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Financial Aid and Your Bill
Department RolesThe Financial Aid Office and the Cashier’s Office work together to process the financial information associated with a student's enrollment at KVCC. Understanding each department's role will help you better understand how a student's bill is created and how funds are applied to that bill. The Cashier’s Office establishes separate accounts for students. Students are billed for tuition and fees based on their enrollment for the semester. Interest -free monthly payment plans are also administered through this Office as follows: PAYMENT PLAN The College offers a payment plan for those students matriculated in a program and enrolled in 6 credit hours or more which requires a $25 fee per semester. The plan requires the following payment schedule:
The Cashier’s Office also accepts credit card payments. The Financial Aid Office awards financial aid and sends the award information to the Cashier’s Office so that it can be included to offset the charges on a student’s bill. Both charges and financial aid awards are usually shown on the bill. If not, students should compare their financial aid award letter with their bill. The amount owed is the difference between total charges and your financial aid. If there is a surplus, students can charge books at the KVCC College Store up to the surplus amount. (Students must fill out a form giving the Cashier’s Office permission to use financial aid to offset the cost of books ordered through the KVCC College Store.)
Cost of Attendance for the Academic YearThe "Cost of Attendance" ("COA") or the "Cost of Education" figure noted represents an estimate of what it will cost a full-time undergraduate student to attend KVCC . This figure includes the cost of tuition and fees and allowances for room, board, books, transportation, and a miscellaneous expense allowance. We want families to understand what is (and is not ) included in the COA . Families need to fully understand their options in order make wise financial choices appropriate for their unique circumstances.
• Learn more about how to effectively calculate an undergraduate student's
cost of living
How Aid is Applied to Your Bill• Please submit all your paperwork to the Financial Aid Office as soon as possible so that your award can be included on your bill. Be sure to sign and return your award letter. Check with the Cashier’s Office (453-5077) to see when the bill is due. If you are enrolled in six or more credits and can’t pay in full by the due date, you can make a payment plan and pay 25% of the invoice amount by the date the bill is due. Forms are available in the Cashier’s Office • Once you accept your financial aid offer, aid will be credited directly to your account, half for the fall semester and half for the spring, assuming you are registered for the same number of credits in fall and in spring. A final check of the number of credits you are registered for is conducted after the add/drop period, and any necessary adjustments are made before your semester aid is disbursed. • Both charges and financial aid awards are usually shown on the bill. If not, compare your financial aid award letter with your bill. • The amount owed is the difference between total charges and your financial aid. If there is a surplus, you can charge books at the KVCC College Store up to the surplus amount. However, you must fill out and sign a Student Financial Aid Authorization Form (which is sent to you in the same mailing as your award letter) to give permission for your books to be charged against your surplus financial aid. • Your financial aid is applied against your charges (including your books if you choose to charge them against your financial aid). In the order the funds are received. If your total financial aid is more than your total charges, you will receive a refund, usually about a month after the start of the term.
Federal Stafford Loans Students’ loan funds are credited via an electronic funds transfer into their account with the Cashier’s Office.
Federal Work-Study
State of Maine Grant Program (SMGP)
Veterans’ Education Programs
REFUND TO YOU OF FINANCIAL AID AMOUNTS OVER AND ABOVE YOUR CHARGES FOR TUITION FEES, AND BOOKS, AND POLICIES REGARDING THE RETURN OF FEDERAL FINANCIAL AID FUNDS IF YOU FAIL TO COMPLETE AT LEAST 60% OF THE SEMESTERYour financial aid is applied against your charges (including your books if you choose to charge them against your financial aid). If your total financial aid is more than your total charges, you will receive a refund, usually about a month after the start of the term. When a student withdraws from, or totally ceases attending KVCC before the end of the semester, refunds are calculated according to the KVCC Refund Policy and the Federal Financial Aid Refund Policy. The Title IV Financial Aid you receive from the federal government - Pell Grants, Stafford Loans, Federal SEOG grant, Federal Academic Competitiveness Grant, or a Federal PLUS loan - is for your use while you are a student. Federal law states that if you stop being a student for any reason before completing 60% of the semester), the government wants the "unearned portion” of that money repaid immediately. The amount that you have to pay back is based on the timing on your withdrawal. The longer that you are enrolled as a student, the more money you are entitled to keep. Depending upon when the withdrawal takes place, the amount of money you have to repay could be significant. So, if you have attended KVCC at least one day and stop attending all classes before the end of a semester, regulations require the Financial Aid Office to perform a “Return to Title IV” funds calculation. This calculation determines (based on your withdrawal date, your last date of attendance, or if that is unknown, the mid-point of the semester) how much financial aid was not actually earned and must be returned to the government. Students for whom a “Return to Title IV” funds calculation has been performed will receive a letter from the Financial Aid Office informing them of this. |
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