RE: Refunding with Parent Loans

We are not a Banner school - we are a Datatel school - but I am sure there
are similarities. Our system is "clunky" at best! We have a screen where
we can enter miscellaneous codes for students. We have codes that are
different if the parent wants a refund or funds held, and if the student
wants a refund or funds held. From these codes we can determine what to do
with which type of loan. When we receive funds that create a create balance
on an account, we do printouts of the accounts so that we can visually
review each account. If there is a PLUS loan that has been received, we
check the coding to see what the parent wants done and who the borrowing
parent is. We remove these students from the automatic voucher creation
process. We always refund to the student first (unless the student has
requested that their funds are held) up to the full amount of the student's
loans. If there is still a credit balance remaining, that will go to the
parent (if they have requested a refund) or remain on the account according
to the parent's request. We then do their vouchers manually so that we can
control the amount of the refund and the name/address on the refund check.
This does work pretty well except for those occasions when we are dealing
with a divorce situation and the parent who is taking out the loan wants
their share back and we refund the student. This has only been an issue a
couple of times where there was no cooperation between the parent and their
child - very sad - but not really our problem.

Hope this helps - let me know if you want more info than this,

Anita

Anita Holmgren

Director of Student Accounts

Aurora University

Phone: 630-844-5471

Fax: 630-844-5463

  _____

From: bursar-l-bounces@list.mail.Virginia.EDU
[mailto:bursar-l-bounces@list.mail.Virginia.EDU] On Behalf Of Harris, Dana
Sent: Friday, November 11, 2005 7:33 AM
To: bursar-l@Virginia.edu
Subject: RE: Refunding with Parent Loans

Please respond to the list serve - we are interested in this as well.

Dana

Dana R. Harris

Director of Student Accounts

(910) 962-7503

(910) 962-7402 Fax

-----Original Message-----
From: bursar-l-bounces@list.mail.Virginia.EDU
[mailto:bursar-l-bounces@list.mail.Virginia.EDU] On Behalf Of Perrone, Lissa
Sent: Thursday, November 10, 2005 7:32 PM
To: bursar-l@Virginia.edu
Subject: Refunding with Parent Loans

Hi All,

We are revisiting how we process refunds of credit balance with Parent Plus
Loans in the mix of aid. Are there Banner schools out there who have found
a streamlined, systematic way to refund the excess of the Plus loan to
parents and the excess from other aid sources to the student? Even if your
process is clunky, I'd be interested to hear how others handle this.

Thanks.

Lissa Perrone

Assistant Director/Bursar

Office of Business Affairs

Oregon State University

(541) 737-6127
Received on Fri Nov 11 10:21:40 2005