Interim Promissory Note Instructions

The Interim Promissory Note (IPN) is designed to identify the source of funds, which bring an account balance to zero. If your cash payment brings your account balance to zero, the IPN is not required. However, when billing charges will not be paid in full by cash by August 5 for Fall Semester and January 20 for Spring Semester, the IPN is required. This will occur if there is Financial Aid or if you choose to use the TMS monthly payment plan. The IPN is prepared once for Fall Semester and once again for Spring Semester by the Accounting Office based on information at the time of printing.

The "Principal sum of $________” in the first paragraph of the IPN is the balance owing for either fall or spring semester. This will typically include Tuition, Room, Board, Student Body Fee and Health Insurance for one semester, plus any carryover from a prior semester.

• Line A Semester charges plus any carryover from a prior semester:Please include any carryover balance from a previous semester. You must be billed at FULL TIME TUITION and taking at least 12 credit hours to be eligible for your full Financial Aid Award. If billed for less than full-time, please contact the Financial Aid Office to see if your award is correct as a part-time student.

• Line B Financial Aid Award Letter (FAAL): The "Net Accepted Financial Aid" is provided by the Office of Financial Aid and based on the student being enrolled full time. Do not including Federal Work-Study if any. Please deduct any Bank Fee associated with specific loans i.e. Stafford, PLUS and Alaska Student Loans. If you choose to refuse part of the financial aid listed on the FAAL, please notify the Financial Aid Office. Since you have accepted the financial aid, it is your responsibility to provide the Financial Aid Office with all the required documentation necessary to ensure that this financial aid will be applied to your Statement of Account by October 31 for Fall Semester and February 28 for Spring Semester.

• Line C Net Cash Due: “Net Cash Due” is the difference between lines A and B, and is to be paid directly to Linfield College by August 5 for Fall Semester and January 20 for Spring Semester. Financial aid is based on a full-time student. Please refer to Line A above if you register for less than 12 credit hours.

“Adjustments to Net Cash Due”, line C, may be made in section D where applicable as follows:

• D1) Insurance Waiver: Provide Insurance Waiver (or waive on line at http://webadvisor.linfield.edu/WebAdvisor/WebAdvisor) once each school year to reverse the insurance fee charged. All students registered for the first time during a school year are charged the health insurance fee. If waived in the fall for the year, students are not billed for health insurance in the spring. Students who did not waive the health insurance in the fall will be billed for health insurance in the spring. The Insurance Waiver form must be received by the clearing date or the insurance fee cannot be waived.
• D2) Federal Work Study: You may prefer to pay Federal Work-Study in advance so the student may keep the monthly work study check for personal expenses. However, students may apply their Federal Work Study checks monthly to their Statement of Account balance to reduce Net Cash Due but will be Service Charged 1% per month on the unpaid account balance. Record the semester amount of Federal Work-Study to apply towards Net Cash Due.

• D3) Additional Net Financial Aid: Record one half of any additional net financial aid NOT listed on the FAAL and notify the Financial Aid Office of the additional aid.

• D4) TMS Payment Plan: Record the TMS Semester payment plan or one half of the Annual TMS Monthly Payment Plan.

• D5) Other Adjustments:This section covers any adjustment not previously itemized. i.e. converting Tuition from part time to full time; adjusting room changes or meal plans; buying a Parking Permit; or adding additional insurance coverage. Itemize each adjustment individually in the space available with the total on line 5.

• Line E:“Total of Items D1 through D5” as an adjustment to line C.

• Line F:“Revised Net Cash Due”. Subtract line E from line C. This must be paid directly to Linfield College by August 5for Fall Semester and January 20 for Spring Semester.

Your signature on the IPN each semester is your promise that the SAR will reach a zero balance by paying the “Revised Net Cash Due byAugust 5 for Fall Semester and January 20 for Spring Semester. Your signature also ensures the Net Financial Aid will be applied to the SAR by October 31 for Fall Semester and February 28 for Spring Semester. The two exceptions to these dates are amounts deferred for Federal Work-Study shown on line D2 and the AMS Payment Plan shown on line D4. Any balance remaining after these dates is subject to a monthly service charge of 1% per school policy, various late fees, and denial of student services.

“It is the responsibility of each student to be aware of and to meet the catalog requirements for graduation and to adhere to all other deadlines, rules, and regulations published in this catalog, the Student Handbook, and the Linfield College Policy Handbook.” (Catalog) This policy includes meeting the requirements of the Accounting Office in the account clearing process and payment procedure. Information and staff help is available on student accounts from the Cashier Monday through Friday 09:00 AM to 3:30 PM and from the Staff Accountant in Melrose 105 from 08:00 AM to 5:00 PM. Individual Statement of Account information is also available to every student on the Linfield Web Advisor at http://webadvisor.linfield.edu/WebAdvisor/WebAdvisor then “log in” tab.If the student is relying on their parent or benefactor to comply with the requirements, it is the student’s responsibility to provide the necessary information to the parent or benefactor to ensure compliance.