Troy University - Student Financial Services

Student Financial Services
Policies

Documentation for Accounts Receivable
Internal Control
Billing and Collections
Allowance for Doubtful Accounts
Payments
Billing
Late Payments
Miscellaneous
Returned Checks
Delinquent Accounts
Offset of Funds
Financial Aid Refunds
Use of Federal Financial Aid to Pay Prior Year Charges
Student Bank Loans
Funds Held
Tuition Assistance
Veterans Benefits
Reinstatement
In-State and Out-of-State Status
Changes in Regulations or Expenses
Official Withdrawal from the University
Withdrawal Refunds
Federal Financial Aid Recipient Withdrawals and Refunds
Return of Overpayment
Withdrawal Summary
Dropping a Class
Bankruptcy
Check Cashing
Petty Cash
E-Commerce System
E-Mail Policy

Documentation for Accounts Receivable:
Accounts receivable represent debts owed to the university for goods or services that the university has sold or provided to its customers. These debts are short term and are normally expected to be paid to the university with no interest charge. Adequate documentation, which includes individual account balances and a control balance for recording payments, must be maintained.

Internal Control:
To promote the accuracy of the department’s and the university’s cash receipting and accounts receivable records and to discourage fraudulent manipulation of the accounting records, the following internal control measures should be incorporated:

An aging of all accounts and a review of past due accounts should be performed periodically.
An employee other than the cashier should handle items disputed by account holders.
A reconcilement of individual account balances to the control balance should be performed periodically.
Receipts and invoices should be prenumbered and all numbers accounted for periodically.
An appropriate employee who does not handle cash receipts should approve payment of credit balances and credit adjustments to the account balance.
A diligent effort should be made to collect all outstanding accounts.
Regular billings should be made to all account holders.
Where possible, the duties of accounts receivable and cash receipting should be separated.
Accounts receivable write-offs should be approved by the Attorney General’s Office.
Routine collection procedures should be documented in writing.
Student Financial Services records should be formally audited annually.

Billing and Collections:
Students Financial Services must ensure that due diligence in collection efforts has been exercised. Due diligence is satisfied when:

Statements or invoices are mailed. Students are billed at the end of the term, then monthly if necessary.
Special reminders or collection letters are mailed for all past due accounts.
Services are discontinued for delinquent account holders, and holds are placed on the release of student transcripts and on future registration.
An external collection agency is used for all past due accounts greater than $150.

Allowance for Doubtful Accounts:
Because some accounts receivable may prove to be uncollectible, Student Financial Services is responsible for determining an appropriate amount as an allowance for those accounts considered to be uncollectible each September 30th. The department should establish an allowance for doubtful accounts (ADA account) to reflect the estimated uncollectible accounts. This allowance will be used to reduce the total amount of accounts receivable on university financial statements.

Several methods may be used for estimating the amount of uncollectible accounts receivable to be recorded as an allowance for doubtful accounts.

Payments:
Payment of charges for tuition, fees, room, and board is part of the registration process.

All students are responsible for paying any balance due by the published deadlines even if a statement of account is not received.

Troy University encourages full payment of all tuition and related fees by the last day of the regular registration period for the current semester or term.

Students must pay at least 1/3 of tuition and fees and all other charges by the last day of regular registration or at the time of late registration to retain their schedule. The payment of tuition, fees, residence hall, and meal plans charges is part of the registration process. Payment or payment agreement is required before each semester’s registration is complete. The deadline for payment or payment agreement for fall semester is in August, spring is in December/January, and summer is in May. The exact date will be specified in registration materials. Payment may be made using cash, check, money order, Visa, Discover MasterCard or electronic check. Other valid forms of payment include sponsoring agency contracts, tuition assistance from various private, federal, and state funds, the Alabama PACT, and faculty/staff tuition assistance.

All payments made through the United States Postal Service or any parcel service should be addressed as follows:

Student Financial Services
155 Adams Administration Building
Troy, Alabama 36082

The remaining balance is due in two equal installments approximately 30 days and 60 days from the first payment due date. The specific dates will be identified in registration material.

If a student does not provide payment by the last day of regular registration or at the time of late registration, his/her schedule will be cancelled. Cancellation allows class seats to become available for other students.

IF A STUDENT MISSES THE FIRST PAYMENT DEADLINE, HE OR SHE WILL BE GIVEN AN OPPORUNITY TO RE-REGISTER FOR CLASSES DURING THE LATE REGISTRATION PERIOD. THERE IS NO GUARANTEE THAT HIS/HER CLASSES WILL REMAIN AVAILABLE.

Students adding classes or registering after the last day of regular registration will need to insure proper payment (1/3 of all charges) by the last day to drop or withdraw without financial penalty, or class schedules will be released on the last day to add a class. No schedules will be reinstated after the last day to drop or withdraw without financial penalty.

Checks should be made payable to: Troy University.
Always write student ID number on paper checks.
Electronic check or credit card payments
may be made on line using Trojan Web Express.

Billing:
A printed statement will be mailed to students about 15 days prior to the first payment due date. The second and third payment reminders will be sent to students by e-mail. Billing inquiries should be directed to the office of Student Financial Services.

