Money Matters

Money Matters
Money Matters
Your guide to costs, financing, and financial aid
2014–15
TABLE OF CONTENTS
Puget Sound Costs—Tuition and Fees . . . . . . . . . . . . . . . . . . . . . 1
Understanding Financial Aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Loan Assistance for Parents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Verification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Satisfactory Academic Progress . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Financial Aid for Study Abroad. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Billing and Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Tuition Adjustments—Withdrawals. . . . . . . . . . . . . . . . . . . . . . . . 6
Health and Tuition Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Educational Tax Credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Required Notifications and Disclosures. . . . . . . . . . . . . . . . . . . . . 6
Payment and Financial Aid Checklists. . . . . . . . . . . . . . . . . . . . . . 7
Welcome to Student Financial Services
At Puget Sound we believe that the development of a strong foundation of financial literacy is
an integral part of a student’s education. Student Financial Services staff members actively join
in partnership with students and families to develop financial solutions that help make a Puget
Sound education a reality.
This guide is meant to serve as a resource as you begin to prepare and plan for financing your
education. We hope this information proves useful. Please feel free to contact staff members for
any assistance you may require. We welcome your questions.
We communicate important student financial aid and account information via campus email,
campus mail, and telephone. It is critical that you establish and check your campus email, that
you regularly check your campus mailbox, and that you keep your personal contact information up
to date. Please help make it easy for us to reach you!
Student Financial Services Contact Information
Mail:
University of Puget Sound
Student Financial Services
1500 N. Warner St. #1039
Tacoma, WA 98416-1039
Phone:
800.396.7192 or 253.879.3214
Email:
[email protected]
Fax:
253.879.8508
In person:
University of Puget Sound
Jones Hall, Room 019
Website:
pugetsound.edu/sfs
EQUAL OPPORTUNITY POLICY
University of Puget Sound does not discriminate in education or employment on the basis of sex, race, color, national origin, religion,
creed, age, disability, marital or familial status, sexual orientation, veteran or military status, gender identity, or any other basis prohibited
by local, state, or federal laws. This policy complies with the spirit and the letter of applicable federal, state, and local laws, including Title IX
of the Education Amendments of 1972, Sections 503 and 504 of the Rehabilitation Act of 1973, and the Americans with Disabilities Act of
1990. Questions about the policy may be referred to the university’s affirmative action officer (253.879.3991) or the Office of Civil Rights,
Department of Education, Washington, D.C., 20202.
1. Puget Sound Costs—Tuition and Fees
2. Understanding Financial Aid
Your Cost of Attendance (COA) is the estimated cost of the direct
and indirect expenses you can expect during an academic year.
There are two types of financial assistance available at Puget
Sound.
Direct costs are charges billed by Puget Sound that appear on
your student account. These charges include tuition, student
government fees, meal plans, and on-campus housing. Indirect
costs are expenses that you will incur that are not billed by
Puget Sound. These charges include books and supplies,
transportation, personal expenses, and off-campus housing.
1. Need-based financial aid is awarded to students whose
families do not have sufficient financial resources to pay
for college as determined by the completion of the FAFSA.
Grants, loans, and employment opportunities are all
examples of need-based financial aid.
2. Non-need-based financial aid is awarded to students
without regard to financial need. Academic, talent, or
achievement awards are all examples of non-need-based
aid. Non-need-based loans like Federal Unsubsidized
Stafford and PLUS loans are also available to assist in
managing college costs.
Direct Costs for Full-time Undergraduate Students
Fall 2014
Semester
Spring 2015
Semester
Annual
Estimated
Direct Costs
Tuition (3 to 4.25 units)1
$21,600
$21,600
$43,200
Student Government Fee
$114
$114
$228
Room on Campus 2
$3,075
$3,075
$6,150
Board on Campus
$2,515
$2,515
$5,030
$27,304
$27,304
$54,608
3
Total Estimated Costs
To apply for need-based financial aid you must complete the
Free Application for Federal Student Aid (FAFSA), available
online at FAFSA.gov. If you have not yet applied, it is not too
late, although funding from many programs is limited.
Financial Need and Expected Family Contribution (EFC)
Your Expected Family Contribution (EFC) is the value that’s
used to determine your eligibility for need-based financial aid.
