 Good evening, everybody and welcome. My name is Matt Disorder. I'm the associate director of student financial services here at UVM and happy to be with you this evening to shed some light on the financial aspects of a UVM education. Let me briefly orient you to our agenda this evening. I'll begin by walking through some core actions that you and your student can take now and in the weeks ahead to successfully navigate the process of securing financial aid and settling your bill. We'll then dive into further detail about the billing process payment options and address some common questions about loan financing options. We'll discuss how we in our office work with families facing uncertain and unexpected changes in family finances, and we're planning to leave plenty of time at the end for your questions. You can pose questions throughout the presentation using the Q&A feature. Three of my colleagues, Martha, Donna and Terry are behind the scenes this evening and they'll be collecting your questions so we can address as many as possible. With a large audience tonight, we won't be able to respond to all questions individually and while we'll answer as many as possible, we won't be able to answer questions about your specific student account or specific financial aid award as we don't have all of your information details available with us tonight. Even if we stayed here throughout the evening answering questions, we know that you will have additional questions in the days and weeks ahead, so I'd like to make note of a few specific resources. The web addresses up on your screen go.uvm.edu slash SFS orientation has additional in-depth videos on a range of topics, so if you need additional information or step-by-step guidance on some of the items we'll talk about this evening, please check out our video library there. Our main web page, uvm.edu slash SFS is where you'll find full details on costs, types of financial aid and how to navigate the financial aid process. Students will have access beginning later this week to a brief introductory video via their student checklist and you can always reach our office weekdays from 10 until 4.30. I do assure you that we're not sleeping in until 10 o'clock. We use the morning hours before 10 to focus on review of financial aid awards and processing of financial aid appeals among other items. One of the more challenging aspects of the transition as students enter the university is that when students enter uvm under FERPA, the Federal Educational Rights and Privacy Act, students assume control over their educational records. Student control over educational records extends even to a student's bill and their financial aid award. And that's the case even when parents are playing a significant role as we know they often are in helping students with the financial aspects of their education. So examples of this include the fact that billing and financial aid communications are sent to the student's uvm email address and unless the student takes specific action, that's the only place they're sent. We know that in a great majority of cases, parents are a primary means of financial support and in our office we want to help you help your students while recognizing that the bill is ultimately the student's responsibility and respecting student privacy under FERPA. The single most important step that your student can take and which if you're a source of financial support you may insist that they take is to designate you as a proxy user on their account. As a proxy user, you will have access to the bill and student account activity and access to the financial aid award and you'll also receive critical billing and financial aid communications along with your student. Your student can designate proxy users online through their my uvm portal account and they can designate as many proxy users as needed. It's important to note that as a proxy user, you can view account and financial aid information, but you cannot take action on the student's behalf. There are critical actions that only the student can take. If your student has a financial aid award, action may be required to finalize and secure that financial aid. We go out on a limb and make the assumption that any grants and scholarships which have been awarded that you want those so grants and scholarships are accepted automatically and generally don't require any specific action to finalize. Loans and work study all require acceptance through the my uvm portal and we recommend that students accept these sources of aid by July 8th. July 8th isn't a hard deadline, but if you accept aid by July 8th will be able to credit those anticipated loan payments against the initial fall billing statement going out in mid July. While your student is online reviewing their financial aid award, they should check their financial aid requirements. If any documentation or information is requested, we'd request that you submit that as soon as possible so that we can finalize financial aid eligibility. In addition to accepting the loans online through their portal account, there are several additional steps which are required to secure student loans. These are important items for the student to complete because they are the student's legal agreement to repay loan funds. Students who are accepting federal direct subsidized or unsubsidized loans need to complete two items at studentaid.gov. Those items are loan entrance counseling and the master promissory note. Loan entrance counseling is an online tutorial that's designed to