Late Payments:
When an outstanding balance exists on a students account after the third payment due date, a late payment fee of $50 will be assessed to the students account.

Miscellaneous:
Other expenses, such as health center charges, are payable when incurred.

Returned Checks:
The following general policies apply to returned checks:

Previously deposited checks that are being returned from the bank as uncollectible are automatically debited to the university’s bank account.

A detailed record of returned checks must be maintained at all times.

On a monthly basis, returned checks must be reconciled to the amount shown on the university’s official records.

Students, who pay tuition and fees with a check, and the check is not honored by the issuing bank, may be administratively withdrawn from the University. These students remain responsible for any charges (including additional collection costs) deemed necessary by the University.

Delinquent Accounts:
In the event of an unpaid balance of any nature on a student’s account (including any unpaid check returned by a bank), the following services will be withheld until the balance is paid in full:

Enrollment for subsequent terms
Transcripts

Former Students: If the debtor is a former student of the university, a hold on the release of transcripts and on future registration privileges must remain in effect until the obligation is paid. Whenever collections are made for amounts previously written off, the write off should be reversed, and the payment receipted. Any holds or encumbrances against the individual should be released.

Current Students: Certain debts may be canceled or written off when a student dies during a term of enrollment. If it is necessary to refer an account to an outside collection agency, any cost incurred in collection, including any attorney’s fees, may be assessed to the account. Delinquent accounts may be reported to credit bureaus.

Offset of Funds:
If a student’s account has an outstanding balance and the University has in its possession any funds payable to the student, the University reserves the right to withhold the funds necessary to clear the student’s outstanding balance and to cover any collection costs incurred. Funds payable to the student may include payments or credits applied to the student’s account, payroll checks, as well as funds payable from any other source. Once any outstanding balance has been paid, any remaining funds will be paid to the student.

Financial Aid Refunds:
If tuition is paid with financial aid (loans, grants, scholarships), and all financial aid eligibility requirements are met, financial aid will be applied to the student’s bill after drop/add.

If a student is due a financial aid refund, the refund will be processed within 3 business days after financial aid is applied to the student account.

Use of Federal Financial Aid to Pay Prior Year Charges:
With the student’s or parent’s written authorization, Federal financial aid awarded for the current academic year may be used to pay “minor prior award year charges, if these charges are less than $100 or if the payment of these charges does not, and will not, prevent the student from paying his or her current educational costs” (34 CFR 668.164 (d) (2) (ii).

Student Bank Loans:
Student bank loans are disbursed each semester or term. Most bank loans are disbursed electronically. Loan disbursement information is not given over the telephone; inquiry must be made in person at the office of Student Financial Services. Students may reference their promissory note for loan disbursements dates to determine when to expect loan proceeds. All loan applicants are required to participate in an entrance interview at www.KHEAA.com concerning their financial obligation as recipients of loan funds.

Funds Held:
Troy University acts as an agent holding miscellaneous scholarship funds from donors to be applied to the accounts of students. Students must make Funds Held transaction requests at the office of Student Financial Services.

Tuition Assistance:
Notification of any tuition assistance should be given to the Student Financial Services Office prior to registration. Tuition assistance includes State VA and State Rehabilitation benefits, PACT, and other third-party assistance. After notification, the total amount due for tuition and fees will reflect any tuition assistance.

Veterans Benefits:
Students who are eligible to receive educational assistance must check with Veterans Affairs in the Financial Aid Office. No student will be certified to receive educational benefits from the VA until the student’s schedule is verified with the certifying official at his/her campus home location.

Enrollment Cancellation Due to Nonpayment of Fees:

Registration is not complete until all previous term balances plus 1/3 payment of all charges or satisfactory arrangements through approved scholarships, financial aid, etc. have been made.

It is the responsibility of the students to pay their account balance by the established payment due dates.

If 1/3 payment is not paid by the last day of regular registration, a student’s enrollment will be cancelled due to non-payment of fees. Other penalties for nonpayment will include cancellation of university housing privileges, withholding of transcripts, inability to enroll for future semesters and referral to a collection agency.

Reinstatement:
Students are not permitted to remain in class(es) or to continue credit-generating work after their registration has been canceled.

In-State and Out-of-State Status:
Students are charged tuition based on residency status.

In-state or out-of-state status concerns or questions should be directed to the office of Admissions/Enrollment Management.

Changes in Regulations or Expenses:
All financial regulations, fees, or charges are subject to change as conditions warrant.

Official Withdrawal from the University:
WITHDRAWAL refers to ending enrollment in all classes at Troy University in fall and spring terms. A student may withdraw from the University prior to the last day of classes following clearance by the Office of Academic Records and University Registrar and approval of the Dean of the division in which the student is enrolled. A student considering this action should first consult with his/her academic adviser. It is the student’s responsibility to initiate and provide the information necessary to complete the withdrawal process. Any student who has pre-registered and has paid but does not wish to attend must notify the Registrar’s Office in person or in writing (certified mail suggested) prior to the first day of classes to receive a full refund of tuition charged. Failure to assure this notification may result in academic and financial penalty.