You can think of the EFC as an index that all colleges will use to
determine how much financial aid you are eligible for.
Direct Costs for Graduate Students4
Graduate Program
Tuition Cost
per Unit
Master of Arts in Teaching
$3,450
Master of Occupational Therapy
$5,450
Doctor of Physical Therapy
$5,450
Master of Education
$3,540
PT Internship
$1,920
OT Affiliation
$4,780
The EFC is calculated from the information you report on the
FAFSA. The formula by which your EFC is derived considers
such things as income, certain assets, family size, and number
of children in college, among others. The EFC is a measure of
your family’s ability to pay for college.
Your financial aid eligibility, or financial need, is determined by
subtracting your Expected Family Contribution (EFC) from the cost
of attendance. The amount of your financial need is then used to
determine eligibility for need-based grants, loans, and work study.
Estimated Indirect Costs
Fall 2014
Semester
Spring 2015
Semester
Annual
Indirect Costs
Cost of Attendance—EFC = Financial Need
Books and Supplies
$500
$500
$1,000
Transportation
$250
$250
$500
Personal Expenses
$900
$900
$1,800
Total Estimated Costs
$1,650
$1,650
$3,300
Your financial need does not necessarily represent the amount
you will receive in financial aid. Puget Sound strives to create
a financial aid package that meets your demonstrated need,
although funding limitations or other eligibility criteria prevent us
from satisfying full need in all cases.
In order to remain eligible for need-based financial aid you
must continue to demonstrate financial need as determined by
completing the FAFSA each year.
1.
Part-time students enrolling for fewer than 3 units are charged $5,450 per unit. Students
enrolling for more than 4.25 units are charged additional tuition at the rate of $5,450.
Special fees for certain courses are not reflected above. Second baccalaureate students
are not required to pay the student government fee.
2.
The $3,075 room charge is for a standard room. The premium room charge for single rooms,
university houses, Trimble Hall, and Commencement Hall is $3,690 per semester.
3.
The $2,515 board charge is for the Medium meal plan. Other meal plans available include
Off-Campus, Light, Hearty, and Mega.
4.
Please refer to the Graduate Bulletin for information on typical course loads for individual
graduate programs.
SPECIAL CIRCUMSTANCES
The FAFSA is based on federal tax information from the
previous year. Should you or your family’s circumstances be
different from the information submitted on the FAFSA, or if
there are extraordinary circumstances that impact your ability
to contribute to your educational expenses, please complete a
Special Circumstances Information Form to request a review
of your situation. The request should provide sufficient detail for
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us to determine how the changed circumstances will affect your
financial aid eligibility.
elementary or secondary school that serves students from lowincome families.
Examples of special circumstances that could warrant review by
the Financial Aid Committee include:
WASHINGTON STATE AID
The Washington State Need Grant program helps the state’s
lowest-income undergraduates. Eligibility is determined by the
Washington Student Achievement Council.
•
Loss of employment
•
Reduction in salary
•
Medical/dental expenses paid out of pocket (not
reimbursed by insurance or other benefits)
•
Tuition expenses for siblings enrolled in private K-12 school
•
Parent PLUS Loan payments or other parent educational
loan payments
GRANT ASSISTANCE FOR STUDENTS FROM OTHER
STATES
For information on state grant assistance for students from
states other than Washington, please visit
wdcrobcolp01.ed.gov/Programs/EROD/.
FEDERAL STUDENT LOANS
Puget Sound participates in the Federal Direct Student Loan
program. Under this program the federal government serves as
the lender.
Although we cannot guarantee that we will be able to provide
you with additional need-based aid, we will be able to provide
you with additional options that may be available to you or
your parents.
There are two types of Federal Direct Student loans.
3. Subsidized loans are need-based loans. The government
pays the interest on these loans while you are enrolled at
least half time. The current interest rate for undergraduate
loans is fixed at 3.41% and is subject to change.
PUGET SOUND SCHOLARSHIPS AND GRANTS
Puget Sound’s financial aid program is made up of a variety
of scholarships and grants that are funded by tuition revenue,
endowment earnings, and gifts. Part of every tuition dollar
goes to support Puget Sound aid programs. Additionally many
scholarships and grants are provided through the financial
commitments of Puget Sound alumni and friends.
