711 Student Financial Services

711.1 Documentation for Accounts Receivable:

Accounts receivable represent debts owed to the university for goods or services that the university has sold or provided to its customers. These debts are short term and are normally expected to be paid to the university with no interest charge. Adequate documentation, which includes individual account balances and a control balance for recording payments, must be maintained.

711.2 Internal Control

To promote the accuracy of the department’s and the university’s cash receipting and accounts receivable records and to discourage fraudulent manipulation of the accounting records, the following internal control measures are in affect:

-An aging of all accounts and a review of past due accounts will be performed periodically.

-An employee other than the cashier will handle items disputed by account holders.

-A reconcilement of individual account balances to the control balance will be performed periodically.

-Receipts and invoices will be pre-numbered and all numbers accounted for periodically.

-Payment of credit balances and adjustments from the student’s account balance must be processed by an employee who does not handle cash receipts

-A diligent effort should be made to collect all outstanding accounts.

-Billings will be made to all account holders on a systematic basis.

-Accounts receivable write-offs must be approved by the Attorney General’s Office.

-Routine collection procedures are documented.

-Student Financial Services records are audited annually.

711.3 Billing and Collections

Students Financial Services must ensure that due diligence in collection efforts has been exercised. Due diligence is satisfied when:

-Statements or invoices are mailed and or emailed. Students are billed at the end of the term, then monthly if necessary.

-Special reminders or collection letters are mailed for all past due accounts.

-Services are discontinued for delinquent account holders, and holds are placed on the release of student transcripts and on future registration.

-An external collection agency is used for all past due accounts greater than $150.

711.4 Allowance for Doubtful Accounts

Because some accounts receivable may prove to be uncollectible, Student Financial Services is responsible for determining an appropriate amount as an allowance for those accounts considered to be uncollectible each September 30th.The department should establish an allowance for doubtful accounts (ADA account) to reflect the estimated uncollectible accounts. This allowance will be used to reduce the total amount of accounts receivable on university financial statements.

711.5 Payments

711.5.1 Responsibilities

Students are responsible for their financial obligations to the University. Troy University encourages full payment of all tuition and related fees by the last day of the regular registration period for the current semester or term.

However, when a student is unable to pay the entire amount a one-third payment-plan is available. Student that select this plan must pay at least 1/3 of tuition and fees and all other charges by the last day of regular registration or at the time of late registration to retain their schedule. The payment of tuition, fees, residence hall, and meal plans charges is part of the registration process. Payment or payment agreement is required before each semester’s registration is complete.

The remaining balance of the 1/3 payment plan is due in two equal installments. The specific dates will be identified in registration material and students will be billed for these payments. Payment of full tuition or payment of the initial payment under the one-third payment plan is required in order to complete the registration process.

711.5.2 Payment Methods

Payment may be made using cash, check money order, Visa, Discover or MasterCard. Other valid forms of payment include sponsoring agency contracts, tuition assistance from various private, federal, and state funds, the Alabama PACT, and faculty/staff tuition assistance.

All payments through the United States Postal Service or any parcel service should be addressed as follows:

Student Financial Services

155 Adams Administration Building

Troy, Alabama 36082

If a student does not provide full payment or 1/3 payment by the last day of regular registration or at the time of late registration, his/her schedule will be cancelled. Cancellation allows class seats to become available for other students.

IF A STUDENT MISSES THE FIRST PAYMENT DEADLINE, HE OR SHE WILL BE GIVEN AN OPPORUNITY TO RE-REGISTER FOR CLASSES. A re-registration fee will be assessed. However, if a student’s schedule is cancelled due to non-payment of fees, there is no guarantee that his/her preferred classes will remain available.

Students adding classes or registering after the last day of regular registration will need to insure proper payment (1/3 of all charges) by the last day to drop or withdraw without financial penalty, or class schedules will be released on the last day to add a class. No schedules will be reinstated after the last day to drop or withdraw without financial penalty.

-Checks should be made payable to: Troy University.

-Always write student ID number on checks.

-Credit card payments may be made on line using Trojan Web Express.

711.6 Billing

A printed statement will be mailed and or emailed to students approximately 15 days prior to the first payment due date. The second and third payment reminders will be sent to students by e-mail. Billing inquiries should be directed to the office of Student Financial Services.

711.6.1 Late Payment

When an outstanding balance exists on a students account after the third payment due date, a late payment fee of $50 will be assessed to the students account.

There are certain services that will be identified to students (e.g. health center charges) that require payment once the service has been rendered.

711.6.2 Returned Check

On a monthly basis, returned checks are reconciled to the amount shown on the university’s financial records, and to the bank where the check was deposited.

Students paying with a check lacking sufficient funds, may be administratively withdrawn from the University. These students remain responsible for any charges (including additional collection costs) assessed by the University.