Withdrawal Refunds:

The refund period is the first week of the semester and refunds are made as shown below.

Withdrawal Date	Percent of Fees Refunded
Within first week of classes	100%
After the first week of classes	0%

After the first week of class, students who withdraw from the University may qualify for a refund if medical reasons can be documented.
Application fees, registration fees, and $50 (of the $100) housing deposit are non-refundable fees.
A student called for military service during the school term should consult Student Financial Services regarding refunds of fees.
Any tuition refunds originally paid by credit card will be refunded back to the credit card.
Room rent is non-refundable.
Meal plans may be canceled if a student withdraws from the University. The refund will be prorated on a weekly basis on the unused portion of the meal plan.

Federal Financial Aid Recipient Withdrawals and Refunds:

When a student completely withdraws from school, a portion of the Federal Financial Aid grant or loan funds, except for Federal Work-Study earnings, must be returned to the applicable federal program(s).
The refund is based on the concept of ‘earned’ and ‘unearned’ federal financial aid and how it relates to the percentage of time the student was enrolled. The percentage of enrollment completed determines the percentage of earned aid.

For example, if a student attends 25 days of a 100 day term, the percentage of earned aid is 25%; and therefore, 75% of the unearned aid, up to the total of institutional charges, will be returned to the federal financial aid programs. Institutional charges consist of tuition, fees and campus housing.
In some circumstances, a student may need to repay a portion of the unearned aid. The student will be notified if they owe a federal repayment.
If a student withdraws after completing 60% of the term, then it is assumed that the student has earned 100% of their federal aid award and no funds will be returned to the federal programs.
For an example of the proposed Return of Title IV Funds Worksheet, please see the Financial Aid Office located in the Administration Building.

Return of Overpayments:
Title IV financial aid recipients who withdraw from all classes, or who are administratively withdrawn from all classes may be required to return a portion of the financial aid they received. Calculations are completed to determine the percent of financial aid earned and unearned for the given term.

Title IV financial aid recipients who receive an overpayment resulting from changes in enrollment, cost of attendance, general eligibility, and additional financial aid award(s) will be required to return funds in the amount necessary to eliminate the overpayment.

The student will be notified if a Return of Title IV funds is due. Failure to return Title IV funds will result in the loss of eligibility for financial aid.

Order of Return of Title IV Funds:

Title IV funds required to be returned by the student will not be distributed to a Federal Direct Loan Program and no returns shall be distributed to the Federal Work Study Program.

All other returns will be distributed to the student financial assistance programs in the order below:

Federal Direct Unsubsidized Stafford Loan

Federal Direct Stafford Loan

Federal Perkins Loan

Federal Direct PLUS Loan

Federal PELL Grant Program

Federal SEOG Program

Other Title IV Programs

Other Federal and State Programs

Institutional or Agency Programs

If a credit balance exists after all adjustments and distributions have been made, a refund check will be processed made payable to the student.

Withdrawal Summary:

It is the student’s responsibility to withdraw officially from the university in accordance with university regulations.
A student is responsible for clearing any outstanding balance on his or her account before leaving the campus.
Students suspended from school for disciplinary reasons are not eligible for refunds.
In the event of death or involuntary call to active military duty, no charges will be assessed, refund of full tuition and fees will be granted.

Dropping a Class:
DROP refers to the dropping of part but not the entire course schedule in a semester or term.

Within the first week of classes of a semester a student may drop courses from his/her schedule. Tuition associated with the dropped class is 100% refundable. There is no refund of charges after the first week of classes.

Bankruptcy:
When Student Financial Services receives notification from a bankruptcy court that a student has filed for bankruptcy, all collection efforts must cease immediately.

If the bankruptcy notice states that claims may be filed, Student Financial Services may do so. Careful attention should be given to deadlines for filing.

Collection efforts may resume if the case is dismissed.

Check Cashing:
Check cashing privileges are extended to faculty, staff and students with proper identification. The check writer may cash a check not to exceed $100.00 per day.

Petty Cash:
Employees maybe reimbursed for qualified miscellaneous departmental expenditures not to exceed $100.00. Employees must present original receipts and the correct general ledger expenditure number for petty cash reimbursement.

E-Commerce System:
Troy University’s E-Commerce system allows students to use the latest technology to complete business transactions with the University. Using the Web Advisor program, E-Commerce offers the following on-line features to students:

The ability to pay tuition and various fees by using a credit card
The ability to view account balances

E-Mail Policy:
All University official communications with the student will be provided through the Trojan E-mail address that is assigned to the student. All official information, (including but not limited to, student billing, faculty-student communications, registration changes, financial aid information and the like), sent to this e-mail address will constitute official notice. The University accepts no responsibility, for any forwarding of e-mail that the student may choose from their official Trojan E-mail account. The University is only responsible for ensuring the e-mail gets to the student’s e-mail account maintained by the University. All students are responsible for monitoring their Trojan E-mail account frequently. Students can access their e-mail by visiting www.troy.edu. and selecting the Trojan E-Mail link.