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MONEY MATTERS:

Understanding Your Bill, Financial Aid, & Developing Financial Literacy

2015-2016 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 $16,312.50 $16,312.50 $32,625.00• Room/Board $7,000.00 $7,000.00 $14,000.00• General Fee $542.50 $542.50 $1,085.00• Student Activity Fee $125.00 $125.00

• Orientation Fee $250.00 $250.00• Room Damage Dep. $100.00 $100.00• Health Insurance $2,555.00

• Total Charges - $24,330.00 $23,855.00 $48,185.00

With Health Insurance, Total Charge - $50,740

Commuter (Non-Resident) Total Charges - $34,085

2015-2016 TUITION RELATED COSTS

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• Required by the Commonwealth of Massachusetts

• $2,555 annual premium for 2015-16 academic year (8/15/15 – 8/14/16)

• 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, 2015

HEALTH INSURANCE WAIVE / ENROLL

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• Bills mailed to legal address each semester

1. Fall 2015 Semester Bill – Mailed July 1, 2015– Due August 1, 2015

2. Spring 2016 Semester Bill– Mailed Nov 16, 2015– Due December 18, 2015

BILLING TIMELINE

2015-16 STATEMENTS

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 (617-879-2121 or 617-879-2236)

• “Authorized Payer” – 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 – http://tuitionpay.com

• 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 TuitionPay:– $55 annual fee (8 -10 months)– $35 semester fee (4 months)

• Plan must be setup by: August 1, 2015

• Plan must include both fall and spring semester balances (double fall balance for estimate)

• http://tuitionpay.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 (studentloans.gov)

• Complete FSA ID if not yet setup – fsaid.ed.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 or (617) 879-2121• Fax: (617) 879-2386• Email: studentaccounts@wheelock.edu

Financial Aid Office (ACW - 1st Floor)• Telephone: (617) 879-2443• Fax: (617) 879-2470• Email: finaid@wheelock.edu

CONTACT INFORMATION