Financial Aid on your Bill

Understanding the financial aid on your billing statement

The financial aid offer letter is not the same as your billing statement. The offer letter details your annual gift aid, loans and work study eligibility, to show an “Approximate Cost to Family” for the year. You must complete loan processes if you wish to take advantage of the loans listed on your offer letter.

The billing statement shows your actual charges for one semester, less any financial aid that has credited to your account, and is what you actually owe. If there is a discrepancy between your estimated cost from the financial aid offer letter and what you are being billed, some reasons could be:

  • Federal grants and loans do not credit to your account until 10 days before each semester begins;
  • Financial Aid Office may be waiting on requested documents such as Verification or tax returns, and some of your financial aid will be on hold until those forms are returned;
  • You may still need to complete required loan processes;
  • Federal Direct Loans will post to your account less a 1.059 percent fee, and Federal Parent PLUS Loans will post less a 4.236 percent fee;
  • You may be taking classes with extra course fees not estimated on the financial aid offer letter that cover lab materials, assessments, or certifications;
  • Different options for room and board;
  • You may still be eligible to waive your Student Health Insurance Fee; and/or
  • Student employment earnings do not apply directly to your bill unless you complete a student employment contract with the Student Accounts Office.