ensure students know they're borrowing a loan and how that loan works. It's a well-intentioned exercise, which will take about 20 minutes. It's important. It's good information. It's unlikely to be the highlight of a student summer, but again, important for students to complete that process in order for loans to be finalized. The master promissory note is the legal agreement for students to repay their loans. And again, both of these are items completed online, studentaid.gov, and they should be completed by the student. I deeply appreciate the temptation that many parents have to complete these items on their student's behalf. But having spoken to students who find out about loans that they borrowed only later down the line, maybe at graduation, I assure you that they generally aren't pleased to find out that these items have been taken care of maybe without their direct involvement or knowledge. So again, important items for students to tackle. Students who are eligible for a UVM Clark loan will need to print and assign a paper promissory note and they'll receive specific instructions on that from our office. Students who are eligible for local or community-based scholarships will need to communicate that information to our office, sending scholarship payments or award letters to us. This is both so that funds can be applied to the student's account and because all sources of financial assistance do need to be incorporated into the financial aid award. You'll want to be sure to note your UVM ID number on any checks or documents on which you send to us and also note that scholarship checks may require the student's endorsement. If the check is payable to both the student and UVM, the student will need to sign that before sending it into us. In some cases, a scholarship check may be payable just to the student and if that's the case, those scholarship checks can be endorsed by the student and signed over to UVM before sending into us. We are required to factor all scholarship assistance into student financial aid awards and we often get questions about how that may impact an existing award. In the vast, vast majority of circumstances, these local community high school scholarships are going to reduce what the student or family would otherwise be paying out of pocket or needing to borrow through loans. That said, every student's financial circumstances are unique. The scholarship assistance they're getting is individualized FAFSA information is specific to individual students and families and there are cases where a local scholarship may reduce a student's existing financial aid award. What I'd encourage is for you to communicate information about outside scholarships to our office or any resource that isn't on the financial aid award. Communicate that to our office as soon as possible so that we can notify you of the specific impact that that may have. I'm going to make a brief plug this evening for my colleagues over in the Center for Health and Well-Being and mention the upcoming deadline to complete the annual health insurance decision process. Each year, students need to either waive the UVM health insurance with proof of existing coverage or agree to purchase the UVM student health insurance plan. There's an upcoming deadline of July 1st to complete that process for the upcoming school year. After that deadline, a hold would be placed on the student's account and the premium for UVM student health insurance would be charged automatically to the student's account if they hadn't made the decision to waive UVM coverage. If you happen to miss that deadline, you haven't completed the waiver and find that that hold has been placed and the premium has been charged, there's no need to immediately panic on July 2nd. After July 1st, students can still complete the insurance decision process. They can still provide proof of existing coverage and waive the UVM policy and the hold would be released and the premium charge will be reversed as long as that waiver is completed with proof of existing coverage by the absolute deadline of September 15th. I think this health insurance process is another area where family communication is important. Once the hold goes on, some students get anxious to get that hold off right away and they want to complete the decision process as quickly as possible. And if they don't have details about the family's health insurance plan, sometimes the fastest way to get that hold off is to say, oh, yes, sure, I agree, I'll purchase the UVM health insurance plan. And at that point the plan has been purchased. So, you know, it's worth reviewing this process with your student, communicating about whether UVM insurance is something that your family is looking for and making sure that students complete that process in an informed manner. I'd also really encourage families to review the details of family insurance coverage and confirming coverage for services here in the Burlington area. Bills for the fall term will be available in mid-July and they'll be due by 4.30 on Friday, August 19th. As I mentioned earlier, billing notification will go to the student and if they set up others as proxy users, those proxy users will receive the billing notification as well. If the bill shows a balance of zero or a credit balance, then no action is required. But if the bill shows a balance due, action is required and we're looking for either a full payment or a payment response from you, from the student with your plan for payment. If you aren't making payment directly by August 