College Expenses, What’s Your Plan?

Paying for the rising costs of a college education is a concern for nearly every student and family. The fact is, few of us have the resources to simply write a check for the full cost of tuition each semester. So how are you meeting your costs? What’s your plan? Do you have one?

Having a solid plan for covering the cost of college is an important step toward graduation. Spoon River College is pleased to enlist the services of FACTS Tuition Management/Nelnet Business Solutions to make the process easier for you.

The following information outlines payment solutions brought to you by FACTS Management Co./Nelnet Business Solutions, the leading tuition payment plan provider in the industry. Working together, Spoon River College and FACTS will provide you with sensible strategies for covering the rising costs of college.

Fall 2010 - e-Cashier available on March 15, 2010
Full payments may be made on e-Cashier through September 3, 2010.

Spring 2011 - e-Cashier available on October 18, 2010
Full payments may be made on e-Cashier through January 31, 2011.

To help you meet your educational expenses, Spoon River College is proud to offer FACTS Automatic Payment Plan as a convenient budget plan. This is not a loan program. You have no debt, there are no interest or finance charges assessed, and there is no credit check. The cost to budget your interest-free monthly payment plan is a $25 per semester nonrefundable Nelnet Enrollment Fee. You may budget your tuition and fees in the following ways:

A. Automatic Bank Payment (ACH)—ACH payments are those payments you have authorized Nelnet to process directly with your financial institution. It is simply a bank-to-bank transfer of funds that you have pre-approved for your expenses at Spoon River College. Payments may be made from either your checking or savings account. Payments are processed on the 5th of each month and will continue until the balance is paid in full.

B. Credit Card Option— Paying with your credit card gives you the option of taking advantage of various bonus programs offered by your credit card company. If you elect to use this option, your monthly payment, along with a convenience fee, will be automatically charged to the credit card you designate. The convenience fee is in addition to the nonrefundable Nelnet Enrollment Fee. Payments will be charged on the 5th of each month until the balance is paid in full. Payments are processed by American Card Services, Inc.

Enroll in the FACTS Automatic Payment Plan online by logging into My SRC.   To enroll in the FACTS Automatic Payment plan, you must have the following information available:

• My SRC User name and password. To find what this is see “What is my user name and password?” on the My SRC Help tab under the Step-by-step guides.

• The name, address, and e-mail address of the person responsible for making the payments.

• To protect your privacy, you will need to create your own unique FACTS Access Code. Please be sure it is something you can easily remember but secure.

• Account information for the person responsible for payment.

• If paying by automatic bank payments, you will need the bank name, telephone number, account number, and the bank routing number. Most of this information is located on your check.

• If paying by credit card, you will need the credit card number and expiration date.

The FACTS deferred payment system in now active on My SRC. To sign up:

• Go to www.src.edu
• Go to My SRC and log in
• Then go to My Services, find My Account Info and select the Facts e-Cashier link

Here are directions to set up your FACTS account.
If you have questions, please visit a Student Accounts cashier, or call (309) 649-7021 in Canton or (309) 833-6008 in Macomb.

To make a down payment or full payment, complete your agreement online. Please remember any down payment or full payment is deducted immediately. A $2.00 nonrefundable FACTS Enrollment Fee will be assessed for a full payment.

1. When and what time will the funds be withdrawn from my bank account? FACTS specifies the date each payment will occur, but it is your financial institution that determines the time of day the payment is debited. FACTS recommends you check with your financial institution to determine how far in advance funds should be deposited into your account to ensure the automatic payment clears. If a payment date falls on a weekend or banking holiday, the payment will be attempted the following business day.

2.  How will I be notified of my payment information?
The notification has important information you must have to log on to My FACTS Account. The notification also serves as a reminder that a $25.00 per semester nonrefundable FACTS Enrollment Fee will be processed from the account indicated on the agreement. Once your agreement is posted to the FACTS system, you will receive a confirmation notification of your payment amount by e-mail or letter. Payments will be processed until the total balance is paid in full.

3.  Can I pay by phone with FACTS?
In accordance with the Terms & Conditions of your FACTS agreement, payments are processed electronically. FACTS does not accept payments by phone.

4.  What is the FACTS Access Code?
To help protect your privacy, FACTS asks the person responsible for the payments to create an access code. If you should call into FACTS inquiring about your FACTS agreement or inquire online through My FACTS Account, you will be required to verify your FACTS Access Code. If you do not create an access code on your FACTS agreement, one will be randomly assigned to you. Your FACTS Access Code will be identified on your FACTS Confirmation Notification. Please remember to keep a copy of your confirmation notification.

Should an automatic bank payment or credit card payment be returned, a $25.00 FACTS Returned Payment Fee will be automatically assessed to your account. You will be notified by FACTS of the returned payment via mail or e-mail.

Call FACTS at (800) 609-8056 to make any changes to your address, phone, or banking information. If you have questions regarding your FACTS agreement, please contact FACTS directly or view your agreement online through My FACTS Account. To access My FACTS Account, follow the instructions located on the FACTS Confirmation Notification or e-mail. If you have questions regarding your financial aid award or tuition balance, please call the Spoon River College Student Accounts Office at (309) 649-7021.

Please do not assume your balance will automatically be adjusted if financial aid is received or a class is dropped or added. You should review your agreement balance online through My FACTS Account or call the Spoon River College Student Accounts Office at (309) 649-7021 to confirm the change.