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Placing Funds on Rocket Card

This document addresses the process for placing funds on a student's Rocket Card as a reward. It highlights the need for review by Financial Aid to ensure proper routing and compliance with IRS and Department of Education regulations. The current methods for requesting these funds must be clarified to avoid potential W-2, 1099, and 1098-T issues. Proposed solutions include improving document flow and directing requests through Financial Aid to ensure accurate fund distribution. A communication plan is also essential to inform students and departments, minimizing any unexpected issues.

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Placing Funds on Rocket Card

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  1. Placing Funds on Rocket Card Financial Aid/Payroll/AP • Defining the issue: • Funds have been placed on a student’s Rocket Card as a reward • Needs to be reviewed by Financial Aid to be properly routed • Probable violation with the IRS and the Department of Education • W-2’s, 1099’s, 1098T’s, financial aid need formula • Tell us what the process is currently to request funds to be placed on a student’s Rocket Card

  2. Placing Funds on Rocket Card Financial Aid/Payroll/AP • Potential Solutions: • Document flow • Funnel requests to FA who will be charged with distributing appropriately • Other ideas? • Communication plan – need to plan communications to all students and departments to minimize “surprises”

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