19th, you should send us a response so that we know your family's plan. That response might be to alert us to a 529 plan payment that's in process or a scholarship that's forthcoming or a loan that you plan to borrow or maybe it's a combination of all of those. If you don't send us a response and communicate your plan to us, it's entirely possible that that 529 plan payment, the scholarship, the loan disbursement will all arrive by August 19th and you'll avoid a late fee and a hold on the student's account. But I can tell you from experience that those stars don't often align. So we urge you to be in contact with our office so that we know what to be looking for. Please don't assume that we know the unique kind of combination of resources that you're anticipating to settle the bill. If you're communicating with us, we'll let you know any further action that's needed and know what to look for as to how your family's making bill payment for the fall. The final step we'd recommend is that students provide their bank account information so that if we're ever issuing a financial aid refund, we can do so electronically. Financial aid refunds exist when financial aid payments exceed the charges that we've built. So for example, if you borrow the maximum amount available in student and parent loans, that may include amounts to help offset amounts of costs paid for books or other miscellaneous expenses. So once all financial aid has been processed, if there's an overage, we'll issue that out as a refund. Depending on where the sources of financial aid, whether there's student loans or parent loans, a refund might go to the student, it might go to the parent, it might go to another payer on the account. Students can set up direct deposits so that any refund issued in their name would go electronically to the bank account on file. Even if you're anticipating a financial aid refund, if you're anticipating loan proceeds to help with book costs, for example, we recommend that students have a resource to pay for books, supplies, kind of those start-of-term expenses out of pocket. We do issue financial aid refunds as quickly as possible starting shortly before classes begin, but we can't guarantee that students will receive a refund before they need to purchase books potentially on the first day of the term. Let's talk for a moment about determining the amount that will be due for the year or the upcoming semester. Actual bills will be issued in mid-July, but we know that many families are currently working to set up payment plan or loan options. Tuition, fee and room and meal costs for the upcoming school year are listed here, and you can find additional details as well online. I'd also encourage you to visit, and again the web address is up there. I think we'll post it in the chat as well, go.uvm.edu. At that website you can find our cost calculator. You can estimate cost based on various types of housing assignments on campus, and if you've got your financial aid award handy, which we'd encourage, you can enter in the financial aid and get an estimate of the remaining amount for the upcoming year. One important note is that when we issue bills for the fall semester in mid-July, specific housing assignments will not yet be finalized. So the initial bill in July will make an assumption and bill students for a traditional double room and an average meal plan. When actual room assignments are finalized, we will make adjustments to student bills as needed if their actual housing assignment is more or less expensive than the traditional double rate. I'm going to walk briefly now through available payment options, couched in the fact that many families are using a combination of approaches to make financial arrangements. So this isn't necessarily about choosing a singular path, but the approach or combination of approaches that works best for your particular family. If you're paying using a 529 plan, you'll want to make sure to request that distribution as early as possible. As funds can take several weeks to be issued by the plan administrator and are often still sent to us in the mail by paper check. We do recommend that you email our office with confirmation of the 529 plan request when you make that so that we know that that's forthcoming. Again, that's an example of kind of a way of informing us and responding to your bill so that we know what to be looking for. Payments can be made online. Payments made online through the UVM system are credited to the student's account immediately. Payment options online include e-check from a standard checking or savings account and credit card payments. Credit card payments are subject to a 2.85% processing fee which is assessed by the card processor that processes those payments for us. UVM does offer a monthly payment plan which allows you to break payments up into five installments for each semester. So that's July 1st through November 1st for the fall and December 1st through the 1st of April for the spring. There is a $60 per semester enrollment fee for the payment plan but no other interest or fees charged provided those monthly payments are made on time. And payments with the payment plan are made either through an automatic ACH debit or credit card payments which again are subject to that 2.85% processing fee. To enroll in the payment plan you either need to be the student so students can enroll or set up as a proxy user. And then once you're logged in as a proxy user you can access the payment plan feature and sign up by navigating to the account