711.6.3 Delinquent Accounts

In the event of an unpaid balance on a student’s account (including any check returned by a bank), following services will be withheld until the balance is paid :

-Enrollment for subsequent terms


If a former student has an unpaid balance, a hold on transcripts and registration will remain in effect until the obligation is paid. Whenever collections are made for amounts previously written off, the write off should be reversed, and the payment receipted. Any holds or encumbrances against the individual will be released.

Upon the unfortunate death of a student during a term or semester the University reserves the right to cancel or reduce any outstanding obligations.

Upon referring an account to an outside collection agency, any cost incurred in collection, including attorney’s fees, may be assessed to the account. Delinquent accounts may be reported to credit bureaus.

711.6.4 Offset of Funds

If a student’s account has an outstanding balance and the University has in its possession any funds payable to the student, the University reserves the right to withhold the funds necessary to clear the student’s outstanding balance and to cover any collection costs incurred.

Funds payable to the student may include payments or credits applied to the student’s account, payroll checks, as well as funds payable from any other source. Once any outstanding balance has been paid, any remaining funds will be paid to the student.

711.7 Financial Aid Refunds

If tuition is paid with financial aid (loans, grants, scholarships), and all financial aid eligibility requirements are met, financial aid will be applied to the student’s bill after drop/add.

If a student is due a financial aid refund, the refund will be processed within 3 business days after financial aid is applied to the student account.

711.7.1 Charging Privileges at the Bookstore (for Financial Aid Recipients Only):

If a student has been awarded financial aid through the Office of Financial Aid and has excess funds after all tuition, fees, meals, and housing have been paid, the student may charge books, and only books, not to exceed the amount reflected on the book voucher. Students may receive a book voucher will be at the cashier’s register in the bookstore. Students will be notified of their eligibility for a book voucher one week prior to the start of the semester. Book vouchers must be used prior to the expiration date identified on the book voucher.

711.7.2 Use of Federal Financial Aid to Pay Prior Year Charges

With the student’s or parent’s written permission, Federal financial aid awarded for the current academic year may be used to pay remaining prior award year charges, if these charges are less than $100, or if the payment of these charges does not, and will not, prevent the student from paying his or her current educational costs.

711.7.3 Student Bank Loans

Student bank loans are disbursed each semester or term. Most bank loans are disbursed electronically. Loan disbursement information is not given over the telephone; inquiry must be made in person at the office of Student Financial Services. Students may reference their promissory note for loan disbursements dates to determine when to expect loan proceeds. All loan applicants are required to participate in an entrance interview at www.KHEAA.com concerning their financial obligation as recipients of loan funds.

711.7.4 Funds Held

Troy University acts as an agent holding miscellaneous scholarship funds from donors to be applied to the accounts of students. Students must make Funds Held transaction requests at the office of Student Financial Services.

711.7.5 Tuition Assistance

Notification of any tuition assistance should be given to the Student Financial Services Office prior to registration. Tuition assistance includes State VA and State Rehabilitation benefits, PACT, Troy University Employee Tuition Assistance, and other third-party assistance. After notification, the total amount due for tuition and fees will reflect any tuition assistance.

711.7.6 Veterans Benefits

Students who are eligible to receive educational assistance must check with Veterans Affairs in the Financial Aid Office. No student will be certified to receive educational benefits from the VA until the student’s schedule is verified with the certifying official at his/her campus home location.

711.8 Enrollment Cancellation Due to Nonpayment of Fees

Registration is not complete until all previous term balances have been paid and full tuition and fees for the current semester or term, or the initial payment under the 1/3 payment plan have been made. It is the responsibility of the students to pay their account balance by the established payment due dates. If 1/3 payment is not paid by the last day of regular registration, a student’s enrollment will be cancelled due to non-payment of fees. Other penalties for nonpayment will include cancellation of university housing privileges, withholding of transcripts, inability to enroll for future semesters and referral to a collection agency.

711.8.1 Reinstatement

Students are not permitted to remain in class(es) or to continue credit-generating work after their registration has been canceled.

711.9 Changes in Regulations or Expenses

All financial regulations, fees, or charges are subject to change as conditions warrant.

711.10 Official Withdrawal from the University

Definition: Student is no longer enrolled in any courses.

Withdrawal from the university is defined as resignation or withdrawal from all courses for the current semester and/or term. Students who wish to withdraw from the university during a semester and/or term must complete an official withdrawal form and an exit interview with the designated withdrawal official at their home location.

Students who wish to withdraw from all classes prior to the start of the term through the last day to late register may cancel their registration in writing through their home location’s Records Office. Cancellation in writing prior to the beginning of the term through the last day to late register does not require the completion of the withdrawal form or an exit interview.

Grade Status at the Time of Withdrawal:

Withdrawal prior to midterm will result in a grade of W which is nonpunitive. Withdrawal after midterm will result in a grade of WP or WF, depending on the instructor’s assessment of the student’s academic performance in the class at the time of withdrawal. A WP grade is a withdrawal passing is nonpunitive. A WF grade is withdrawal failing and is punitive.

Approved: Cabinet, August 30, 2006
OPR: Provost

711.10.1 Withdrawal Refunds

-The refund period is the first week of the semester and refunds are made as shown below.

