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Phone: 1-304-243-8152


Fincance: Unclaimed Student Refund Checks


Date approved:
Jan. 2015
Approved by:
 
Date to be reviewed:
Jan. 2016
Reviewed by:
VP for Administration
Date revised:
 
Revision number:
1.0
 
Compliance Committee:
As Scheduled

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1.0 PURPOSE

The purpose of this policy is to set forth guidelines and procedures to ensure that the return of unclaimed student Title IV refunds is performed in accordance with Federal regulations (34 CFR Part 668.164), commonly called Title IV, which is administered through the United States Department of Education.

2.0 POLICY STATEMENT

2.1 Policy Statement

Federal financial aid regulations require any Title IV federal funds disbursed to a student or parent that are not received or negotiated must be returned to the appropriated federal financial aid program no later than 240 days after the check or electronic fund transfer (EFT) was issued. If a check or an EFT is returned, the University may make additional attempts to deliver the funds, provided that those attempts are made no later than 45 days after the funds were returned or rejected. In case where the University does not make another attempt, the funds must be returned before the end of the initial 45-day period. The University must cease all attempts to disburse the funds and return them no later than 240 days after the date it issued the first check. Under no circumstances may unclaimed Title IV FSA funds escheat to the state, or revert to the University, or any other third party.

2.2 Procedure

2.2.1 Returned Title IV Check or Rejected EFT
If a check that the University mailed is returned, or an EFT is rejected, the Business Office must make additional attempts to disburse the funds or return them to the appropriate federal program(s) within 45 days. The University may continue making attempts to deliver the funds, but must adhere to the Title IV Federal funds 240-day limit if it is unsuccessful.
2.2.2 Unclaimed Title IV Refund Checks
  • The Business Office will run the "Outstanding Title IV Refund Checks" list monthly.
  • The Business Office will review the "Outstanding Title IV Refund Checks" list monthly and follow the procedures in 2.2.3 below regarding outstanding checks.
2.2.3 Procedure for Outstanding Title IV Refund Checks
  1. The Business Office will use all reasonable means to locate the student whose Title IV refund check has become 120 days old.
  2. If all attempts are unsuccessful, outstanding Title IV refunds checks that have become stale dated (over 180 days) will be voided back to the student account. The Business Office will make an entry, after a check has been voided, debiting the student account and crediting a designated account that the Controller's Office will specify. This entry will then be interfaced to the Finance General Ledger debiting Student AR and crediting "Unclaimed Title IV Account".
  3. The Business Office will then send an e-mail notice to the Financial Aid Office containing the student's name, student ID number, Title IV program(s), aid year, and the dollar amount that has been credited to the "Unclaimed Title IV Account".
  4. The Financial Aid Office will issue a Direct Payment Voucher (DPV) no later than 240 days after the check issue date to the Controller's Office requesting a return of the Title IV funds.
  5. The Business Office, based on the information provided by the DPV, will return funds to the appropriate aid program.
  6. The Financial Aid Office will make the appropriate change(s) to the Fiscal Operations Report and Application to Participate (FISAP).
  7. The Business Office will reconcile the "Unclaimed Title IV Account" every month.

2.2.4 Timeline for Title IV Refund Checks
Days after check issued Action
0-120 daysNo action
120-180 daysOutreach to payees regarding outstanding checks and options for reissue.
180-210 daysOutstanding checks voided back to student accounts
210-240 daysReturn of the outstanding Title IV funds to the appropriate aid programs.

3.0 AUTHORIZATION

The Controller has the authority to change, modify or approve changes and exceptions to this policy at any time, with or without notice, and with the approval of the VP for Administration and the University President or his designee. 

4.0 ATTACHMENTS



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