Assistance
   •   LAC 3rd Floor
   •   M-F, 8:15-4:30
   •   859-572-5143; 1-888-225-4499
   •   Ofa@nku.edu
   •   Financialaid.nku.edu