Financial Aid: What Parents Should Know
Financing your student’s college education is often one of the largest concerns a parent may have. This site was created to help ease those concerns and answer your questions. Click around to find important information about billing, payments, scholarships and financial aid. For additional information visit our Office of Student Financial Aid or Bursar’s Office Web sites.
Financial Aid FAQ
What comprises Tuition and Fees?
Tuition is the cost of courses at a university while fees are assessed depending on the types of courses a student is taking. A General Fee is required for all students registered for any type of course credit including contract education courses and distance learning courses. Additional fees may be charged for legal and special services, parking, health insurance, and miscellaneous items. Also, students enrolled in particular academic colleges, like the College of Business Administration, Engineering or Pharmacy, are charged additional technology or co-op fees. Tuition for the upcoming academic year is typically set between May and July prior to the start of fall semester. Visit the Bursar’s Office Web site for detailed information on tuition and fees.
What is the Bursar’s Office?
The Bursar’s Office is responsible for the billing, collecting, and depositing of all money owed to and/or collected by The University of Toledo. They offer centralized billing and collection for outstanding account balances, Federal Perkins loans and University loan programs. You can visit the Bursar’s Office Web site or call 419.530.5755 for additional information on student account services and University financial policies.
Can I pay with a credit card?
Yes, you can pay with a credit card, but a third-party payment processor fee of 2.67% will be assessed. The third-party processor accepts MasterCard, Discover and American Express.
What are the different payment methods?
The following are descriptions of predominant payment methods at UT. Additional payment options such as loans, grants, scholarships, and fee waivers also exist. For more information on these alternative methods visit the Bursar’s Office Payment Options.
Installment Payment Plan (IPP)
Offers a plan to make payment of tuition and fees more convenient. It provides an option to make 4 or 5 monthly payments throughout each semester. A 3-month payment plan is offered for the summer semester. A completed IPP form and initial payment, including the $30 plan fee and all non-deferrable charges, must be received at the Bursar’s Office by the application due date. The completed application should be sent to:
The University of Toledo
Mail Stop #331
2801 Bancroft St.
Toledo, OH 43606.
Payments can be made through the Web for Students (electronic payments), mail or in person at the Bursar’s Office.
Electronic Direct Payment
Allows a payment from either a checking or savings account using the Self Service channel in the myUT Web portal. It is directed by the payer and can be used as often or little as needed. This method is completed in real time, assuring that the tuition payment is received on time and classes are secured. There is no processing fee for this type of transaction.
Mail Payment
Checks and money orders made payable to The University of Toledo can be mailed to:
The University of Toledo
PO Box 10004
Toledo, OH 43699-0004.
Please include either the remittance stub from the student statement and/or the student identification number in the memo section. Allow 7-10 days for delivery. Do not send any mail to this address that would require a signature, such as certified or overnight mail. Please do not mail cash.
Credit and Debit Card Payment
Due to budget constraints, The University of Toledo is no longer accepting direct credit card payments. However, MasterCard, Discover and American Express payments can be made through a third party processor via the Self Service channel in the myUT Web portal. A processing fee of 2.67% will be assessed on all credit and debit card transactions.
In-Person Payment
Payments can be made in person at the Cashier’s Office, 1790 Rocket Hall, or at the payment depository during or after business hours (cash and checks only). The depository is located near the Cashier’s Office, directly across from Rocket Hall Room 1400.
Deregistration, what’s that and why does it happen?
Deregistration is when a student is dropped from all or some of the courses they have registered for. The University will automatically deregister students from all of their classes if their account balance is equal to or greater than $200 after the payment due date.
The first deregistration takes place on the second Friday* prior to the start of the term. Courses will be dropped at 100% credit. Students registering after the first deregistration are expected to pay for courses at the time of registration.
The second deregistration will occur the Friday* immediately preceding the term, one week after the first deregistration. Courses, including any future term courses, will be dropped at 100% and a prepayment hold will be placed on the account. If a student is deregistered during this process, they must pay in advance before any further registration activity occurs.
*If either Friday falls on a University observed holiday, the de-registration process will occur the day before.
Where do scholarships fit in?
A scholarship is financial aid awarded for academic, music or athletic achievements, which do not have to be repaid. The University of Toledo offers a broad range of scholarships for both new and current students. Students may apply for general scholarships as well as unique scholarships offered through each academic college. Visit the Scholarships and Awards Guide to look up specific scholarships and get more details.
How do we complete an award letter?
Once a Financial Aid Award Notification is received, read and follow the directions carefully. Indicate on the appropriate copy which awards and how much of each the student would like to accept. The award letter should then be signed and returned to the Office of Student Financial Aid, 1200 Rocket Hall. If the award includes a Parent PLUS Loan, you (the parent) must complete the information requested on the back of the award letter and sign before returning the letter.
If your child is receiving a student loan, they must complete an entrance interview, explaining how the loan process works and their responsibilities, and sign a promissory note. These may be completed over the Internet. If these two steps are not completed, the funds will not be paid out.
What about mandatory health insurance?
Beginning fall semester 2003, The University of Toledo requires domestic students registered for six or more on-campus credit hours per semester and International students registered for one or more credit hours per semester to have health insurance. This helps safeguard students’ health and finances in the event of illness or injury.
