From: by way of Lynn Davis
Date: Wed Oct 03 2001 - 15:54:14 EDT
Thank you Sandy.
-----Original Message-----
From: Vivian, Sandy [mailto:vivian@jaguar.middlebury.edu]
Sent: Wednesday, October 03, 2001 2:51 PM
To: Susan Burns
Subject: RE: credit balances & Title IV aid
Hello Susan,
I am the bursar here at Middlebury, and I'll tell you our interpretation of
the 14 day rule. I can also fax you a page from The Blue Book that states
it pretty clearly.
Anytime Title IV funds are involved on a student account, the 14 day rule is
in effect. Of course, it is usually the Title IV funds that are coming in
last that create the credit balance. Even if the next semester's account
may have a balance due, you cannot hold that credit to the following
semester unless you have the student's permission.
And the 14 days are calendar days.
I'd be happy to help you out, if I can. I've been bursar here for 4 1/2
years, after spending 6 years in our financial aid office- that is
definitely a help in understanding the fed.stuff.
Sandy
-----Original Message-----
From: Yauch, Philip
Sent: Wednesday, October 03, 2001 1:57 PM
To: Vivian, Sandy
Subject: FW: credit balances & Title IV aid
Sandy: would you please respond to this memo? Thanks, Phil
-----Original Message-----
From: sburns@smcvt.edu [mailto:sburns@smcvt.edu]
Sent: Wednesday, October 03, 2001 1:35 PM
To: YAUCH@middlebury.edu
Subject: credit balances & Title IV aid
Hello:
I am the Bursar here at St. Michael's and am new to the world of higher
education.
I'm trying to interpret the 14-day refund rule. I'm hoping you can share
your interpretation with me.
How are people applying the 14-day refund of credit balances?
* Is it strictly when Title IV alone exceeds total allowable charges,
then a refund must be sent within 14 days of the funds being applied to the
student account
* If an account has a combination of Title IV funds and tuition
payments from the family & there is a credit balance do you have to send a
refund even if it may create a balance due the following semester
* Are the 14 days business days or calendar days
Susan
Susan Burns, Bursar
Saint Michael's College
SMC Box 2 - One Winooski Park
Colchester, VT 05439
(802) 654-2335
sburns@smcvt.edu
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