FAQ: Your Student’s Account and Payment Options

Why has the University decided to bring the management of the payment process back in-house in 2008-09?

After careful review and helpful input from parents and students, we determined that we could serve families more efficiently and personally by managing all student account transactions, including payment plans, through our Cashiers Office. While our three-year relationship with Tuition Management Systems (TMS) offered some unique benefits, we found that fewer families than anticipated took advantage of their services. In addition, involving a third-party payment plan vendor created unnecessary information gaps, especially when changes were made to schedules, meal plans, etc. By managing student accounts in-house, we will be able to share information quickly and easily between Cashiers, Financial Aid, and the Registrar. Cashiers will be able to provide more accurate and timely answers to your financial questions.

What if I am currently enrolled in a TMS payment plan for Spring Semester 2008?

Please continue making your payments through April 2008 to TMS.

How should I handle payments for any additional miscellaneous charges between now and the end of the semester?

Please send your payment to Cashiers Office, Cedarville University, 251 N. Main St., Cedarville, OH 45314. To ensure accurate processing, please include the student’s ID on the memo line of the check.

What are the 2008-09 costs for tuition, room, and board?

Room and board rates remain unchanged, and the modest tuition increase is in line with previous years.

Estimated Cost of Attendance

Note:
Tuition - based on 32 credits/year at $656/credit
Board - weighted average of meal plan options
Transportation - varies based on state residence

What payment plan options will the University offer next year?

We will offer a standard eight-payment plan as well as a 12-month flexible payment plan that offers unique interest benefits. Read more information about payment plan options. [PDF]

Is a 10-month payment plan a possibility?

You may adapt the standard eight-payment plan option and add payments in July and December. Note that if your July prepayment results in at least a $500 credit balance, as part of the University’s "Prepayment Incentive Credit (PIC) Plan," we will pay interest to the student’s account at the end of that month.

What is a PIC plan?

The PIC Plan (Prepayment Incentive Credit Plan) benefits students or parents who make prepayments before the full semester’s bill is due. The PIC Plan pays an interest rate slightly higher than a savings account. To obtain the current PIC interest rate, call 937-766-7665. Families who take advantage of the 12-month flexible payment plan will benefit from these interest credits since their first payment will be made May 1. Those who opt for a 10-month payment plan may also earn interest since their first payment will be made by July 1.

How does the PIC plan work?

There must be at least a $500 credit balance on a student account on the first day of the month to earn interest in any given month. Interest is computed based on daily balances and paid once per month. The interest rate paid on student accounts will be reviewed quarterly, and any changes to the interest rate or program will be effective on the following dates: January 1, April 1, July 1, and October 1. Interest rate information will be available one month prior to the effective date and can be obtained at any time by calling 937-766-7665 for a recorded message.

If I choose a payment plan, how will I determine my monthly payment?

The Payment Options chart [PDF] includes helpful information about how to calculate your monthly payment for both the eight-payment and the 12-month flexible payment plans. For specific questions or individualized payment solutions, please contact the Cashiers Office.

Is there an enrollment fee if I use a payment plan?

We listened to your feedback and determined that no enrollment fees will be charged for Cedarville payment plans. A competitive monthly interest rate of 1.083% per month will be charged on outstanding balances.

What about late fees?

Late fees of $25 per late payment will apply if the payment is past due over 10 days. For families who opt for the 12-month flexible payment plan, late fees only apply after August 1.

Can I make a payment on my student account using a credit/debit card?

Due to the expensive carrying costs and transaction fees, we do not accept credit/debit card payments at this time. We are continually looking for ways that will make the payment process easier for families while avoiding unwanted cost increases for all students.

May I pay my bill online?

Yes, you can access Cedarville’s EZ Pay account drafting system at www.cedarville.edu/ezpay and schedule payments one time per month. We are considering expanding the system to accept payments one time per week. For your convenience, you may also want to consider using your local bank’s online bill payment service to schedule regular electronic payments to the University.

How can I withdraw funds from my student account?

A student's account can provide the basic benefits of a bank account. A student may withdraw funds from a student account if the account has a credit balance. No more than two cash withdrawals may be made in a week and the total may not be more than $50. For requests for amounts greater than $50, we typically provide the funds by check within one or two business days. Requests can be made in person at the Cashiers Office, or by using the online check request form at www.cedarville.edu/checkrequest.

May I view my student account and invoice online?

Yes, visit www.cedarville.edu/cedarinfo and login with your student or parent password. Click on "View your student account" or "View your invoice for a particular term."

When are invoices and statements mailed?

Invoices will be mailed out approximately 30 days before the first due date of each semester. We plan to mail invoices for Fall Semester 2008 on July 3. Monthly statements are mailed after the 10th of each month if there has been account activity within the past 30 days.

What if I believe my invoice or statement is incorrect?

Please contact the Cashiers Office at 937-766-7824 if you believe that there is an error on your invoice or statement.

How do I learn more about scholarships and financial aid?

Cedarville's Financial Aid office is the best source for information about scholarships, loans, and institutional, federal, and state grants. Visit www.cedarville.edu/finaid or call 1-800-444-2433 for helpful information and resources. In addition, you may qualify for local or regional scholarships available through your town, church, county, state, or organizations. When it comes to pursuing financial aid, be aggressive! Check out every option, particularly associations and organizations that know you or may be interested in you because of your background, qualifications, or anticipated career. Many Cedarville students receive privately funded scholarships each year. Visit www.cedarville.edu/scholarships for scholarship search tools on the web.

What about campus employment?

Student employment is an important part of financial aid. More than 1,250 students work on campus, typically for 10 to 12 hours per week, in jobs as diverse as the dining hall, office support, grounds crew, custodial services, and many more. All students earn minimum wage or higher ($7/hour) and receive biweekly checks.

Student employment awards are not listed as financial aid on a student's invoice or monthly statement. Student employment awards are estimated for financial aid purposes only. Actual compensation to the student is based on their hours worked. To learn more about student employment and view or apply for current job openings, visit www.cedarville.edu/studentemployment.

Whom should I contact with questions about my student account or payment plan?

Please contact the Cashiers Office at 937-766-7824 or e-mail cashier@cedarville.edu.

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