4. Unsubsidized loans are not need-based loans. The interest
begins accumulating as soon as the funds are disbursed
on your behalf. Interest may be paid on a monthly basis or
capitalized so that payments do not need to be made while
you are enrolled. Capitalization results in the interest being
added to the principal creating a higher loan to repay after
graduation. The current interest rate for these loans is fixed
at 3.41% and is subject to change.
The majority of scholarships are offered to undergraduate
students at the point of admission and are subsequently renewed
provided the student meets renewal criteria. A limited number of
named scholarships are available to currently enrolled students
who meet specific selection criteria established by donors.
Federal Direct Loan Limits
Dependent Student Annual Loan Limit
Freshman$5,500
Sophomore$6,500
Junior or Senior $7,500
Cumulative Loan Limit
$31,000
Puget Sound grant assistance is awarded to undergraduate
students based on demonstrated financial need. The amount
of grant awarded may vary each year depending upon the level
of financial need and other scholarship or grant assistance
received.
Independent Student Annual Loan Limit
Freshman$9,500
Sophomore$10,500
Junior or Senior $12,500
Cumulative Loan Limit
$57,500
A limited number of Puget Sound fellowships are offered to
graduate students in the occupational therapy and physical
therapy programs.
FEDERAL GRANTS
Federal Pell Grant: Pell Grants are directed at undergraduate
students with exceptional financial need. The amount of grant
awarded is determined by the student’s Expected Family
Contribution (EFC), as calculated by the FAFSA. The maximum
Pell Grant award is $5,730.
Graduate Student
Cumulative Loan Limit
$20,500
$138,500
(Includes undergraduate borrowing)
How to Apply
Your Financial Aid Award Notice specifies the amount of your
Federal Direct Loan eligibility. If you are a first-time borrower,
you must complete an online entrance counseling session and
sign a Master Promissory Note (MPN) before you can receive
your loan funds.
Federal Supplemental Educational Opportunity Grant
(SEOG): SEOGs are awarded to undergraduate students
with exceptional financial need. Priority is given to Pell Grant
recipients. The maximum SEOG award is $2,000.
Teacher Education Assistance for College and Higher
Education Grant (TEACH): TEACH grants up to $4,000 are
available for graduate students who intend to teach in an
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responsibilities. Most first-year students are referred to jobs
on campus. Off-campus, career-related work-study jobs require
advanced skills and are suitable for Washington state residents
who have completed one or two years of study. Off-campus
work-study jobs are available at select employers, including
community service organizations.
Disbursement of Funds
The annual loan amount you borrow for the year is divided
equally between fall semester and spring semester. A fee of
1.072% will be subtracted from each disbursement to cover the
loan origination fee. Federal Direct loans are received through
Electronic Fund Transfer (EFT) and are credited to your student
account automatically. We will notify you when funds are
received and credited to your student account.
Work-Study Employment for New Students
To participate in the program, you will need to complete
the required Work-Study Employment Application no later
than July 15. Career and Employment Services will contact
you before July 1 to provide access to the application and
instructions. On the application you will be asked to complete
information about your skills, work experiences and job
preferences. Career and Employment Services staff members
will review this information and then provide you with a
job referral at a work-study information session held during
Orientation Week in August.
Repayment
Repayment begins six months after graduation or when
dropping below half-time enrollment. You can expect to
hear from your servicer about 30–45 days before the first
payment is due. If you don’t hear from your servicer, it is your
responsibility to contact them.
FEDERAL PERKINS LOAN
The Federal Perkins Loan program is a revolving loan
program, which means the funds available to lend are made
possible by prior student borrowers now in repayment. The
university serves as the lender for the Perkins Loan. Both
federal and university requirements, along with availability of
funds, determine eligibility. The Perkins Loan interest rate is
fixed at 5% and is interest free while you are enrolled at least
half time. Puget Sound students with Perkins Loan eligibility are
typically awarded approximately $4,000 per year.