activity and payment options page. One thing to keep in mind is that the payment plan amount is not determined for you and it does not automatically adjust to reflect the amount that is due. We have families that are using the payment plan to cover everything that's due and others that are using it in combination with other amounts. So as part of setting up the payment plan you'll need to determine how much you're setting that plan up for and indicate that as part of the process. If you have questions about how much to set the plan up for again I'd encourage you to use the billing calculator that's available on our website. And then once your payment plan is set up you'll want to review the billing statement when that's issued in July to ensure that the balance due is fully covered. If the billing statement reflects a balance due then that's a sign that you may need to adjust your plan to account for any remaining balance. And again adjustments can be made online through the student or proxy account. I'm going to talk a little bit about federal work study. Work study is a limited need based fund that is awarded based on the FAFSA. Qualifying students will see work study listed as part of their financial aid award. Work study awards do require additional action in that the students need to be hired into a job and that needs to happen no later than October 1st. We don't place students into work study jobs. Students do need to search and apply for and be hired into a specific work study work study jobs. After accepting a work study award online students should visit our student employment page again the website listed up there where they can find details on the job search process and a link to our online jobs database. I note that the list of available jobs continues to evolve through the summer as departments across campus post and make jobs available. So it's something that a student should check on a regular basis as the summer evolves and we get closer to the start of the semester. One thing I'd note also is that work study is not a resource which is available to pay the bill due August 19th. And that's because those work study funds they don't actually exist until the student is working. And once working students are getting those work study funds paid to them as a bi-weekly paycheck or more likely direct deposit. For that reason work study is generally used to provide students with money for miscellaneous personal expenses over the course of the semester. Or many students you know save their work study earnings from the fall and then that provides a resource that they can draw upon to pay for textbooks come spring semester and kind of continue to pay that forward in that in that manner. Now if you weren't awarded work study but are interested in working on campus I again would encourage you to visit our online jobs board at that same student employment website where you can learn about non work study student employment opportunities which may very well be available. You know there are there are departments across campus that are hiring students both through the work study program and also maybe hiring additional student workers as well. We often get questions about the details on the various loan financing options and student loans that are part of student financial aid awards. So let's review those briefly. There are two main student loans which students may see in their financial aid award. Those are the federal direct subsidized and the federal direct unsubsidized loans. Again eligibility for those is going to be listed and reflected in students financial aid awards. These two loans share many common features. Both loans have deferred repayment so repayment is going to start six months after the student graduates or falls below halftime status. Both loans have the same interest rate which for loans borrowed for the upcoming school year is going to be 4.99%. Both loans have an origination fee. It's approximately 1% and that origination fee the government keeps. So for every $100 that you borrow the government sends $99 to UVM. That's how that origination fee works on the federal loans. There are really two key differences between these loans. The first is that on the federal direct subsidized loan there is the government will pay the interest for the student while they're working. They're enrolled in school at least halftime. So on that subsidized loan the government is paying the interest while the student is in school. On the unsubsidized loan interest is accruing from the date when the loan is dispersed. The other difference is the eligibility for these loans. So eligibility for the subsidized loan is based on financial need and that's determined through the process of filing the FAFSA and applying for financial aid each year. Talking about the UVM Clark loan which is a university loan. Some students may be eligible for again. Eligibility here is based on financial need. Students who are eligible will see that included in their financial aid award. The Clark loan is a subsidized loan. So again there's no interest on that loan while the student is enrolled in school at least halftime and when in repayment that loan carries a 5% fixed interest rate. To finance costs which aren't covered by federal student loans and financial aid families may use the federal parent plus loan program or may look at borrowing a private education loan and we'll talk a little bit about those options. The federal direct parent plus loan is a credit based federal loan which parents may be eligible