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Student Financial Services Payment and Financial Aid Policies

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Student Financial Services Payment and Financial Aid Policies Student Financial Services Payment and Financial Aid Policies Last Updated on 08.06.2015 Student Financial Services 2015-06-08 page 1 of 1 TABLE OF CONTENTS 1. INTRODUCTION ...................................................................................................................................................... 3 2. STUDENT ACCOUNT PAYMENT POLICIES ................................................................................................................ 3 2.1 Undergraduate Student Charges .................................................................................................................. 3 2.2 Undergraduate Financial Aid Packages ........................................................................................................ 4 2.3 Graduate Student Charges ............................................................................................................................ 5 2.4 Withdrawal Policy - Undergraduate Students ............................................................................................... 6 2.5 Refund Policy – Undergraduate Students .................................................................................................... 6 2.6 Withdrawal and Refund Policy for Non-degree Students ............................................................................. 6 2.7 Graduating from Jacobs University ............................................................................................................... 7 3. UNDERGRADUATE FINANCIAL AID POLICIES ........................................................................................................... 8 3.1 Applicants for Undergraduate Admission/Financial Aid ................................................................................ 8 3.2 Continuing Undergraduate Students ............................................................................................................ 8 3.3 Exchange, Leave of Absence and Visiting Students .................................................................................... 8 3.4 7th Semester ................................................................................................................................................. 8 3.5 External Scholarships .................................................................................................................................... 9 4. UNDERGRADUATE TUITION POSTPONEMENT PAYMENT POLICIES ............................................................................ 9 4.1 Interest Rate ................................................................................................................................................. 9 4.2 Duration of your Tuition Postponement ........................................................................................................ 9 4.3 Repayment .................................................................................................................................................. 10 4.4 Defaulting on your Tuition Postponement ................................................................................................... 10 5. QUESTIONS AND/OR CONCERNS .......................................................................................................................... 11 6. JACOBS UNIVERSITY BANKING INFORMATION ....................................................................................................... 11 7. STUDENT ACCOUNT STATEMENT ......................................................................................................................... 12 8. CLARIFICATION OF STUDENT ACCOUNT STATEMENT ............................................................................................. 13 9. COST OF ATTENDANCE - UNDERGRADUATE STUDENTS ........................................................................................ 14 10. COST OF ATTENDANCE - GRADUATE STUDENTS ................................................................................................ 15 11. DUE DATES AND DEADLINES ............................................................................................................................. 16 Student Financial Services 2015-06-08 page 2 of 2 1. INTRODUCTION In accordance with the resolution of the university’s Academic Council from 09.08.06, the following regulations apply to all Jacobs University Bremen gGmbH students. These regulations relate to all Financial Aid and Student Accounting transactions, before, while and after matriculation at Jacobs University Bremen gGmbH. Deviations from these regulations must be approved by the President or by a Vice President. 2. STUDENT ACCOUNT PAYMENT POLICIES All incoming and continuing undergraduate and graduate students will receive a bill and/or a student account statement via e-mail before the beginning of each semester and on a monthly basis throughout the academic year. This statement will itemize all of your charges and, if applicable, your financial aid package. You will find an example of a student account statement on Page 12 and an explanation on Page 13. You must settle your balance due before you register for a new semester. If you are unable to do so, you must contact Student Financial Services to develop a suitable payment plan. Students who do not meet their financial responsibilities in a timely manner will not be allowed to register for classes, will find their CampusNet access blocked and will be asked to leave the university. 2.1 Undergraduate Student Charges All charges are subject to change upon notification. Tuition – The total cost of tuition for one academic year at Jacobs University is € 20.000. Half of the tuition will be charged to your student account and is due at the beginning of each semester you attend the university. Room + Board – The total cost of room and board for the nine-month academic year is € 4.500. Half of this cost or 2.250 € is charged to your student account each semester and covers room and board for 4 ½ months (fall: September 1st to January 15th, spring: January 16th to May 31st) If you are returning to the university after the fall semester, you may move into your room on January 16th at the earliest. If you are leaving the university after the fall semester then you must check out of your room on January 15th at the latest. If you arrive earlier or leave later than these dates, you will be charged an additional 250 € rent for the respective half of the month. Semester Ticket – All students must purchase a semester ticket each semester they attend Jacobs University. This ticket enables you to travel free of charge throughout Bremen and the surrounding area. For the academic year 2014-2015, you will be charged € 155,76 at the beginning of each semester for the Semester Ticket. University Fee – All undergraduate students are required to pay a € 60 university fee each semester they attend Jacobs University. The fee includes such amenities as the cost of the graduation ceremony and celebration, student activities, student government fee and diverse insurances that protect you while you are studying at Jacobs University. Broadcasting Fee – All undergraduate students living on campus are required by German law to pay a broadcasting fee of 5,99 € per month or 53,91 € per academic year for television and radio broadcasts. This is German law and the only exceptions that can be made are for German nationals who are receiving BAföG (German student support program). Summer Room + Board – If you remain on campus during the summer months, you will be charged € 1.500 for the months of June, July and August. Payment is due by June 15th. Enrollment Deposit – Every admitted student wishing to attend Jacobs University must pay an enrollment deposit of € 500 before the deadline given in your admission letter. This enrollment deposit secures your place at Jacobs University and is not refundable if you reverse your enrollment decision. If you do enroll, the deposit will be kept on a separate account until you check out after graduation or after leaving Jacobs University permanently. The deposit will be used to cover any outstanding balances on your accounts only after leaving the university permanently. Any remaining overpayments will be credited to your tuition postponement, if applicable. If there are no open balances or tuition postponements, then the enrollment deposit will be reimbursed. In this case, you are required to inform us of your bank account information. Student Financial Services 2015-06-08 page 3 of 3 Claims for Travel Expenses – If you go on a business or research trip for Jacobs University and you receive a cash travel advance, the amount you received will be charged to an additional, separate account. You must then submit your travel expenditure claim, including all receipts. Once the claim has been approved, the actual amount spent will be credited to this account and will offset the charge. Any amount of the travel advance that has not been spent remains a charge on the account and must be repaid. Moving Off Campus / Going off the Meal Plan – A financial aid package will be adjusted in the rare case that an undergraduate student is granted permission to move off campus or go off the meal plan. This adjustment will be made proportionately and in most cases will reduce any grant you may have. Each case is decided on an individual basis. Payments – All payments received will be credited to your student account unless you specifically state to which account the funds should be
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