Financial Aid and Billing
Student are able to accept their awards, submit applications, and download forms necessary to complete their financial aid file via My Financial Aid. Students log into MyUMO with the same username and password as other UMO web accounts.
Click here to link to the Free Application for Federal Student Aid.
Priority deadline for incoming University of Mount Olive students: April 1
Priority deadline for returning students: April 15 for filing FAFSA
Applications will continue to be reviewed after priority deadlines, but UMO can not guarantee funds after these dates.
The U.S. Department of Education releases official cohort default rates once per year. A cohort default rate (CDR), for schools having 30 or more borrowers entering repayment in a fiscal year, is the percentage of a school’s borrowers who enter repayment on certain William D. Ford Federal Direct Loans (Direct Loans) and Federal Family Education Loans (FFELs) during that fiscal year and default (or meet the other specified condition) before the end of the second fiscal year following the fiscal year that the borrower entered repayment. The current CDR for the University of Mount Olive is found here.
- Entrance Counseling and Master Promissory Note (MPN)
First-time borrowers of Federal Student Loans must complete these modules
before their loans can be disbursed.
- NC Residency Determination Service
NC residents are now required to confirm their state of legal residency online to be considered for the NC Need Based Scholarship. Notification is sent to UMO once you have completed the online questionnaire at the above link.
Review your entire federal student loan and Title IV grant history at the above link.
Net Price Calculator (estimated)
- Additional Financial Aid Tips
Check out the Federal Student Aid Facebook page for FAFSA tips, loan repayment tips, and more!
- Alternative Loan Lenders
UMO recommends prioritizing use of Federal Loans before all other types of loans. However, if you still need additional funding, these lenders are some that UMO students have used in prior years. You are NOT limited to just these lenders. The University will work with any lender you bring us.
The law specifies how an institution must determine the amount of Title IV program assistance that a student earns if they withdraw from school. The Title IV programs that are covered by this law are: Federal Pell Grants, Iraq and Afghanistan Service Grants, TEACH Grants, Direct Loans, Direct PLUS Loans, Federal Supplemental Educational Opportunity Grants (FSEOGs), and Federal Perkins Loans.
Though a student’s aid is posted to their account as soon as all FA requirements are completed, a student earns the funds as they complete the period. If a student withdraws during their payment period or period of enrollment, the amount of Title IV program assistance that a student has earned up to that point is determined by a specific formula. If a student, their parent or the institution received (on the student’s behalf) less assistance than the amount the student earned, they may be able to receive those additional funds. If the student received more assistance than they earned, the excess funds must be returned by the institution and/or the student.
The amount of assistance the student has earned is determined on a pro rata basis. For example, if the student completed 30% of their payment period or period of enrollment, they earned 30% of the assistance they were originally scheduled to receive. Once a student has completed more than 60% of the payment period or period of enrollment, they have earned all the assistance that they were scheduled to receive for that period.
If a student did not receive all of the funds that they earned, the student may be due a post-withdrawal disbursement. If the student’s post-withdrawal disbursement includes loan funds, the institution must get the student’s permission before the funds can be released to the institution. A student may choose to decline some or all of the loan funds so that they do not incur additional debt. The institution may automatically use all or a portion of the student’s post-withdrawal disbursement of grant funds for tuition, fees, and room and board charges. The institution will need the student’s permission to use the post-withdrawal grant disbursement for all other school charges. If the student does not give permission, they will be offered the funds. However, it may be in the student’s best interest to allow the school to keep the funds to reduce their debt at the school.
There are some Title IV funds that a student may be scheduled to receive that cannot be disbursed to them once they withdraw because of other eligibility requirements. For example, if a student is a first-time, first-year undergraduate student and has not completed the first 30 days of their program before they withdraw, the student will not receive any Direct Loan funds that they would have received had they remained enrolled past the 30th day. If the student, their parent or the institution received (on the student’s behalf) excess Title IV program funds that must be returned, the institution must return a portion of the excess equal to the lesser of:
- The student’s institutional charges multiplied by the unearned percentage of their funds, or
- The entire amount of excess funds.
The institution must return this amount even if it didn’t keep this amount of your Title IV program funds. This could create a balance owed to the institution by the student.
