NelNet/FACTS E-Cashier Payment

Details of the NelNet/FACTS e-Cashier Payment Plan

To help you meet your educational expenses, Minnesota State University, Mankato is pleased to offer Nelnet Business Solutions as a convenient budget plan. It is not a loan; therefore you have no debt, there are no interest or finance charges assessed and there is no credit check.

The cost to budget monthly payments is a $25 per semester nonrefundable enrollment fee. The enrollment fee is automatically deducted from your account WITHIN 14 days of your agreement being posted to the system.

A full payment option is available at no cost. Full payments are taken immediately.

The tuition payment is automatically deducted on the 5th of each month from a checking or savings account. You may also have your payment charged to your credit card. If you elect to use your credit card, your options include: VISA, MasterCard, American Express, or Discover Card. Please note: Debit cards may be returned unpaid due to daily limit restrictions imposed by your bank.

If your payment on the 5th is not successful, it will be reattempted on the 20th of the month. Any time a payment is returned, you will receive notification on how the returned payment will be handled. Your agreement will be processed until the balance owed is paid in full.

You will be assessed a $25 fee for each missed or returned payment. Please note, your financial institution may also assess you a fee. Returned payment fees are automatically deducted from the account you have provided. We will reattempt to collect any fees charged for missed or returned payments. Missed payment fees are payable to Nelnet Business Solutions/FACTS.

Enrollment fees and returned payment fees are subject to change in future academic years or semesters. Interest earned on all custodial funds held by Nelnet Business Solutions/FACTS is payable to Nelnet Business Solutions/FACTS.

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Important Information Regarding Payment Plan Contract Amounts

The estimate of your total out-of-pocket obligation to the University used when you set up your original contract amount with Nelnet/FACTS remains unchanged regardless of changes to your University account, until after the first financial aid disbursement of the semester.

• Summer Term 2008
  • You are responsible for making adjustments to your contract amount for any changes in your estimated balance through the June 5th payment for Summer Term. Potential reasons for contract amount change requests include dropping or adding classes, changes in financial aid awards or other assistance, and withdrawal from the University. Contract amount adjustments are made directly with Nelnet/FACTS at 1-800-609-8056.
  • The University will upload your actual current balance to Nelnet/FACTS prior to the July payment date. These uploads may result in a change to your monthly payment amount. Your July 5th payment will be based on your University account balance as of June 25th.
• Fall Semester 2008
  • You are responsible for making adjustments to your contract amount for any changes in your estimated balance through the September 5th payment for Fall Semester. Potential reasons for contract amount change requests include dropping or adding classes, changes in financial aid awards or other assistance, and withdrawal from the University. Contract amount adjustments are made directly with Nelnet/FACTS at 1-800-609-8056.
  • The University will upload your actual current balance to Nelnet/FACTS prior to the October and November payment dates. These uploads may result in a change to your monthly payment amount. Your October 5th payment will be based on your University account balance as of September 25 (1/2 of your account balance), and your November 5th payment will be based on your University account balances as of October 25 (full remaining account balance).

Please monitor your University account balance as well as your Nelnet/FACTS payment plan balance periodically to keep track of changes. You may contact Nelnet/FACTS or the University Cashiers for information and assistance.

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Questions

MSU Cashier's Office

Visit in person:
128 Wigley Administration Center

Email:
cashiers@mnsu.edu

Phone:
507-389-2259
MRS/TTY 800-627-3529 or 711

Service Window Hours:
Academic Year (August 20, 2007 - May 9, 2008)
8:15am - 4:00pm
Monday through Friday

Summer (May 12, 2008 - August 15, 2008)
7:45 am to 3:30 pm
Monday through Friday