Work-Study Employment for Continuing Students
Complete the required Work-Study Employment Application
no later than July 15. Career and Employment Services will
contact you before July 1 to provide access to the application
and instructions. It is necessary to return the form even if
you think you have a job arranged, so we can confirm the
placement. If you held a work-study job on campus during
the 2013–14 academic year, in most cases that position will
be renewed for 2014–15, unless you obtained a new position
during the Career and Employment Services Work-Study
Referral Sessions held in April.
How to Apply
Your Financial Aid Award Notice specifies the amount of Perkins
Loan assistance you are eligible to receive. If you are a first-time
borrower, you must complete an online entrance counseling
session and sign a Perkins Promissory Note (MPN) before you
can receive your loan funds. Promissory Notes are generally
available to sign by early July.
Work-Study Participants:
• All work-study recipients need to complete the required
Work-Study Employment Application by July 15 to ensure
participation.
Disbursement of Funds
The annual loan amount is divided equally between fall semester
and spring semester. Perkins loans do not have an origination fee.
•
Repayment
Repayment begins nine months after graduation or when
dropping below half-time enrollment. You can expect to hear
from the Perkins Loan Servicer, ECSI, about 30–45 days before
the first payment is due. If you don’t hear from ESCI, it is your
responsibility to contact them.
WORK-STUDY EMPLOYMENT OPPORTUNITY
Work-study is a need-based financial aid program that assists
students by providing an opportunity to earn money while
gaining valuable work experience. If your Financial Aid Award
Notice includes work-study, you are eligible to earn up to the
maximum amount listed on the award notice. Because these
earnings are subject to a student’s desire and ability to work,
Puget Sound cannot guarantee employment or 100% earnings.
Students who work on campus need to complete I-9, W-4,
and direct deposit enrollment forms before beginning their
employment. These forms can be completed at the OnCampus Employment table on check-in day, August 22. To
complete the I-9 form, you will need to bring to campus
original documents. Most students will need a passport,
Social Security card, or birth certificate to demonstrate
their work eligibility. To enroll in direct deposit, bring a
voided check, deposit slip, or a form from your financial
institution listing the routing number and account number
(online accounts).
ADDITIONAL FINANCIAL AID RESOURCES
Outside Scholarship Opportunities
Private or outside scholarships may help you with your college
expenses. You can access links to a number of outside
scholarship resources on our website.
Please let us know about your scholarships so that we can include
them on your billing invoice. You may report your scholarships by
sending an email message to [email protected]
After a work-study award is made by Student Financial Services,
Career and Employment Services will refer you to a workstudy position on campus, or help you arrange an off-campus
work-study job. On-campus work-study jobs are available
in many departments and encompass a variety of skills and
Outside scholarships will be applied to any remaining unmet
financial need. If your need has already been met with other
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federal, state, or Puget Sound need-based aid, additional
scholarships will result in your need-based aid being reduced.
Reductions occur in the following order: loan assistance, work
study, and finally Puget Sound grant assistance. Puget Sound
grant programs are need-based awards and will be reduced in
a financial aid package if the total amount of all scholarships
combined with the grant assistance exceeds financial need.
the option to begin repayment 60 days after the loan is fully
disbursed. The standard repayment period is 10 years.
PART-TIME EMPLOYMENT OPPORTUNITIES
Career and Employment Services (CES) maintains information
on part-time, nonwork-study employment opportunities on and
off campus. Although priority in placement for on-campus jobs
is given to those who have work-study awards as part of their
financial aid package, there are many openings for other students.
3. Loan Assistance for Parents
You can expect to hear from your servicer about 30-45 days
before the first payment is due. If you don’t hear from your
servicer, it is your responsibility to contact them.
Parents may apply for a Direct PLUS Loan for any year that
their student is enrolled at least half time as an undergraduate
student. Under the Federal Direct Student Loan program, the
federal government serves as the lender and the interest rate
is fixed at 6.41%. Fees of 4.288% are subtracted from each
disbursement to cover a loan origination fee.
PRIVATE EDUCATION LOANS
Puget Sound encourages students to pursue federal student
loans and grants prior to applying for private educational loans.
Private loans are designed to meet educational costs not
covered by other forms of financial aid. Information on private
loan options is available at pugetsound.edu/loans.
