Financial Aid & Billing
Financial Aid & Billing
Kendra Feigert, Director of Financial Aid
Jeff Petritsch, Director of Student Accounts
AccessLVC ->
Financial Aid
•
Link in admissions
portal with login
credentials
•
From lvc.edu -> MyLVC
Steps to Finalize Your Aid Offer
1.
‘Review and accept your awards’ - Accept,
reduce, or decline federal student loans – interest
rate - 5.49%
BORROW FEDERAL LOAN FIRST!
•
You must take action on the subsidized loan
(interest-free) before the unsubsidized
Steps to Finalize Your Aid Offer
2.
‘Review the cost breakdown and electronically
sign your aid offer letter’ – every time there is a
change, the student will be prompted to review
and sign.
3.
If you are borrowing federal student loans –
complete Direct Loan Entrance Counseling and
the Master Promissory Note at studentaid.gov
Complete ASAP
Other Info on Financial Aid Portal
•
View Required Documents
•
Read a description of each of the awards you are
receiving
•
Link to the FA Information Packet
Financial
Aid Info Packet
Financing Options
P
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m
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a
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e
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e
r
a
l
P
a
r
e
n
t
P
L
U
S
L
o
a
n
•
Parent is the borrower
•
8.05% fixed interest rate for loans disbursed on or after July 1, 2023
•
4.2% origination (up front) fee
P
r
i
v
a
t
e
S
t
u
d
e
n
t
L
o
a
n
•
Student is the borrower, credit-worthy cosigner required
•
Fixed and variable rates available from banks/credit unions
•
LVC provides a list of recommended lenders (URL below) or search “private
student loans” on lvc.edu
https://www.lvc.edu/admission-aid/financial-aid-costs/loans/private/
Loan Certification & Disbursement Dates
•
We will begin to certify parent sub/unsub, PLUS, and private loans in June
•
Federal, state, and private grants and loans will disburse to the student
account with the Business Office:
•
Fall – August 23, 2023
•
Spring – January 10, 2024
•
Only LVC grants and scholarships will show as a reduction to your charges
on the Statement of Account (bill). You may reduce your balance due by
the amounts of approved/pending grants and/or loans.
•
An electronic worksheet is available to assist you
Update to Meal Plan (Residents only)
•
Due to new federal regulations, we are required to provide you with a
meal plan that includes 3 meals per day – Platinum meal plan.
Currently, Gold is included in the aid offer.
•
In early June we will be updating your aid offer letter to include the
platinum meal plan. You do NOT have to select this meal plan. Your bill
will include the meal plan you select.
•
There will be no change to your LVC grants and scholarships. An email
will be sent when the update to the meal plan is complete.
Changes for 2024-2025
•
2024-25 FAFSA will not be available until December 2023
•
Needs analysis formula is changing significantly – expected
family (EFC) contribution will become the student aid index
(SAI)
•
Stay tuned for more details
Billing Dates
Semester
Email Date
Due Date
Fall 2023
7/5/2023
8/7/2023
Spring 2024
11/22/2023
1/5/2024
•
Payment is due by the date indicated on each monthly statement.
•
“Statements” are available online via the Student Finance Portal in AccessLVC.
•
Real-time on-demand student account transactions are available under “Activity
Details” in the Student Finance Portal
•
A late charge of $200 per semester is added to the student account if payment in
full (less approved financial aid) is not received by the stated due date.
•
Bills for incidental charges will be emailed monthly and will note specific due
dates.
Communication/Financial Responsibility
Please communicate with each other about all aspects of the bill-
paying/loan application process. Since the account is in the student’s
name it is highly beneficial if the students themselves are involved!
Please be sure to do the following to ensure that your account is current:
Review the account statements that are emailed each month.
Review your student account activity details on the Transact Student Finance Portal on a regular
basis
For questions about charges/due dates/payment plans call the Business Office at 717-867-6300
For questions about your financial aid call the Financial Aid Office at 717-867-6126
Parent Access!
•
Students can authorize others to access the Student Finance Portal in 4
easy steps!
After logging into AccessLVC:
1.
Click on Student Finance
2.
Click on My Account
3.
Scroll down and click on Send a Payer Invitation (under Payers)
4.
