Re: bursar-l: Flex Card System Policy

This is just a caveat for schools who issue their own debit cards. When
schools allow students to apply federal financial aid directly to a
"school-controlled" debit card special refunding rules apply. In short,
the school has to track the funds to make sure they are spent and refund
to the student any amount $1.00 or more that the student has not spent
no later than 240 days after the transfer is made. Also, delivery of
the funds must be cost-free to the student. Particulars can be found in
Volume 4 of the Financial Aid Handbook.

Judith A Archambault, MBA

Bursar

University of Maryland Baltimore

Student Accounting

601 W. Lombard Street, Suite 206

Baltimore, MD 21201

phone (410)706-2929, fax (410)706-7429

________________________________

From: bursar-l-bounces_at_list.mail.virginia.edu
[mailto:bursar-l-bounces_at_list.mail.virginia.edu] On Behalf Of Shontz,
Susan (shontzs)
Sent: Monday, May 04, 2009 11:59 AM
To: bursar-l_at_list.mail.virginia.edu
Subject: bursar-l: Flex Card System Policy

We have a flex card system in which students put funds on deposit for
use at the bookstore, as additional dining dollars, and for laundry
facilities. Students are permitted to carry the funds forward from year
to year and we refund any leftover funds when the student separates.
The question has come up as to whether we should also refund the monies
to the student at any point in time that they request it regardless of
their enrollment status.

Can someone share some other schools polices with regards to flex funds?

Susan F Shontz

Budget Director and Bursar

814 641 3304

Bursar-l Archives: http://fa1.finadmin.virginia.edu/bursar/

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Received on Mon May 04 2009 - 12:58:20 EDT