Students whose parents are borrowing a Direct PLUS Loan
must complete the FAFSA before applying for the loan. The
FAFSA is available at FAFSA.gov.
The Direct PLUS Loan is a credit-based loan which allows
parents to borrow up to the cost of attendance, less any other
financial aid already awarded. Cost of attendance includes
the total cost of tuition, fees, and room and board billed by
the university, plus a standard calculation for books, supplies,
transportation, and personal expenses.
Unlike federal loans, interest rates, grace periods, repayment
options, and fees for private educational loans are determined
by the lender and can vary considerably from lender to lender.
Private loans are based on an individual’s credit history and
credit worthiness. You are strongly encouraged to review
your credit report prior to applying and to apply with a creditworthy co-signer. You may receive a free credit report at
annualcreditreport.com.
Applications for the Direct PLUS Loan are processed online
through the U.S. Department of Education student loan
website. Detailed information on applying for the PLUS Loan is
available at pugetsound.edu/loans.
FEDERAL PLUS LOANS FOR GRADUATE STUDENTS
Graduate students may borrow a Direct PLUS Loan for any
year that they are enrolled at least half time. Under the Federal
Direct Student Loan program, the federal government serves
as the lender and the interest rate is fixed at 6.41%. Fees of
4.288% are subtracted from each disbursement to cover the
loan origination fee.
Repayment
The repayment period for a Direct PLUS Loan begins at the
time the loan is fully disbursed, and the first payment is
due within 60 days after the final disbursement. Borrowers
may request an in-school deferment by calling the Direct
Loan Servicing Center at 800.848.0979. Payments under
the deferment option are deferred until six months after the
student ceases to be enrolled at least half time, although
interest continues to accrue. Some families make interest-only
payments while a student is enrolled and delay repayment of
the principal until after the student graduates.
The Direct PLUS Loan is a credit-based loan which allows
graduate students to borrow up to the cost of attendance, less
any other financial aid awarded. Cost of attendance includes
the total cost of tuition, fees, and room and board billed by
the university, plus a standard calculation for books, supplies,
transportation, and personal expenses.
The Direct PLUS Loan Program for parents offers several
repayment plans that are designed to meet the different
needs of individual borrowers. The terms differ between the
repayment plans, but generally the standard repayment period
on a PLUS Loan is 10 years. More information can be found on
studentloans.gov.
Applications for the Direct PLUS Loan are processed online
through the U.S. Department of Education student loan
website. Detailed information on applying for the PLUS Loan is
available at pugetsound.edu/loans.
Repayment
Graduate students are automatically granted a deferral on
monthly PLUS Loan payments. Payments are deferred until six
months after you cease to be enrolled at least half time, although
interest continues to accrue. Graduate PLUS borrowers have
4. Verification
Verification is the process used to check the accuracy of the
information reported on the FAFSA. The federal processor
randomly selects applications for verification. Typically about
20% of our applicants are selected to be verified.
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2. Required Course Completion Rate: Students must
complete at least 75% of the units in which they are enrolled
at the end of the drop-without-record period. All incompletes
(I), withdrawals (W or WF), and failures (F) are counted as
courses attempted but not successfully completed.
VERIFICATION FAQS
How Will I Know if I Have Been Selected for Verification?
1. Your 2014–15 Federal Student Aid Report (SAR) will indicate
if you have been selected.
2. You will be sent a Verification Worksheet from Student
Financial Services. The worksheet will tell you what
documents you are required to submit.
Washington State Need Grant and State Work-Study
recipients must complete 100% of their units in order to
receive continued funding.
What Do I Have to Do?
You must retrieve your IRS data using either the IRS Data
Retrieval Tool through FAFSA or submitting a 2013 IRS Tax
Return Transcript obtained through the IRS.gov website.
3. Maximum Terms of Eligibility: Incoming freshmen are
eligible for financial aid for a maximum of 10 terms of fulltime study. Transfer students are eligible for financial aid
in proportion to the number of accepted units at time of
matriculation. The maximum eligibility for master’s degree
candidates is specific to their program.
What Happens if I Don’t Complete Verification?
