Paying For College

PAYING FOR COLLEGE

Office of Student Financial Aid and Office of the Bursar

REMEMBER: MONEY

 M – Money Sources

 FAFSA (Free Application for Federal Student Aid)

 Grants/Scholarships/Loans/Student Employment

 Military/Tuition Waivers/College Savings Plans/Personal Savings

 .

 O – Offer from the University 

 N – Need

 Cost - Aid = Need

.

 E – Employment  .

 Y – Your Next Steps

 Finalize loans (student and parent)

 Check out the bill

WHAT MONEY IS AVAILABLE?

FINANCIAL AID- FAFSA*

True or False

“Why should I complete the FAFSA, I won't get anything anyway!”

A. True B. False

*Free Application for Federal Student Aid

Financial Aid

Free Application for Federal Student

studentaid.gov

MyStudentAid app

Guarantees student loan eligibility

Determines need-based aid eligibility, which could be free money

WHERE IS MY OFFER?

A. In the mail

B. My parent/guardian has it

C.On my CougarNet account

D.All of the above

OFFER LETTER

Summary of aid offered

Based on cost of attendance, the FAFSA results and available aid

Financial Aid > Award > Award for Aid

2023-2024 > Accept Award Offer

Accept award yearly

Confirm your financial aid

Financial Aid

VERIFICATION OR AID OFFER?

Verification

 Federal government randomly selects a percentage of students to ensure the information on the FAFSA is correct

 SIUE will notify you if you have been selected CougarNet

 May need to submit documentation to verify (tax documents, W2s, institutional forms, etc.)

 Verification must be completed before an aid offer will be issued

Aid Offer

 Listing of all the different types of aid for which the student is eligible.

 Grants

 Scholarships

 Work Study

 Subsidized Loans

 Unsubsidized Loans

 Based on Cost of Attendance

DO I NEED MORE MONEY?

A. Yes

B. No

C. Ask my parent/guardian

D. I’m so confused!

COST – AID = NEED

Budget Worksheet

1. Do you have any of these?

Grants (state, federal, institution)

Scholarships (institution and/or private)

• Send to Financial Aid – will be applied once the money is received

2. What is your leftover cost once you subtract grants and scholarships?

3. Will you use your offered student loans? Do you still need more funding?

EMPLOYMENT

Student employment is available for all students

Some students will qualify for the Federal Work Study program, which has benefits when you file a FAFSA

Jobs available now! Students earn a paycheck

GradLeaders – apply for a job

www.siue.edu/student-employment/grad leaders/Student-Login.shtml

YOUR NEXT STEPS

Accept the aid you wish to use on your CougarNet account (See CougarNet handout)

If using student loans (subsidized and/or unsubsidized):

Be enrolled in at least 6 credit hours per term

Complete Entrance Counseling

Sign Master Promissory Note

If additional aid is needed:

StudentAid.gov

Parent PLUS Loans – apply at StudentAid.gov

Alternative Loans – private loans through borrower’s choice of lender are available to both students and parents/guardians

Financial Aid

 Maintain cumulative GPA of 2.00 and complete at least 67% of coursework

 Know your institutional scholarship renewal criteria

 Monitor your CougarNet Account

 Adding or dropping a class can impact your financial aid

 Complete FAFSA each year –the 24-25 FAFSA will be available December 2023

WHAT DOES FINANCIAL CLEARANCE MEAN?

A. Someone paid my bill

B. My financial aid is complete

C. I am officially enrolled, my classes are safe, and I can access a variety of facilities on campus for the term

D. All the above

FINANCIAL CLEARANCE

 Does not mean:

 Balance is paid in full

 Financial aid status

 Check clearance on CougarNet or SIUE app (keep notifications on)

 Not Cleared - need to make payment to save your enrollment

 Cleared - classes are locked in

 Access to campus facilities

 Meal plan activated

WHEN IS THE FIRST PAYMENT DUE TO AVOID CLASSES BEING DROPPED?

A. Today!

B. July 12, 2023

August 11, 2023

D. September 9, 2023

1st PAYMENT DUE

 eBill – Bill notice emailed – July 12, 2023

 View – CougarNet, SIUE app and Pay My Bill

 At a Glance section summarizes:

 Charges

 Pending aid

 Amount to pay in full

 Installment amount: Four due dates/$30 a semester

 Anticipated refund

 First Installment Due: 4:30 p.m., August 11, 2023

Cleared – Saves your registration

WHY DO WE NEED YOUR SOCIAL SECURITY NUMBER?

A. Claim your education credit on your taxes

B. Issuing refund checks

C. Creating an SIUE bill

D. All of the above

SOCIAL SECURITY NUMBER

Receive education credit - 1098T

Provide once - CougarNet

Update your phone and address

Pay My Bill and CougarNet to access tax documents

HOW OFTEN DO YOU NEED TO READ AND ACCEPT THE

STUDENT FINANCIAL AGREEMENT?

A. Only once

B. Two times a year

C. Once a semester (Spring, Summer, Fall)

D. Every month

FINANCIAL AGREEMENT

Accept every fall and spring semester

You, the student, are agreeing to pay the charges posted to your account

Check your bill often – eliminate surprises

WHO AUTHORIZES

ADDITIONAL THIRD-PARTY MEMBERS?

A. This is not an option

B. Parents/Guardians

C. Anyone

D. The student

AUTHORIZING

FERPA

 Students own record

 CougarNet

 Authorization to Release Information

 Phone and email – password

 Other offices

 Pay My Bill – online third-party access

 Make payments (e-check or credit/debit card)

 Bill (email notices)

 1098 T

WHY SHOULD STUDENTS SIGN UP FOR DIRECT DEPOSIT?

A. Drop a class

B. Excess Financial Aid

C. Late scholarship received

D. All of the above

DIRECT DEPOSIT

 Sign up on CougarNet

 Anticipated refund released Friday before semester starts

 Fall 23: Friday, August 18, 2023

 Twice a week after that

 Check issued once a month

 Add/drop classes

 September 1, 2023 – last day for changes

REMEMBER: BURSAR

The following are available on Cougarnet:

B – Billing (Download the SIUE App) U – Update Personal Information .

R – Read and Accept Student Financial Agreement .

S – Social Security Number for 1098-T .

A – Authorization for Third-Party Contact

 By phone or email

 Online account for bill pay (on Pay My Bill) R – Refunds - set up direct deposit

Video Instructions

PULL IT ALL TOGETHER

1. Accept Financial Agreement

2. Register for Classes

3. Use Estimator to Calculate Charges

4. Include Award Letter Amounts from Cougarnet

5. View Installment Plan

Are you prepared to finance the term, or do you need to adjust charges or financial aid accepted to cover the cost for the semester?

IMPORTANT DATES

Friday, Aug. 11 Confirm first installment is paid by 4:30 p.m. CST

Installment Plan

 Paying first installment secures course registration

Don’t

Monday, Aug. 21 First day of classes, Fall 2023 term

Friday, Sep. 1 Last day to drop 16-week fall classes for a full refund

Friday, Sep. 29 Second installment payment deadline

Friday, Oct. 20 Third installment payment deadline

Friday, Nov. 10 Fourth installment payment deadline

Dec. 11-15 Final exam week

Saturday, Dec. 16 Textbook return due by 5 p.m. CST

Friday, Dec. 8 Spring 2024 - First installment due, pay by 4:30 p.m. CST

get behind, meet the deadline!