Enter the first name, last name, and email address of the person they
wish to invite and click Send Invitation – That’s it!
•
The authorization will remain in place unless the student later rescinds it.
Parent Access!
Student Account Worksheet (Optional)
Methods of Payment
Direct:
•
Cash
•
Personal Checks (please include 7 digit Student ID number in the memo!
•
Money Orders
•
TAP/529 Plans – contact the agency for instructions. All checks should be made payable to Lebanon Valley College,
should include the student’s name and student ID number and should be sent to:
Lebanon Valley College
Attn: Business Office
101 N. College Ave
Annville, PA 17003
Online only:
•
ACH/Bank Account/eCheck – Checking or Savings account ($0.50 fee)
•
Credit/Debit Card (2.75% fee)
•
Transact Payment Plan ($35 enrollment fee per plan)
•
Guest Pay (ACH or Credit/Debit Card) –
https://commerce.cashnet.com/lvcpay
- “Pay as a Guest” Enter ID/Last Name
Transact Payment Plan
•
Students will be able to enroll from the Student Finance Portal
•
Parents will be able to enroll from the Transact Payments Portal
•
$35 Enrollment
Fee – No Interest!
•
You determine the amount to setup. You can finance what is due,
or you can finance more to cover bookstore charges/etc. or you
can finance less if you have funds coming from other sources
•
You may increase or decrease your payment plan at any time and
there is no fee for doing so. Your adjustment will impact your
future payments.
•
Auto-pay is available
Transact Payment Plan
•
5 month plan - single semester
•
Due on the first of each month from 8/1 to 12/1
•
10 month plan – full year
•
Due on the first of each month from 8/1 to 5/1
•
When setting up this plan, double the amount that will be due for
fall, so that the spring is covered as well.
•
This plan is recommended because you won’t have to pay another
fee to do a second spring semester plan!
•
Did you miss enrolling in a plan before it started?
•
No Problem! - You will be asked to make the payments to catch up
at that time.
Thank You
WE ARE HERE TO HELP YOU!
r Attending!
Kendra Feigert
Jeff Petritsch
feigert@lvc.edu
petritsc@lvc.edu
finaid@lvc.edu
cashier@lvc.edu
717-867-6126 717-867-6300
Office Hours
Academic year - Monday to Friday 8:00 a.m. to 4:30 p.m.
Summer - Monday to Thursday 8:00 a.m. to 4:00 p.m.,
Friday 8:00 a.m. to noon
Comprehensive guide on financial aid and billing processes at LVC, including steps to finalize aid offers, accessing the financial aid portal, financing options, loan certification and disbursement dates, and more. Information provided by Kendra Feigert, Director of Financial Aid, and Jeff Petritsch, Director of Student Accounts.
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Presentation Transcript
Financial Aid & Billing Kendra Feigert, Director of Financial Aid Jeff Petritsch, Director of Student Accounts
AccessLVC -> Financial Aid Link in admissions portal with login credentials From lvc.edu -> MyLVC
Steps to Finalize Your Aid Offer 1. Review and accept your awards - Accept, reduce, or decline federal student loans interest rate - 5.49% BORROW FEDERAL LOAN FIRST! You must take action on the subsidized loan (interest-free) before the unsubsidized
Steps to Finalize Your Aid Offer 2. Review the cost breakdown and electronically sign your aid offer letter every time there is a change, the student will be prompted to review and sign. 3. If you are borrowing federal student loans complete Direct Loan Entrance Counseling and the Master Promissory Note at studentaid.gov Complete ASAP
Other Info on Financial Aid Portal View Required Documents Read a description of each of the awards you are receiving Link to the FA Information Packet
Financing Options Payment Plan 10 month August to May Federal Parent PLUS Loan Parent is the borrower 8.05% fixed interest rate for loans disbursed on or after July 1, 2023 4.2% origination (up front) fee Private Student Loan Student is the borrower, credit-worthy cosigner required Fixed and variable rates available from banks/credit unions LVC provides a list of recommended lenders (URL below) or search private student loans on lvc.edu https://www.lvc.edu/admission-aid/financial-aid-costs/loans/private/
Loan Certification & Disbursement Dates We will begin to certify parent sub/unsub, PLUS, and private loans in June Federal, state, and private grants and loans will disburse to the student account with the Business Office: Fall August 23, 2023 Spring January 10, 2024 Only LVC grants and scholarships will show as a reduction to your charges on the Statement of Account (bill). You may reduce your balance due by the amounts of approved/pending grants and/or loans. An electronic worksheet is available to assist you
Update to Meal Plan (Residents only) Due to new federal regulations, we are required to provide you with a meal plan that includes 3 meals per day Platinum meal plan. Currently, Gold is included in the aid offer. In early June we will be updating your aid offer letter to include the platinum meal plan. You do NOT have to select this meal plan. Your bill will include the meal plan you select. There will be no change to your LVC grants and scholarships. An email will be sent when the update to the meal plan is complete.