Verification must be completed before your financial
aid can be applied to your student account and no later
than the end of the first semester of enrollment for the
academic school year. If verification is not completed by
then, all academic year federal, state, and need-based Puget
Sound aid will be canceled. Many sources of financial aid have
limited funding. You are encouraged to complete verification by
May 15, in order to have access to as many sources of funding
as possible.
6. Financial Aid for Study Abroad
Students are charged Puget Sound tuition and fees for their
study abroad programs. If the program includes housing and
meals (all or partial board plan), the student will also be charged
the Puget Sound rate for housing and meals.
Can Verification Change My Aid?
YES! If the information on your FAFSA is different than the
information on your U.S. income tax return and Verification
Worksheet, your aid could be affected. You will be notified
by email if a change in eligibility occurred as the result of the
verification process.
Federal and State Financial Aid
For eligible students Pell Grants, Supplemental Educational
Opportunity Grants, Washington State Need Grants, Perkins
Loans, Federal Direct Loans, and Parent PLUS Loans may be
used for Puget Sound study abroad programs. Work-study
benefits are not transferable to the study abroad program
charge.
5. Satisfactory Academic Progress
Puget Sound Scholarships and Grants
Puget Sound scholarships and grants are available for use on
study abroad programs to students who demonstrate financial
need.
Federal and state regulations require that students meet
satisfactory academic progress (SAP) toward completing a
degree in order to receive financial aid (scholarships, grants,
loans, and work-study opportunities). Puget Sound applies
these same standards for establishing eligibility for institutional
scholarships and grants, including any additional criteria specific
to a named scholarship.
SAP is reviewed at the end of each semester. The first time
a student fails to meet SAP requirements they will be placed
on financial aid warning for the next semester. Students on
financial aid warning will continue to receive financial aid.
Students who do not meet SAP requirements while on financial
aid warning will becom ineligible to receive further financial aid.
Students may appeal for reinstatement of their financial aid if
they believe that they had extenuating circumstances that led to
their unsatisfactory progress.
•
Students who complete the FAFSA (Free Application
for Federal Student Aid) and demonstrate financial need
may use, in conjunction with federal and state aid, their
Puget Sound scholarships and grants up to their level of
financial need.
•
Students who do not complete the FAFSA or demonstrate
financial need are not eligible for Puget Sound scholarships
during their semester abroad.
Please consult with Student Financial Services to determine the
amount of your Puget Sound scholarships and grants that will
be available for study abroad.
7. Billing and Payment
Requirements of Satisfactory Academic Progress
1. Grade Point Average: Students must maintain a
cumulative grade point average requirement, reviewed at
the end of each semester. Undergraduate students must
maintain a cumulative grade point average of 2.00 or higher.
Graduate students must maintain a cumulative grade point
average of 3.00 or higher.
Your semester billing invoice will be available online by mid-June
for fall and mid-December for spring. The invoice summarizes
your semester charges (estimated tuition, fees, and room and
board) less your estimated financial aid and calculates the
payment due.
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8. Tuition Adjustments—Withdrawals
Payment Options
Puget Sound offers several options for payment. Payment may
be made by check, e check (ACH), or cash; we are unable to
accept credit cards.
Students who completely withdraw from a term or drop down
in units may be eligible for tuition charge adjustments based on
the official withdrawal date provided by the registrar. Lack of
attendance does not cancel the student’s financial responsibility.
Students are encouraged to discuss plans for withdrawal with
their Student Financial Services consultant. The tuition adjustment
schedule is available at pugetsound.edu/adjustments.
Option 1—Payment in Full
Payment for each semester’s balance due must be paid in full by
the payment deadline; August 5 for fall and January 5 for spring.
Option 2—Payment Plan
This plan allows for extended payment of the balance due. The
net amount due for the semester plus an $80 payment plan
participation fee is divided into five equal monthly payments.
Payment plan amounts may be adjusted as account changes
occur. The first payment is due August 5 for fall and January 5
for spring, with additional payments due the fifth of each month.
A late fee of 1% will be charged each month for payments not
received by the due date.
Room charges are nonrefundable for students who have
contracted for campus housing. Detailed information on the room
charge refund policy is available from the Office of Residence Life.
