Are you officially a member of the Class of 2018? Well let’s start off by saying we are SO excited to have you join the Wentworth community (you may or may not be counting down the days till you arrive… its 102 by the way). You may be wondering where you go from here. What are your next action steps? Well, if you are this post will hopefully answer any questions you may have.
The good news is that until bills become available there is not a ton of things that can really happen. E-Bills for the Fall 2014 semester will be available on your L-Connect account beginning June 20th.
After the bills become available on June 20th then you and your family will have until July 31st to have a payment method in place for any remaining balance that financial aid is not covering. The bills are done on a semester basis so you will only see the balance for the fall but that does not mean you cannot apply for loans for the year’s balance. Basically just take that balance- multiply by two and viola- a pretty good estimate of your year’s balance. Please note that the housing deposits you made thus far are ONLY for the fall semester. There is an additional deposit for each semester you are attending.
There are a few different ways in which you can cover any remaining balance. First, there are Parent Plus or alternative loans. Parent Plus loans are taken out by the parent of dependent students and the loan is entirely on the parent and not the student. Check out our “Game of Loans” post to see the interest rates on Parent Plus loans for next year. If you don’t want to go that route we have a list of commonly used alternative loans by Wentworth students in the past three years. This is not an exhaustive list of potential lenders but just some options that other students have utilized.
If Parent Plus/ alternative loans are not the route you want to go Wentworth does offer a payment plan through Tuition Management System. Our website has plenty of information about the various plans you can create so we highly recommend checking it out here if your family decides to do that.
You can also pay your bill in its entirety without setting up a payment plan or seeking an alternative loan. We have several different methods of paying your bill outlined here that should prove helpful.
The other big item on your list should be deciding, if you have not done so already, what financial aid you plan to accept. Scholarships and grants are automatically accepted so you don’t have to worry about that but when it comes to the Stafford loans and the Work Study you have a decision to make. If you do decide to accept all the aid that was offered to you would need to do so on your L-Connect account. If you decided to accept the Stafford loans then you will need to sign onto http://www.studentloans.gov and complete the Master Promissory Note and Entrance Counseling for the loans. You will NOT be able to receive these loans until you complete these two items. They are very important and outline important points to know when borrowing these loans so don’t take it too lightly. While it may take upwards of an hour to complete it really is there to assist you.
If you were selected for verification and have not sent in the required paperwork you should definitely get the ball rolling on that. You can see any outstanding requirements on your L-Connect account and can find information regarding verification and what that means here.
Again, until the bills become available it’s really a waiting period for new students at this point. If you are a returning student then you are probably waiting on your financial aid package (which we will have ready for you shortly), completing verification requirements or just enjoying your summer/ taking courses. Enjoy the calm and quiet and as usual contact us if you have any questions!
Until next time!