If the institution is not required to return all of the excess funds, the student must return the remaining amount.
Any loan funds that the student must return, the student (or their parent for a Direct PLUS Loan) repay in accordance with the terms of the promissory note. That is, the student will make scheduled payments to the holder of the loan over a period of time.
Any amount of unearned grant funds the student must return is called an overpayment. The maximum amount of a grant overpayment that a student must repay is half of the grant funds they received or was scheduled to receive. A student does not have to repay a grant overpayment if the original amount of the overpayment is $50 or less. The student must make arrangements with the institution or the Department of Education to return the unearned grant funds. Students who owe a balance as a result of an overpayment are not eligible for any additional Title IV aid until the balance has been satisfied.
A student’s official withdrawal date is used as the last date of attendance and to calculate earned percentage of Federal Aid. A student’s official withdrawal date is determined by using the last date of attendance that is documented and submitted to the Office of the Registrar.
The requirements for Title IV program funds when a student withdraws are separate from any refund policy the institution may have. Therefore, a student may still owe funds to the institution to cover unpaid institutional charges. The University may also charge the student for any Title IV program funds that the school was required to return.
Plan for Success
- You Can Deal With It
Great resource for the basics of financial aid.
- Loan Repayment Estimator
Calculate and determine the best loan repayment option for you.
- Budgeting Strategies
How to create and stick-to a budget.
- More Money Tips from College Foundation of NC
Know Your Loan Debt
Many of today’s borrowers are struggling to make their payments and they may not be getting the help they need. It helps to understand repayment and how to manage your loans for your own situation. Here are three basic steps to manage your federal student loans and avoid default.
Step 1: Know who and how much you owe
Use Studentaid.gov to determine what you owe and to whom. Studentaid.gov tracks all outstanding federal student loans until they are paid in full, which allows borrowers to see exactly how much they owe and to whom.
Step 2: Select a repayment plan
There are lots of repayment options—Standard, Graduated, Income-Based, Income-Contingent, and Extended. To find the plan that best fits your situation, select a plan for each of your lenders/servicers and calculate the monthly payments.
1. List all of your lenders; list all of your loans with each lender by loan type. (If you have multiple federal loans it may be helpful to have them on the same repayment plan.)
2. Use a calculator to run the numbers on each repayment plan for each of your loans.
3. Look at the monthly payments. Which plan can you afford? Remember, the lower your payments are now, the more interest you will pay in the long run.
4. Talk to your lenders or servicers. If your current plan isn’t a good fit, ask how to switch to a plan that works better for your budget.
Step 3: Stay on top of your loans
Borrowers can stay on top of their loans by keeping track of who and how much they owe. Keep in touch with your lenders or servicers and let them know if your name, address, or telephone number changes, so they can stay in touch. Borrowers should also reconsider their repayment plan if their payment is too high. Talk to your lenders or servicers if you’re having trouble making payments. You may qualify for a deferment or forbearance. There are many options available if your payment plans or due dates aren’t working for you.
What Borrowers Can Do If They Default
If borrowers default on their loans, they still have options.
Loan Rehabilitation: Borrowers can rehabilitate their loan by making nine full payments within 20 days of their due dates over a 10-month period. Payments secured through wage garnishment do not count. Advantages of rehabilitation include:
- Loans will no longer be considered in default status.
- The default status reported to the credit bureau will be deleted.
- Borrowers will be eligible for the same benefits available on the loans before the loans defaulted, including Title IV eligibility.
- Wage garnishment ends and income tax refunds are no longer withheld.
Business Office & Billing
Per the University of Mount Olive Catalog: All tuition and fees for the entire semester are due prior to the start of class. Situations that deserve special consideration should be discussed with the Business Office (Traditional) or One-Stop Advisor (Adult and Graduate Programs), prior to the first day of class.
Students with a remaining balance after considering financial aid and loans must pay that balance prior to the start of class or set up a payment plan online that will have the account paid by the end of the semester. Payment plans will automatically draft the applicable student (parent or guardian) bank account each month.
Payment for tuition is only deferred in the case where a student’s employer pays their tuition directly to UMO. If a student receives tuition reimbursement where the employer reimburses the student after completion of the class, the student must have their tuition covered before the class starts through either payment or financial aid.
