Financial Aid Bookstore Voucher
The ever-increasing high costs of books for college has necessitated the review and update of the university’s policy and procedures in making financial aid funds available to the student in a manner that allows the student to be “ready” when classes start. To this end we are going to allow each student that has an aid award in excess of priority obligations (tuition/fees, campus housing contracts, etc.) to be provided an amount the student declares is necessary to obtain books and supplies for the beginning of classes for the term. In order to do this, there are several things that must be accomplished by the student and the student’s consent and agreement to “set-aside” a portion of their available aid award to buy items needed from the campus book store.
1. Student must be enrolled for the term. Since the amount of financial aid is awarded (and/or prorated) based on course-load, it is important that the student have a correct and complete course schedule in the Banner system.
2. Student must have a completed Financial Aid file in order to determine aid entitlement. Anything that causes the file to be incomplete (i.e. late application, pending appeal determination, submission of verification documents, etc.) will preclude aid determination and issuance of a bookstore voucher.
3. If the file is complete, Financial Aid Office will post the “projected” aid in the student’s Banner record. Note this amount is ONLY projected and could be affected based on various factors (i.e. cancelled/dropped/added classes or other change in individual circumstances) until final aid determination and disbursement to the student account is made for the term.
4. The student must complete the “Fee Payment” process and have a “stamped” schedule/bill reflecting completion of registration for the term.
5. Only the amount of aid available after withholding tuition/fees, campus housing costs (if applicable), and prior term debts (if applicable and within federal guidelines) will be considered in issuing a bookstore voucher.
6. Once the maximum amount available for the student’s use is determined, the student will be asked how much of this amount is “needed” for use in the bookstore. The student may want to visit the bookstore prior to making this determination in order to make an informed and realistic decision on the amount needed immediately.
7. The Business Office will only issue the voucher based on the student’s request. The Business Office will update the amount of the voucher issued to the student in their Banner account as an “interim” charge at the time the voucher is issued. The student is advised that authorizing the allocation of aid for the voucher is essentially “locking” this amount of aid to be committed until such time as all voucher sales are terminated for the term (September 21, 2009) and the time needed for the bookstore to consolidate voucher sales, and provide voucher amounts for all participating students to the Business Office. Then the Business Office must update each student’s account by removing the “interim” charge and posting the actual charges incurred.
8. After all actions are completed in step 7, the Business will request a report of any student due a refund based on actual charges being less than what was “set-aside” for the voucher. These refund checks can be expected approximately 7 to 10 business days after step 7 are completed.
9. IN MOST CASES, THIS CHECK WILL BE THE 2ND CHECK ISSUED TO THE STUDENT FOR THE ACADEMIC TERM.
10. Bookstore vouchers will only be issued one time during the term. Vouchers will not be changed (increased or decreased) once issued. Vouchers cannot be rescinded or withdrawn once issued. More than one voucher will not be issued to a student.
The following is an “example” of an abbreviated scenario based on a “typical” situation:
1. Student reports to registration August 26th and gets a paid fee slip reflecting 12 credit hours, $1,232 in charges, and $2,675 in projected Pell credit.
2. Student has projected excess available aid of $1,443(credit balance).
3. Student requests a bookstore voucher in the amount of $600.
4. Business Office issues voucher and updates “interim” $600 book voucher charge in the student’s Banner account.
5. Student goes to bookstore and makes purchases using voucher.
6. Student’s credit balance is now $843
7. Student begins attending classes August 31st.
8. Financial Aid Office receives confirmation of class attendance on September 9th and disburses aid to student account.
9. Business Office request a listing of students with a credit balance for the term on September 10th for refund check processing.
10. Refund check available for pick-up by student September 16th.
11. Student picks up refund for $843.
12. Bookstore closes voucher sales September 21st.
13. Bookstore provides report of voucher purchases to the Business Office September 24th.
14. Business Office updates Banner record to remove interim voucher charge and updates actual charges for bookstore purchases by the student.
15. Account reflects the student’s actual purchases were $485.
16. As of September 28th the student now has a credit balance of $115.
17. A refund check request is initiated.
18. Second refund check is available for pick up by the student October 5th.
(Note: Dates used are for the purposes of the example and do not necessarily reflect the actual timeline for any particular student. We have, however, used as “realistic” dates as feasible provided the “smooth” flow of all operations and without catastrophic computer disruption.)