Changes for 2024-2025 2024-25 FAFSA will not be available until December 2023 Needs analysis formula is changing significantly expected family (EFC) contribution will become the student aid index (SAI) Stay tuned for more details
Billing Dates Semester Fall 2023 Spring 2024 Email Date 7/5/2023 11/22/2023 Due Date 8/7/2023 1/5/2024 Payment is due by the date indicated on each monthly statement. Statements are available online via the Student Finance Portal in AccessLVC. Real-time on-demand student account transactions are available under Activity Details in the Student Finance Portal A late charge of $200 per semester is added to the student account if payment in full (less approved financial aid) is not received by the stated due date. Bills for incidental charges will be emailed monthly and will note specific due dates.
Communication/Financial Responsibility Please communicate with each other about all aspects of the bill- paying/loan application process. Since the account is in the student s name it is highly beneficial if the students themselves are involved! Please be sure to do the following to ensure that your account is current: Review the account statements that are emailed each month. Review your student account activity details on the Transact Student Finance Portal on a regular basis For questions about charges/due dates/payment plans call the Business Office at 717-867-6300 For questions about your financial aid call the Financial Aid Office at 717-867-6126
Parent Access! Students can authorize others to access the Student Finance Portal in 4 easy steps! After logging into AccessLVC: 1. Click on Student Finance 2. Click on My Account 3. Scroll down and click on Send a Payer Invitation (under Payers) 4. Enter the first name, last name, and email address of the person they wish to invite and click Send Invitation That s it! The authorization will remain in place unless the student later rescinds it.
Methods of Payment Direct: Cash Personal Checks (please include 7 digit Student ID number in the memo! Money Orders TAP/529 Plans contact the agency for instructions. All checks should be made payable to Lebanon Valley College, should include the student s name and student ID number and should be sent to: Lebanon Valley College Attn: Business Office 101 N. College Ave Annville, PA 17003 Online only: ACH/Bank Account/eCheck Checking or Savings account ($0.50 fee) Credit/Debit Card (2.75% fee) Transact Payment Plan ($35 enrollment fee per plan) Guest Pay (ACH or Credit/Debit Card) https://commerce.cashnet.com/lvcpay - Pay as a Guest Enter ID/Last Name
Transact Payment Plan Students will be able to enroll from the Student Finance Portal Parents will be able to enroll from the Transact Payments Portal $35 Enrollment Fee No Interest! You determine the amount to setup. You can finance what is due, or you can finance more to cover bookstore charges/etc. or you can finance less if you have funds coming from other sources You may increase or decrease your payment plan at any time and there is no fee for doing so. Your adjustment will impact your future payments. Auto-pay is available
Transact Payment Plan 5 month plan - single semester Due on the first of each month from 8/1 to 12/1 10 month plan full year Due on the first of each month from 8/1 to 5/1 When setting up this plan, double the amount that will be due for fall, so that the spring is covered as well. This plan is recommended because you won t have to pay another fee to do a second spring semester plan! Did you miss enrolling in a plan before it started? No Problem! - You will be asked to make the payments to catch up at that time.
Thank You WE ARE HERE TO HELP YOU! r Attending! Kendra Feigert feigert@lvc.edu finaid@lvc.edu 717-867-6126 717-867-6300 Office Hours Academic year - Monday to Friday 8:00 a.m. to 4:30 p.m. Summer - Monday to Thursday 8:00 a.m. to 4:00 p.m., Friday 8:00 a.m. to noon Jeff Petritsch petritsc@lvc.edu cashier@lvc.edu