to borrow on their students behalf if the student is a dependent student based on the FAFSA. Generally speaking parents begin paying the plus loan back while the student is in school and those payments are made over a up to a 10 year repayment plan repayment term. That said parents do have the option to defer repayment on the parent plus loan until after the student graduates or falls below halftime deferring repayment in that way does provide some flexibility while the student is in school. But it is also going to increase the overall cost of the loan as interest will be accruing on that plus loan during that suspended repayment period. The interest rate on the 2022-23 parent plus loan will be 7.54%. The government also charges an origination fee on the plus loan and that's approximately a 4% origination fee. So again on that parent plus loan if you're borrowing $100 the federal government is going to send $96 out to UVM. Parents who are looking to borrow the parent plus loan should begin the application process at studentaid.gov. That's the same website I mentioned earlier where students would go to sign for their loans. If a parent is looking to borrow that parent plus loan you'll want to make sure that you go to studentaid.gov but now logging in as the parent. So there would be a separate parent account where you'd be submitting that parent plus loan application. There are also a wide variety of bank and lending agencies which offer private education loans. Again this may be borrowing by the parent or there are also private student loans where the student is the borrower. But almost always in those cases a student is going to need a credit worthy co-signer because these are credit based loans. If you're planning to borrow a private education loan it's important to note that each bank and lending agency is going to set their own loan terms. So fees on the loan, interest rates, the repayment details, when the loan is due for payment all of those can vary from one lender to another. So shopping around I think is important. I mentioned that a co-signer is generally required on the loans where the student is borrowing. Increasingly some lenders may offer a pathway for the co-signer to be released from the loan. Maybe after the loan comes due for payment if the student pays on time for a certain length of time and they're in good standing. Maybe the student can request that the co-signer be released. That's another example of something that will change from one lender to another. Some lenders may offer that, some may not. The criteria of how a co-signer might be released also going to vary from one lender to another. So again that shopping around piece really important with the private student loan market. You can go and again the website up here we'll throw it in the chat go.uvm.edu slash private loan. If you go there you'll find tips on how to find a lender. You'll find a list of lenders that students have commonly used here at UVM over the past few years. You're not limited to that list at all. It's just a possible starting point. You may also want to consider loan options which may be available through your state's education financing agency or banks or credit unions that you already have a working relationship with. May offer education loans and may be worth inquiring with them directly. I'd like to transition for a moment just to talk about navigating the financial aid process, navigating college finances if you're facing financial uncertainty. So the FAFSA for the upcoming school year 2022-23 reached back and captured household income from calendar year 2020. I don't know about you but 2020 feels like it was decades ago. And we know that many families continue to face uncertainty and challenging financial circumstances, ranging from changes in job circumstances, changes in employment, loss of jobs, maybe a change in or reduction in small business income. And we know that families may be facing these circumstances. We stretch our financial aid resources as far as we can and can't guarantee that additional funds may be available in those circumstances. But if the information on the FAFSA, if that 2020 income doesn't reflect your current circumstances, we encourage you to be in contact with our office so that we can understand your circumstances in greater detail and begin a conversation with you. In limited circumstances, we may be able, for example, to consider your current year income, the income you're earning in calendar year 2022, what you've earned to date, what you anticipate earning over the remainder of the calendar year. So we may be able to look at that. We may be able to evaluate that current year income and see if that impacts financial aid eligibility in any way. Of course, not all appeals of this nature are going to result in changes in financial aid funding, but we don't know to engage in that discussion with you unless you contact us and bring it to our attention. The best first step in these circumstances is to send our office an email, kind of outline what's changed in your family, and provide as many details to us as you're able to, which will help us estimate whether a formal financial aid appeal may be in order. If you surfaced extenuating financial circumstances to our office earlier this year, please know that we do have your appeal and we'll begin review of those appeals in the coming weeks. We review appeals thoroughly and carefully giving each the attention that it warrants and that can take some time. So if you're submitting a financial aid