Frequently Asked Questions
1. When and what time will the funds be withdrawn from my bank account?
FACTS/Nelnet specifies the date each payment will occur but it is your financial institution that determines the time of day the payment is debited. FACTS/Nelnet recommends you check with your financial institution to determine how far in advance funds should be deposited into your account to ensure the automatic payment clears. If a payment date falls on a weekend or holiday, the payment will be attempted the following business day.
2. How will I be notified of my payment information?
Once your agreement is posted to the FACTS/Nelnet system, you will receive a confirmation notification of your payment amount by e-mail or letter. Payments will be processed until the total balance is paid in full. The notification has important information you must have to log on to My FACTS/Nelnet Account. The notification also serves as a reminder that a $25.00 per semester nonrefundable FACTS/Nelnet Enrollment Fee will be processed from the account indicated on the agreement.
3. Can I pay by phone with FACTS/Nelnet?
In accordance with the Terms and Conditions of your FACTS/Nelnet agreement, payments are processed electronically. FACTS/Nelnet does not accept payments by phone.
4. What is the FACTS/Nelnet Access Code?
To help protect your privacy, FACTS/Nelnet asks the person responsible for the payments to create an access code. If you should call into FACTS/Nelnet inquiring about your FACTS/Nelnet agreement or inquire online through My FACTS/Nelnet Account, you will be required to verify your FACTS/Nelnet Access Code. If you do not create an access code on your FACTS/Nelnet agreement, one will be randomly assigned to you. Your FACTS/Nelnet Access Code will be identified on your FACTS/Nelnet Confirmation Letter. Please remember to keep a copy of your confirmation letter.
Information on Missed Payments
Should an automatic bank payment or credit card payment be missed, a $25.00 FACTS/Nelnet Missed Payment Fee will be automatically assessed to your account. You will be notified by FACTS/Nelnet of the missed payment via mail or e-mail.
|Please do not assume your balance will automatically be adjusted if financial aid is received or a class is dropped or added. You should call the Illinois Valley Community College cashier's office at (815) 224-0213 to request a change.