Board charges are refunded on a partial basis for those
students who withdraw before the end of a semester.
Financial aid returns for students dropping from full time to
part time or completely withdrawing will be re-calculated to
determine whether a portion of federal and institutional aid
must be returned.
Option 3—PLUS or Private Education Loan
Parents or students may apply for loan funds to cover all or
a portion of the balance due. Loans must be applied for and
approved prior to the payment deadline. PLUS borrowers—
please add the 4.288% origination fee to the amount needed.
9. Health and Tuition Insurance
Payment Deadlines
Payment is due by the following deadlines:
•
Fall: August 5, 2014
•
Spring: January 5, 2015
Health Insurance
Puget Sound is concerned with the overall health of its
students and their medical health coverage away from home.
It is REQUIRED that students carry some type of health
coverage. Many students have, or can obtain, health coverage
through a parent’s or guardian’s policy. Puget Sound will have
more information on health insurance options on our website:
pugetsound.edu/studentbilling.
Students who have not made financial arrangements by
the payment deadline will be charged a nonrefundable
$200 late fee.
Tuition Insurance
Your investment in your education is a significant and important
one. The university offers reasonably priced tuition insurance
through the A.W.G. Dewar Co. The plan protects your educational
investment by reimbursing 80% of paid tuition and fees if you
receive an approved medical withdrawal. Find more information
on our website: pugetsound.edu/studentbilling.
If you anticipate a problem meeting the payment deadline,
please contact our office before the deadline to make special
arrangements. Students who do not have their payment
arrangements completed by the second day of classes will have
their registration canceled. Students are then able to re-register
on a space-available basis once financial arrangements have
been confirmed.
Monthly Statements
You will receive email notification when your monthly billing
statement is available. This statement details the activity
on your account and the current balance due. We ask that
you review the student account to confirm that payments,
scholarships, and loans are accurately reflected on your
student account.
10. Educational Tax Credits
Under the American Recovery and Reinvestment Act (ARRA),
many parents and students qualify for a tax credit, the American
Opportunity Credit, to pay for college expenses.
For more information visit the IRS website at IRS.gov.
Credit Balances
Your financial aid is expressed as an annual amount. The funds
are divided equally and disbursed to your student account at the
beginning of each semester. If there are any remaining funds on
your student account after charges are paid, the funds will be
available to you through a refund check. Refund checks cannot
be released until the first day of the semester.
11. Required Notifications and Disclosures
The Higher Education Act of 1965 (HEA) requires all colleges
and universities participating in Federal Student Aid Programs
to disclose specific institutional information to current and
prospective students. Information on University of Puget
Sound is available on our website at pugetsound.edu/
consumerinformation.
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Financial Assistance is Available
Please visit the university’s website at pugetsound.edu/sfs,
or contact Student Financial Services at 800.396.7192 or
253.879.3214, to obtain more information about student financial
aid programs, including application procedures, eligibility criteria,
and the rights and responsibilities of students receiving financial
assistance.
Family Educational Rights and Privacy Act (FERPA)
Please visit the university’s website at pugetsound.edu/
registrar/ferpa or visit the Office of the Registrar, located in
Jones Hall, Room 013, to obtain more information about the
rights and procedures under current U.S. law for inspection,
correction, and disclosure of information in a student’s record.
SECURITY POLICIES AND CRIME STATISTICS
By October 1 of each year, the university distributes to all
enrolled students and current employees an annual security
report that contains institutional security policies and crime
statistics. To obtain a copy of the most recent annual report,
visit pugetsound.edu/security or contact Security Services at
253.879.3311.
ATHLETIC PROGRAM PARTICIPATION AND FINANCIAL
SUPPORT
By October 15 of each year, the university makes available,
upon request, a report on athletic program participation rates
and financial support data. Please contact the university’s
athletics office at 253.879.3426 to obtain a copy of the most
recent annual report.
COMPLETION AND GRADUATION RATES
The university annually publishes its student completion rate,
which is currently 77.8%. This means that 77.8% of fall 2007
entering freshmen graduated by August 2013.
12. Payment and Financial Aid Checklist
The link above will take you to a checklist to help you keep track
of the details of the payment and financial aid process.
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