appeal, if we're in the process of reviewing that for you, my advice would be that until that is finalized, you should make financial arrangements, kind of approach payment and billing for the fall semester based on the financial aid award that you have at this time. Let's take a brief look ahead at some items that are worth noting as your student will begin the upcoming semester. The first that I'll mention is our tuition refund schedule, which applies when students withdraw from the university, and that's true whether students withdraw for medical or non-medical circumstances. So I'd recommend taking note particularly of the September 12th date. September 12th is the drop deadline. That is the last date for a student to drop classes and receive a full refund of tuition and fee charges. Housing and meal plan charges are prorated based on the number of days a student lived on campus up through September 26th. After September 26th, there are not refunds issued for housing or meal plan charges nor refunds for tuition and fees. And you can see the detailed schedule up there on the slide and also available on our website. Lastly, I'll take a look ahead to renewing financial aid eligibility for your students sophomore and subsequent years. The most important thing to keep in mind is that the FAFSA is required annually. So it should be filed each year and each year in the fall. The FAFSA for as it is to believe the FAFSA for the 2023-24 school year will be available October 1st of 22. So really just kind of a handful of months in the future. I would think about the FAFSA as something that you're doing each year around Halloween. The FAFSA has a reputation of being scary. So maybe think you want to file that sometime in the fall before Halloween. You know, I'll also mention that eligibility for need based financial aid requires that students maintain satisfactory academic progress. And that is evaluated again on an annual basis. So satisfactory academic progress requires that students successfully complete at least two thirds of the credits that they attempt. So however many credits a student attempts for the, you know, kind of over their career, they need to successfully earn at least two thirds of those. Students also need to maintain a cumulative GPA, which does vary based on their program. Most of our schools and colleges, the GPA requirement for need based financial aid is a 2.0. But there are requirements that range from a 2.3 up to a 3.0 for some programs in the College of Nursing and Health Sciences. You can find details and specifics on our website and I would encourage you to check that out. For students who are eligible for merit based scholarships, our merit scholarships require that students remain continuously enrolled full time and maintain a cumulative 3.0 GPA. Myself and my colleagues in student financial services are available to assist you in navigating the financial aid and payment processes. We look forward to welcoming you to campus in the fall and working with you in the weeks and months ahead. As a reminder, you can find details on a lot of the items we've discussed today online. The website is there and, you know, we'll spend now the remainder of our time answering as many questions as we can. Looks like we've got about 15 minutes or so. And the last plug that I'll make just before we jump into questions is that we will have another session in about a month's time. That's on July 20th also at 7 o'clock. That will be just after the fall semester bills have gone out and will be available to do some kind of additional information and additional question and answer session at that July presentation. So with that, I know Martha has been taking a look at questions that are out there and we'll see what we've got. I love the correlation of completing the FAFSA around Halloween and it being scary. The one question that came up a lot is about merit. For a student that has a UVM merit scholarship, is the FAFSA required? That's a great question. No. So if a student is only eligible for UVM merit scholarship and is not interested in determining eligibility for any need-based or federal financial aid, the FAFSA is not required. That said, I want to make a couple of notes. One is that the FAFSA is the gateway for any of the federal student loan programs. So a student who perhaps doesn't qualify for a need-based financial aid but is interested in borrowing the core federal student loan, maybe that unsubsidized loan. Or if parents are interested in borrowing the federal parent loan, the FAFSA is going to be required for those items. But if the only resource that the family is utilizing are the merit scholarships, the FAFSA is not specifically required for those. Excellent. And if they lose their merit because they drop below the minimum cumulative GPA, can they earn that back? Yeah, great question. So we evaluate student eligibility for merit scholarships once a year. We do that at the end of the spring semester. So I think the first thing that I would mention is that a student, for example, who comes into UVM this upcoming fall and maybe ends the fall semester, a nudge below the 3.0 requirement. So the first time that we will evaluate the students for merit scholarship eligibility is going to be the end of that spring semester, right? So you've kind of got a full year and we evaluate at the end of every spring. So that's the first piece I would mention. The second point I would make is that if a student were to lose their scholarship eligibility, it can be earned back. But just