Has any official guidance been received on the ability to use our student accounts as a pass-through to get refunds out to students? We've heard conflicting interpretations and are understandably nervous.
ALL: Yes, presentation slides and a recording will be made available on our website and distributed via email. All NAICU webinars are hosted here on our website: http://www.naicu.edu/research-resources/coronavirus-disease-covid-19-resources
Victoria: we have been told when filling out that the Start date would be the date you submit to grants.gov. End date can be 9/30/21.
To clarify, we're asking if we can use the student account as a way to apply the funds and provide the refund to the student, as long as we DO NOT apply the funds to any other balance/charges. We are hearing from some that they've interpreted it as being unable to run through the normal system, but require outside processing through Accounts Payable, which will slow down our ability to get funds into student hands.
Agree with Cristen Alicea, need to be able to use student account, which has the secure ACH data for our students.
Cristen Alicea's question is the biggest question we have right now
Taht's what we are trying to do.
We already have the "student accounts" set up to be able to generate check/ACH refunds. NOT applying it to the student account (as a pass-through) would require a whole new setup...
We will not be able to use EFT/ACH then to send these funds if we can't use the student account. That's where that information is housed. Very unfortunate. Snail mail for checks.
mailing checks is a disaster!
lost checks! out of date addresses potentially due to crisis
Hi, Is there a formal list of colleges who are designated as MSI?
For the institutional funds - does the college/university need to wait until it receives funds before issuing room and board credits/refunds to be eligible? Thanks
This was in the FAQ from ED on 4/21 - This seems to imply we can use our existing system as long as we don't encumber any of the funds towards existing charges/balances, etc. and the full amount of the funds goes to students:
11) How must institutions pay the emergency financial aid grants to students?Institutions may provide emergency financial aid grants to students using checks,electronic transfer payments, debit cards, and payment apps that adhere to theDepartment’s requirements for paying credit balances to students. The disbursement of theemergency financial aid grant to the student must remain unencumbered by the institution;debts, charges, fees, or other amounts owed to the institution may not be deducted from theemergency financial aid grant. The emergency financial aid grant may not be made tostudents through the use of a credit card that can be used only on campus or in a retail outletaffiliated with the institution.
Please get clarity on what Cristen Alicea has sited above about distributing aid through the electronic refund process already in place. Thank you!
Thank you Cristen on bringing up what is our University's biggest question