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CARES Act Implementation FAQs and New Developments - Shared screen with speaker view
Cristen Alicea
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.
Pete Boyle
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
Pete Boyle
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.
Cristen Alicea
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.
May Schumacher
Agree with Cristen Alicea, need to be able to use student account, which has the secure ACH data for our students.
Darryl Longley
Cristen Alicea's question is the biggest question we have right now
Cristen Alicea
Taht's what we are trying to do.
Cristen Alicea
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...
May Schumacher
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.
Ann Spall
mailing checks is a disaster!
Ann Spall
lost checks! out of date addresses potentially due to crisis
Staci Weber
Hi, Is there a formal list of colleges who are designated as MSI?
Michael Baker
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
Cristen Alicea
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:
Cristen Alicea
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.
Ann Spall
Please get clarity on what Cristen Alicea has sited above about distributing aid through the electronic refund process already in place. Thank you!
Darryl Longley
Thank you Cristen on bringing up what is our University's biggest question