Financial Aid Confirmation Process
THE CONFIRMATION AND PAYMENT PROCESS
Confirmation: Once Student Financial Services validates your method of payment, you will be considered financially ready to attend. The process of confirmation thus includes the following:
- Completing a Student Financial Agreement
- Clearing all holds
- Paying off all previous balances and outstanding fines
- Identifying your method of payment, ensuring that the monthly payment plan is paid current and/or other loans are at that time fully approved
- Accomplishing the above by the following dates:
- Wednesday, Aug. 9, 2023, for fall semester
- Wednesday, Dec. 6, 2023, for spring semester
Paying as Agreed: In order to fully accommodate all of our students, we have set the above deadlines. A charge of $50 is assessed if confirmation is not completed by the dates identified above. Please keep these deadlines in mind in your planning.
You and your family have multiple options to cover the remainder of your bill after all other sources of aid have been applied. Many students pay the balance in full, but others use Transact’s monthly payment plan or arrange a Parent PLUS or private loan. Whatever the approach, it is necessary that all arrangements be completed well before the payment deadlines to ensure a smooth start to the semester. Below are payment options:
- Full Payment: Payment in full is due by August 10 for fall and December 7 for spring. Payments may be made in Founders Hall at the Student Accounts office, or checks may be mailed to:
Mount Vernon Nazarene University
800 Martinsburg Road
Mount Vernon, OH 43050-9500For online or credit card payments, MVNU has contracted with a company called Official Payments Corporation (OPC). For electronic checks directly from your bank account, OPC charges $3 per transaction. If you use a credit card, a 2.5% fee is assessed by OPC. American Express, Discover, MasterCard, and Visa are accepted.
- Monthly Payment Plan: For an annual enrollment fee of $75, a service offered by Transact called “Cashnet” will spread out your costs over a 10-month period without incurring interest charges. For 2022-2023, the first payment is due July 5, with nine subsequent monthly payments through April. Visit https://commerce.cashnet.com/cashneti/static/epayment/mvnupay/loginto set up your payment plan.
- Federal Direct Parent (PLUS) Loan: Using this loan, parents who qualify may borrow up to the cost of attendance (after financial aid is applied). It is advisable to request funds for the entire academic year. Parents that wish to utilize a PLUS loan must apply early to ensure sufficient time for the process to be completed before the confirmation deadline. For those whose application is approved, a Master Promissory Note must also be completed by the parent (www.studentaid.gov). Annual amounts approved under this program will be divided equally between the semesters and an origination fee will be assessed.
- Private Loan / FASTChoice: You may have access to additional loans from private lenders for remaining balances. Certain private loans offer the opportunity for creditworthy individuals to borrow a private loan on behalf of the student. For additional information, see www.mvnu.edu/loans and select the “FASTChoice” link under the heading “Private Education Loans.”