Domestic students who already have health insurance, either their own or their parents’, will need to complete an online waiver via the Self Service channel in the myUT Web portal prior to the beginning of each semester. Domestic students without health insurance will automatically be assessed a single student premium of $239 or more, included in their bill.
All International students will automatically be assessed a single student insurance premium. Those International students with health insurance must contact the Insurance Coordinator at the Student Medical Center to obtain a waiver. On-line waivers will not be accepted for International students.
All waivers are due each term on or by the last day of add/drop for the term. Failure to pay or waive insurance may result in deregistration from classes. For more information on mandatory health insurance please visit the Student Medical Center’s Web site.
What about the cost of parking?
Beginning fall semester of 2005, UT automatically issues a parking permit to each student upon registration. If the student does not wish to receive a parking permit, they must either “OPT-OUT” when they register or, if a permit is received, return the permit to the Parking Services Office (1610 Rocket Hall) before the end of the Add-Drop grace period for a full refund.
Permit Fees
Fall and Spring Semesters
Residents with 30 earned credits or more and students living off
campus:
- Registered with less than 12 credit hours - $50.00 per semester
- Registered with 12 credit hours or more - $99.50 per semester
- Freshman and 1st year transfer residents with less than 30 earned credit hours living in on-campus residences - $75.00 per semester*
*Residents with less than 30 earned credit hours will park at the Scott Park Campus with free shuttle service provided to and from main campus.
Summer Semesters
Policies and permit fees for the summer semesters are assessed at the
same rate as the fall and spring semester and are calculate based on the
total credit hours for all sessions combined. Freshman and first-year
transfer residents with less than 30 earned credit hours, living in
on-campus residencies, will be assessed at the same rate as upperclassmen
for the summer semester. The parking location restrictions for this group
will not be in effect for the summer semester.
For more information, please visit the UT Parking Services Web site.
FAFSA – why should everyone complete one regardless of income?
Why should you and your student fill out a FAFSA? Why not? It’s FREE!!!
The FREE Application for Federal Student Aid is processed by the U.S. Department of Education and used by schools selected by your student to determine eligibility for and award aid provided by federal and university student aid programs.
Regardless of income, every student that applies for college should fill out a FAFSA form to determine if they qualify for financial aid from either the federal government in the form of grants, loans, and work-study, or through The University of Toledo in the form of scholarships.
How do we fill out the FAFSA?
The FAFSA can be filed electronically on the Web or completed by hand on paper. The U.S. Department of Education provides a great on-line guide to completing the FAFSA, including a list of information and documents needed to complete the form. They also provide a step-by-step guide that takes you through each application question individually, explaining the purpose and what to do to complete the form successfully. Please utilize these sites for help or call The University of Toledo’s Office of Student Financial Aid at 419.530.8700 or visit the UT Financial Aid Web site with any questions.
Is summer aid available?
Yes, summer aid is available, depending upon a student’s situation. When a student enrolls for summer classes, the Office of Student Financial Aid automatically processes a summer financial aid package. They look at which funds have already been used and determine if the student has any remaining eligibility. If so, they send a notification of what is available, in other words, left over from the previous award.
If the student is only planning on attending summer semester and either fall or spring (not both), the aid can simply be divided up between the two semesters, without worrying if there will be sufficient funds.
Do transfer students have to re-file a FAFSA?
If your student has already filed a FAFSA form for the school they are transferring from for the current school year, there is no need to re-file. Simply call the U.S. Department of Education at 800.4.FED.AID (800.433.3243) or complete a FAFSA Follow-Up online and inform them of your transfer. They will verify that your student is enrolled at UT and the award will be transferred. However, it is necessary to re-file a FAFSA for the upcoming year, making sure the appropriate changes have been made, as is standard.
What about direct loans?
Loans are borrowed funds that must be repaid, with interest. Various direct loans are available through the U.S. Department of Education and can be applied for by filling out the Free Application for Federal Student Aid (FAFSA). Also, an electronic Master Promissory Note (MPN) should be completed online to speed-up the loan process.
Direct PLUS Loans are offered to YOU, parents of dependent undergraduate students enrolled at least half time, through the U.S. Department of Education and must be repaid between 10 and 30 years, depending on the amount owed and type of payment plan selected. The parents must not have a bad credit history.
William D. Ford Direct Stafford Loans are offered to undergraduate and graduate students enrolled at least half time, through the U.S. Department of Education and must be repaid between 10 and 30 years, depending on the amount owed and type of repayment plan selected. An Entrance Interview Session must be completed for first-time borrowers, now offered online for your convenience. Be sure to have your student print a copy of their confirmation page.
Federal Perkins Loans are offered to undergraduate and graduate students through the University at a 5 percent interest rate with an allowance of up to 10 years for repayment. An Entrance Interview Session must be completed in person at the Office of Student Financial Aid, 1200 Rocket Hall, for first-time borrowers or online, separate from the session required for William D. Ford Stafford borrowers. Be sure to have your student print a copy of their confirmation page.
Private (Alternative) Loans are offered to students and their parents through private lending institutions and do not require one to file a FAFSA. These loans may require the applicant to be creditworthy or provide a creditworthy cosigner. The University of Toledo does not endorse any one type of alternative loan, but works closely with the following 3 preferred private lenders:
Please visit the UT Office of Student Financial Aid or see the U.S. Department of Education’s Student Guide for more information on direct loans.
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