From: Ginny Layton (laytonvh@muohio.edu)
Date: Mon Jul 29 2002 - 10:53:58 EDT
At Miami University (in Ohio) we do the same as Ohio University with Ohio
College Advantage (thanks Sherry, for your clear explanation!). We also
have participants in similar programs from other states - including Texas,
Florida, and Alabama. In these cases, we set up a third party account. We
hold the agency accountable, and the students are excused from our payment
deadlines.
I believe we will see more and more of these students (and plans) with
recent changes in tax law relating to estate planning. It could get
complicated.
Ginny Layton
Bursar
At 09:12 AM 7/29/2002 -0400, by way of bursar-l
<owner-bursar-l@Virginia.edu> wrote:
>Ohio University provides the Ohio College Advantage (or OTTA) program with
>our quarterly tuition rates and due dates. The process we have in place is
>fairly simple.
>
>The student/parent must submit a payment request form to College Advantage
>which indicates the amount to transmit to Ohio University. College
>Advantage confirms the dollar amount. If the funds are available, College
>Advantage sends the payment to Ohio University via EFT. They also fax us a
>roster that agrees (hopefully) to the amount transferred. When the funds
>hit our bank account, we post the payments to the student accounts. (We
>are working on converting the fax roster to an electronic file that will
>automatically post the payments.)
>
>If the student/parent is worried that we won't receive the funds before our
>payment deadline, we instruct them to fax a copy of the payment request
>form to us. We will then exempt the student from the late fee (provided
>the payment is for the full amount due).
>
>Hope this helps.
>
>Sherry Downs
>Bursar
>Ohio University
>
>
>
> "Bailey, Karen"
> <ksbailey@ku.edu> To: bursar-l@virginia.edu
> cc:
> 07/29/02 08:15 AM Subject: 529 plans and
> sponsorships
>
>
>
>
>
>
>Bursar world -
>I'd appreciate it if you could take a few minutes to answer these questions
>regarding pre-paid tuition plans. Our office is starting to receive a
>number of requests to sponsor (third party contracts) students that belong
>to the state offered tuition plans that are being offered. These are
>pre-paid 529 plans. Most of these plans have very complicated calculations
>that must be performed (by our office) to determine how much we are
>supposed
>to bill. Up to this point the plans that we have talked to have been
>unwilling to meet our deadlines and are insisting that we sponsor these
>students and send them a bill. "We are the only school that doesn't want
>to
>do this!" So...in order to find out if we are the "only" school, these are
>the questions.
>
>
>1) How is your institution handling these requests?
>
>2) Do you have guidelines as to what your office will do or do you just do
>whatever is requested?
>
>3) Since it's a pre-paid plan, do you ever make the student/parent
>responsible for making sure that it is paid on time?
>
>4) Any additional advice you might have to share.
>
>
>Thanks in advance for your assistance,
>Karen Bailey
>Bursar
>University of Kansas
>785-864-5929
Ginny Layton
Bursar
Miami University
Office: 513-529-8702
Fax: 513-529-8788
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