like we only look at students to consider whether they've potentially lost a scholarship at the end of the spring, in the same way the end of the spring term is when you can potentially gain it back. So as an example, a student who at the end of their first year, May of 23, is notified that they're no longer eligible for their merit scholarship. It would not be available for what would be their sophomore year. At the end of that sophomore year, another year out the following May, we would do our evaluation again. If the student's GPA at that point is back at or above that 3.0 requirement, then the scholarship would be reinstated for what would now be year three. So yes, but again, the evaluations are only happening at the end of the spring term. Thank you, Matt. So there's a lot of folks with 529 questions, as you know. Some of them are, you know, questioning where, how did the payments get sent? Do they get sent to them and then they pay it? Do the payments get sent to us? Also, where do the email notifications go? Yes, great questions and just poke me if I don't hit on all of the elements there. So 529 plan payments, so you should request the payment with your plan administrator. Each plan is kind of administered by a different entity and they each have kind of their own particular process, but most of them will have, you know, an online process where you can request the distribution. In general, you know, you can request that the distributions be issued either to you directly or directly to the university. You know, you may want to talk with the plan administrator about any pros and cons that they would recommend. I would note that, you know, a great many folks are just having those payments sent directly to us at UVM and those, you know, just you'll want to make sure to enter like when you're asking for payment enter in the student's ID number and information. Those payments in most cases do get sent to us by paper check. So I think that catches folks off guard, you know, appropriately because there's not a lot these days that's still going by paper check. So that's why I really recommend, you know, making the request as soon as you can. We know that once you make that request for payment, there's a little bit that's out of your hands, right? Like how long does it take the administrator to cut the check and for it to come to us here at UVM? That's why, again, the best recommendation is at the point that you go and make that distribution request, you'll get some sort of a confirmation. Shoot that to us by email. Our email address, three letters that are a little hard to say verbally over the phone or online, but it's SFS, so like student financial services, SFS at UVM.edu. You can find that as well on our webpage, but shoot us an email there with that information so we know to look for that. Martha, there were a couple parts to that question. Did I get at all of them? Yes, I believe you did. So now another question is around the payment plan. The payment plan and the due date. Confusion about the due date or the bill coming out after the first or the due date of July 1st. What is the due date? And also, instead of setting up a payment plan, can they just send payments to us monthly? Sure. So, yes, I think a couple of, let me try to hit on all of those. There is admittedly kind of a bit of a tension, I guess, if you will, between the bills which will be issued around July 15th. And then the payment plan has this first payment due July 1st. So, a couple of, the reason the payment plan starts July 1st, even though that's before the bills are out, is to try to provide as much space for families to spread payments out over. And to provide the greatest amount of time to spread those. So, there's a couple of ways to approach this. One which I would recommend would be you can go online, access our bill estimator, which will have estimated costs. You can enter in the financial aid that you're anticipating. That's going to give you a really solid estimate of what that bill is going to look like come July 15th. You can use that information to go ahead and set up that payment plan today or in the upcoming week. And then go ahead and then you'll start. You've got that first payment on July 1st and go on from there. When the actual bill comes out, you can then kind of look at that and say, okay, the estimate was right on. All is good. I can see I've got my payment plan. The bill says that there is no balance due. Or maybe I look at the bill and I say, oh, you know what? My student has maybe ended up in a room assignment that I wasn't anticipating. There's a remaining balance that's still owed. So at that point, I have a couple of options. I can go and I can increase my payment plan. I've already made the July payment, so that increase is going to get spread out over the four payments that are remaining. So you can adjust the payment plan as you go from there. Another option, which is certainly available, let's say that you don't set up the payment plan in the next few weeks. Let's say that you get the bill on July 15th and you go to set up the payment plan at that point in time. At some point, there's a deadline probably closer to like the 22nd or 23rd. But if I go and I set up that payment plan on July 15th, I can still set up a payment plan. I'm going to have one payment that's due right away, right? Because it's already July, so I'm going to make that first payment and then my next payment will be due August 1st. So those first two payments are kind of compressed together. And then I go