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OSU Dual Summit

OSU Dual Summit. BILLING & MONEY MATTERS May 3, 2005 George Windom, Business Affairs Emilio Vejil, Financial Aid & Scholarships. Does Money Matter?. Checklist of institutional decisions Policy and calendar issues Billing Disbursements Collections Consumer information

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OSU Dual Summit

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  1. OSU Dual Summit BILLING & MONEY MATTERS May 3, 2005 George Windom, Business Affairs Emilio Vejil, Financial Aid & Scholarships

  2. Does Money Matter? Checklist of institutional decisions • Policy and calendar issues • Billing • Disbursements • Collections • Consumer information • Agree on Common Definitions

  3. Institutional Decisions Memo of Understanding • Participants • Setup options • Financial agreements • Sharing information (FERPA)

  4. Policy Considerations • Residency requirements for tuition rates • Tuition refunds • Late fees/Interest • Holds – registration & transcripts

  5. Variations on a Theme • Concurrent enrollment • Partner schools • Joint program

  6. Calendar Considerations • Financial Aid disbursement • Billing cycle • Payment due dates • Refund schedule

  7. Institutional Decisions How to designate student as dual enrolled? • unique identifier • campus code • rate code • memo in comment field • one-time or updated by term

  8. Institutional Decisions Will students be eligible for “fee-based” services? (i.e. Health Center, Rec Center) • always • if they’re enrolled • if they pay

  9. Billing Issues Joint bill or individualized? • clarity for students • note of dual enrolled on statement • managing the student account • address updates

  10. Billing Issues Individual statements because: • tuition rates • accounting (A/R v. Revenue) • reconciliation (due to/due from)

  11. Financial Aid Disbursements • Timing • Credit hour eligibility • OFAX, RYAINFO • Parameters in refund process

  12. Collections • Continuing student? • Registration/transcript holds • Coordinate balance due

  13. To Exit or Not to Exit • NSLDS, OFAX, RYAINFO • Run loan records against registration info • Getting credit hour info slow and manual to populate

  14. Training • Operational • Other institution’s policies • Contacts and references • Students (have to manage two sets of rules)

  15. Consumer Information Institutions are required to provide consumer information, such as: • What students will be charged • How and when the charges will occur • Options for payment • If they receive financial aid, when and how they will receive the proceeds • Financial Aid requirements (i.e. sign promissory notes, level of enrollment)

  16. Common Business Sense • Money flow • Information sources • Transaction integrity • Internal controls • Customer service

  17. Examples Student attending at OFAX participating schools, half-time each (F/A and Billing seamless) Student Full-time at other non-OFAX school (F/A doesn’t have info)

  18. Dual Enrollment Summit Money Matters ?’s Thank you

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