Book Vouchers will be available through the Business Office for students who have an anticipated credit balance on their account and have agreed to the terms on MyFinancialAid. These charges will be applied to the student’s account so that they can use their financial aid to cover the cost.
Returned Checks will automatically be re-deposited by BB&T, the UMO Business Office will also reverse the payment from the student’s account manually along with charging a $30 Returned Check Fee.
- Adult & Graduate Program students who clean drop their course on or before the Friday of their 2nd week of class will not be charged tuition for the course. If the student withdraws from the course, the tuition charge will remain at the full price.
- Traditional Full-Time students who separate from the university will have their tuition pro-rated up until the 4th week of class. After the 4th week of class, all tuition charges will remain charged at the full price.
The prorated refund schedule is listed below:
Week Percent Refunded
1st week 100% (Drop/Add Period)
2nd week 100% (Drop/Add Period)
3rd week 60%
4th week 40%
- Any outside scholarships/employer assistance/Tuition Assistance that has paid for the class will be refunded back to the agency in the full amount that was paid originally. Refunds for traditional students as a result of withdrawing from school will be calculated based on the date of withdrawal in the semester. Meal charges will be prorated based on the withdrawal date. Room charges are nonrefundable after the semester drop-add date.
A student receiving Military Tuition Assistance (TA) is not eligible to receive a refund of any TA funds. Any refund received by the student should not exceed the amount of the other aid awarded to the student for that period of enrollment.
The University of Mount Olive delivers your refund with BankMobile Disbursements, a technology solution, powered by BMTX, Inc. Visit this link for more information: https://bankmobiledisbursements.com/refundchoices/.
To view our third-party servicer contract for refund management, click here.
Military Tuition Assistance is a U.S. Department of Defense program. Tuition Assistance rules vary by branch of service and even vary between different units within the same branch depending on whether the unit is active, reserve, or National Guard. Tuition Assistance funds will be applied to tuition costs only.
Military Tuition Assistance Recipients
Military Tuition Assistance (TA) is awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws, the student may no longer be eligible for the full amount of TA funds originally awarded. To comply with the U.S. Department of Defense policy, the University of Mount Olive will return any unearned TA funds on a proportional basis through at least 60% portion of the period for which the funds were provided. If a service member stops attending due to a military service obligation, the University of Mount Olive Director of Student Accounts will work with the affected service member to identify solutions that will not result in a student debt for the returned portion.
A student’s official withdrawal date is used as the last date of attendance and to calculate earned percentage of TA. A student’s official withdrawal date is determined by using the last date of attendance that is documented and submitted to the Office of the Registrar.
Once the last date of attendance has been determined, the University of Mount Olive will recalculate a student’s TA eligibility based on the following formula:
Number of days completed / Total Days of the course (start to end date) = Percent of TA earned
The amount of TA funding that is earned is determined on a pro-rata basis. For example, if a student completed 30% of the course, s/he earned 30% of the TA funds that s/he was originally scheduled to receive. The remainder of the unearned funds (70%) would be returned to the TA program. If this results in an unpaid tuition balance, payment would be the responsibility of the student. Once a student has attended at least 60% of the period for which TA funds were approved, the student is considered to have earned 100% of the TA funds.
The University of Mount Olive only uses electronic statements that are posted to the student’s Self-Service Account monthly to inform them of any balance owed to the university. It is the student’s responsibility to check their Self-Service and stay aware of any Stops or Balances they have on their account.
The Catalog for the University of Mount Olive states the following concerning terms of payment:
“All tuition and fees for the entire semester are due prior to the start of class. Any accounts not paid as specified may be charged at the interest rate of 12% per annum on any unpaid balance. Situations which deserve special consideration should be discussed with the Business Office prior to the first day of class. “
Throughout the collection process, the University of Mount Olive will proceed with our best interest as the foremost objective. Dealings with delinquent students will be done in a fair manner with an emphasis on collecting the debt owed while showing patience and compassion to students where warranted.
If you have any questions about a past due balance with the University of Mount Olive, please email Brenda Pridgen at firstname.lastname@example.org.