Withdrawal Date Percent of Fees Refunded
Within first week of classes 100%
After the first week of classes 0%

-After the first week of class, students who withdraw from the University may qualify for a refund if medical reasons can be documented.

-Application fees, registration fees, and $50 (of the $100) housing deposit are non-refundable fees.

-A student called for military service during the school term should consult Student Financial Services regarding refunds of fees.

-Any tuition refunds originally paid by credit card will be refunded back to the credit card.

-Room rent is non-refundable.

-Meal plans may be canceled if a student withdraws from the University. The refund will be prorated on a weekly basis on the unused portion of the meal plan.

711.10.2 Federal Financial Aid Recipient Withdrawals and Refunds:

 -When a student is officially withdrawn from the university, a portion of the Federal Financial Aid grant or loan funds, except for Federal Work-Study earnings, must be returned to the applicable federal program(s).

-The refund is based on the concept of ‘earned’ and ‘unearned’ federal financial aid and how it relates to the percentage of time the student was enrolled. The percentage of enrollment completed determines the percentage of earned aid. For example, if a student attends 25 days of a 100 day term the percentage of earned aid is 25%; and therefore, 75% of the unearned aid, up to the total of institutional charges, will be returned to the federal financial aid programs. Institutional charges consist of tuition, fees and campus housing.

-In some circumstances, a student may need to repay a portion of the unearned aid. The student will be notified if they owe a federal repayment.

-If a student withdraws after completing 60% of the term, then it is assumed that the student has earned 100% of their federal aid award and no funds will be returned to the federal programs.

-For an example of the proposed Return of Title IV Funds Worksheet, please see the Financial Aid Office located in the Administration Building.

711.10.3 Return of Overpayment

Title IV financial aid recipients who withdraw from all classes, or who are administratively withdrawn from all classes may be required to return a portion of the financial aid they received. Calculations are completed to determine the percent of financial aid earned and unearned for the given term.

Title IV financial aid recipients who receive an overpayment resulting from changes in enrollment, cost of attendance, general eligibility, and additional financial aid award(s) will be required to return funds in the amount necessary to eliminate the overpayment.

The student will be notified if a return of Title IV funds is due. Failure to return Title IV funds will result in the loss of eligibility for financial aid.

711.10.4 Order of Return of Title IV Funds

Title IV funds required to be returned by the student will not be distributed to a Federal Direct Loan Program and no returns shall be distributed to the Federal Work Study Program. All other returns will be distributed to the student financial assistance programs in the order below:

Federal Direct Unsubsidized Stafford Loan

Federal Direct Stafford Loan

Federal Perkins Loan

Federal Direct PLUS Loan

Federal PELL Grant Program

Federal SEOG Program

Other Title IV Program

Other Federal and State Program

Institutional or Agency Programs

If a credit balance exists after all adjustments and distributions have been made, a refund check will be processed made payable to the student.

711.10.5 Withdrawal Summary

It is the student’s responsibility to withdraw officially from the university in accordance with university regulations.

A student is responsible for clearing any outstanding balance on his or her account before leaving the campus.

Students suspended from school for disciplinary reasons are not eligible for refunds.

In the event of death or involuntary call to active military duty, no charges will be assessed, refund of full tuition and fees will be granted.

711.11 Dropping a Class

“Drop” refers to the dropping of part but not the entire course schedule in a semester or term.

Within the first week of classes of a semester a student may drop courses from his/her schedule. Tuition associated with the dropped class is 100% refundable only in the first week of classes. If a class is dropped after the first week of classes there is no refund.

711.12 Bankruptcy

If Student Financial Services receives notification from a bankruptcy court that a student has filed for bankruptcy, the University follows all required state and federal regulations, including all claims allowed under the law.

711.13 Check Cashing

Check cashing privileges are extended to faculty, staff and students with proper identification. The check writer may cash a check not to exceed $100.00 per day.

711.14 Petty Cash

Employees maybe reimbursed for qualified miscellaneous departmental expenditures not to exceed $100.00. Employees must present original receipts and the correct general ledger expenditure number for petty cash reimbursement.

711.15 E-Commerce System

Troy University’s E-Commerce system allows students to use the latest technology to complete business transactions with the University. Using the Web Advisor program, E-Commerce offers the following on-line features to students:

The ability to pay tuition and various fees by using a credit card

The ability to view account balances

711.16 E-Mail Policy

All University official communications with the student will be provided through the Trojan E-mail address that is assigned to the student. All official information, (including but not limited to, student billing, faculty-student communications, registration changes, financial aid information and the like), sent to this e-mail address will constitute official notice. The University accepts no responsibility, for any forwarding of e-mail that the student may choose from their official Trojan E-mail account. The University is only responsible for ensuring the e-mail gets to the student’s e-mail account maintained by the University. All students are responsible for monitoring their Trojan E-mail account frequently. Students can access their e-mail by visiting www.troy.edu and selecting the Trojan E-Mail link.