Re: bursar-l: Credit Card refunds???[Scanned]

Lisa,
 
I see your point, however, I do believe you are still in compliance when you
refund a credit card first. If it were not for an earlier credit card
payment, there would not be a payment going back from the Title IV funds.
We always refund the credit card payment first. If there is a remaining
credit balance, then yes, that would need to go back to the student because
that credit would be a result of excess funds from the Title IV funds.
 
We encourage parents to pay the balance with a credit card when the student
is late in completing thier aid in order to avoid our late fees. We tell
them that their credit cards will be refunded first when the loan funds or
Pell comes through. If we told them this money would be going as a check
payment to their student, I don't think too many would be happy about that.

 
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 Lisa Opperman
Sent: Monday, September 24, 2007 10:55 AM
To: Ken Bush; Hector Gonzalez; bursar-l@list.mail.virginia.edu
Subject: Re: bursar-l: Credit Card refunds???[Scanned]

I agree with Mr. Bush's statement, however we have recently changed our
process to refund a credit balance (resulting from Title IV aid) by check
since the DOE regulations state the refund must be made to the student.
When a student has paid on their account using a credit card, our system
does not track who that credit card belongs to. In the event the card
belongs to a parent, or someone other than the student, we wouldn't be in
compliance. I believe our merchant services agreement states that refunds
must be made to the credit card unless otherwise directed by law, which we
believe the DOE regulations do.
 
 
 
Lisa Opperman
Bursar's Office
Purdue University North Central
ph: (219)785-5668
fax: (219)785-5543
email: lopperman@pnc.edu

>>> "Bush, Ken" <KBush@Chatham.edu> 09/24/07 10:42 AM >>>

Sometimes this is addressed in your merchant services agreement with your
credit card processor. At Chatham we just recently changed our policy to
refund the credit card in the event of a credit balance, if the student
originally paid with credit card.

*******************************************************************

Kenneth C. Bush

Director, Student Accounts

Chatham University

Woodland Road | Pittsburgh, PA 15232
v 412.365.1510 | f 412.365.1643

kbush@chatham.edu

 <http://www.chatham.edu/index.cfm>

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  _____

From: bursar-l-bounces@list.mail.virginia.edu
[mailto:bursar-l-bounces@list.mail.virginia.edu] On Behalf Of Gonzalez,
Hector
Sent: Friday, September 21, 2007 12:13 PM
To: bursar-l@list.mail.virginia.edu
Subject: bursar-l: Credit Card refunds???[Scanned]

Hello:

Does anyone know if there is a regulation governing refunds? Check or credit
card refund?

My question can better be served by an example; let say student pays off
account by credit card but then aid or loans are posted or even a personal
check is posted to the account creating an overpayment. Is there a mandatory
order of operation governing whether we refund credit card back first or
draw a check? Or is refund priority at the schools discretion?

At my previous employer I was given the impression that there was a FTC
regulation mandating credit card first as a means of keeping consumers out
of debt (as much as that is possible).

Hector Luis Gonzalez

Associate Director

Office of Student Accounts

Teachers College, Columbia University

525 West 120th Street

Box 305

New York, NY 10027

Telephone: (212) 678-8414

Facsimile: (212) 678-4139

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Received on Mon Sep 24 13:31:50 2007