on and I have the remaining payments for September, October and November. So there's a couple of options there. That's kind of how those things could potentially play out. I feel like there was a third part to that question, Martha. I think you got that all. And then one last, well, there's a couple. There's folks that are wondering if they have a Vermont address, if they move to Vermont, does it affect their presidential scholarship? Great question. So the presidential scholarship, scholarships are awarded based on a residency decision that's made. So, for example, the presidential scholarship is one of our scholarships for our out-of-state students. If the student's actual university residency status were to change, if a student was formally evaluated to be kind of no longer considered an out-of-state resident, but now an in-state resident, then that would prompt a reevaluation of scholarship eligibility based on the different cost structure for our Vermont residents. Having said that, I want to kind of clarify that the residency kind of changes are really unusual, right? So a residency decision is made as a student's coming into the university. If a student is coming to UVM, coming to Vermont rather in order to go to college here, the state of Vermont does sort of see them as an out-of-state resident who's here sort of solely for college enrollment purposes, and that would not be grounds for Vermont residency. So the strong likelihood is that that student in that scenario would be considered an out-of-state resident throughout their UVM career, and the presidential scholarship would therefore go along with that. Thank you, Matt. There's a lot of questions around health insurance. Is the health insurance that UVM offers better than what they have? I think there's some questions about why there's a focus on this question. So I would not be able to kind of speak to what's better or worse. Obviously every health insurance plan is different. Every health insurance plan has different cost structures of premiums and co-pays and items that are covered. And I think that's all important information, which I strongly encourage families to review when making that determination, kind of looking at, okay, here's the existing family insurance and kind of what's in-network, what's out-of-network, how does that work with facilities here in Burlington as part of making that decision. So we do require that students have health insurance coverage. So again, students are either going to kind of say, I don't need the UVM plan. Here's the existing family coverage, or they're going to choose to purchase the UVM plan. And I think each family will really need to make an individual decision about is the UVM plan. How does that compare to the existing family coverage in terms of kind of what makes the most sense there? So I don't know if that gets at all of the questions on that. Yeah, there was more than one question around residency, but you answered it for all of them, I think, that I saw. And then there's questions about the loans. When can they accept them? And do their students need cosigners if they're under 18? Yep. So the federal student loans, the core federal loans that you may have seen in the Students Financial Aid Award, those should be available for students to accept now that should be available. And students can begin that process, complete the kind of online tutorial and promissory note that I alluded to. Those loans are not credit-based loans. So that federal direct subsidized, federal direct unsubsidized, those government loans for students are not credit-based, students don't need a cosigner for those. Those are going to be in the student's name. Where a student is going to need a cosigner is if they're pursuing a private student loan. In the private loan market, those are credit-based and a cosigner would be required. I'm conscious of time. I think we have maybe let's take one last question if there's one that rises, Martha. Let me see what I may have missed. Somebody is probably screaming, you haven't answered this question yet. A lot of people are asking, where can they find this recording after? And exactly what time or what's the estimated, will they be notified of that sort of thing? Yep. We do expect to have the recording available. It will be on the kind of that orientation, the website that was up there a few times, uvm.edu slash go.uvm.edu slash SFS orientation. We'll have a link to it on our, I imagine on our home page as well, so it's easy to find. It will not be available immediately. The university will take just a short amount of time to get it kind of captioned, and I expect that it will be available online in the coming days, maybe early next week. But yes, it will be available online, so folks can reference that. And again, we'll have kind of a second presentation, not just kind of a reprise, but a separate presentation on July 20th. So, as I alluded to at the beginning, even if we had another hour or another two hours to do Q&A, we would not hit all of the questions. I know that you will have questions. It might be right now. It might be an hour from now. It might be sometime next month or later in the fall. I would leave you with when you have questions. Please don't hesitate to reach out to us, myself, my colleagues. That's what we're here for. We look forward to working with you. We look forward to working with your student and seeing you all on campus come the fall. So thank you all for attending. Thanks for your time. And again, we'll see you on campus soon.