Refunds & Payment Plans

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Credit Balance Refunds:  Will I receive money fromMy Financial Assistance Award directly in my hand, after paying all of my charges for tuition, residence hall, etc?  Or, when do I receive MY MONEY?

Perhaps.   Look at your “Award Letter”.  It details this information.

In general, if your total financial assistance award for the term is larger than your charges, the difference is called a “Credit Balance”.  “Credit Balances” will be “refunded” to the “Appropriate Party”.    Here is an example, using round numbers:

Example #1

Total Charges for Term

-

Financial Aid for Term

Balance

To be paid to:

You, or if Parent PLUS loan in award, as designated by Parent

Credit Balance

$10,000.

-

$12,000

=

($2,000)

What does “Appropriate Party” mean? 

If your Parent borrowed from  the Parent Loan for Undergraduate Students(PLUS) program, they will have designated whether the “Credit Balance” should be refunded to them or to you.  KWU will follow their designation.  If there is no PLUS loan in your Financial Aid Award, the “Credit Balance” will be paid to you.

Can I Use My Financial Assistance Award to pay for my textbooks?

It depends.  If yourtotal financial assistance award for the term is larger than your charges, you are entitled to a “Credit Balance” Refund.  (See Credit Balance Refunds above.)  You can use that money to pay for your text books.  But, it is better if you can obtain your text books earlier so you have them for your first day of class.   Working during the Summer and saving your wages is a good way to plan ahead.     However if you still need help, contact the Student Financial Planning Office in the K Dub Hub  for more information about “Text Vouchers” for the Bookstore. Under some very limited circumstances,  staff members  may be able to help, if you qualify.

What if My Financial Assistance Award is NOT Sufficient to Pay ALL of my charges for tuition, etc?

Below is an example of this:

Example #2

Total Charges for Term

-

Financial Aid for Term

Balance

Balance Not “Covered” by Financial Aid

Balance Owed

$12,000

-

$10,000.

=

$2,000.

If you have a remaining balance of charges not covered by your “Financial Assistance Award, the KWU Payment Selection Form is how you and your family instructs us as to how you want to cover the remaining balance.  It is included with your Award Letter and a blank copy is available to download from the KWU Financial Aid webpages at http://www.kwu.edu/future-students/tuition-fees/financial-aid/forms.

In short, the following options are available:

v  Pay the balance in full prior to the beginning of the term. 

Due Dates:   Fall Term:  August  1      Spring Term:  January 1        Summer Term:

We accept:

Method of Payment

Where / How do you deliver this?

Notes:

Cash

Business Office       Pioneer Hall Room 160  

8-5 PM

closed for lunch

12:30-1:30 PM

Check,

Cashier’s  checks

Business Office       Pioneer Hall Room 160  

8-5 PM

closed for lunch

12:30-1:30 PM

Mail to:

Kansas Wesleyan University

Attn:  Business Office PH 160,

100 East Claflin Ave,

Salina, KS  67401-6196

K-Dub Hub Pioneer Hall Room 285

8-5 PM

ATM / Debit Cards,

Credit Cards accepted:

Mastercard,

Visa or 

Discover

Business Office        Pioneer Hall Room 160

3% fee

Telephone Business Office at 785-827-5541 X 1220 to make a payment by phone

3% fee

On-Line on your MyKWU Portal Account

Your MyKWU portal:

   In the section under  Current Students,

      My Account Info,

         My Account Balances,

            Make a payment.

3% fee

v  Pay the balance by automatic debit from a checking or savings account.  See the Payment Selection form for the dates on which these four (4) equal installments are  deducted each term.    The First Due Date is 8/1 for the Fall term and January 2, 2014 for the Spring term.  Custom arrangements are sometimes available, but the account must be paid in full at the end of the Semester and there is a fee for the Custom Payment Arrangements. See the Fees Section of the current catalog for the ACH Payment Plan and Custom Payment arrangements.

v  There are additional financial assistance programs as well:

PARENT (PLUS) LOAN—Federal Student Aidcredit-based loan available to a parent of a dependent  undergraduate student.   For more information or to apply, the parent should complete “PLUS Loan Request” and “Sign Master Promissory Note” at www.studentloans.gov.  If they do not have a FAFSA PIN, they should request one at https://pin.ed.gov/.  New FAFSA PINs  take three business days to authenticate before a PLUS loan application can be submitted.

ALTERNATIVE EDUCATIONAL PRIVATE LOAN—Non-governmentalcredit based loans for students, deferred for half time or greater, and a six-month grace period after school before repayment begins. Apply for the entire year; funds are disbursed each semester. A co-signer is strongly recommended in general but required for freshmen or students with no/low credit scores. Interest rate based upon credit. KWU does not endorse any particular lender. but here is a A list of lenders who have historically made loans to our students:

1. Discover “Certified Private Loan”

2. Sallie Mae “Smart Option” Private Loan

3. Wells Fargo “Collegiate Loan”