ÁùºÏ±¦µä

Policies

Documentation for Accounts Receivable
Internal Control
Billing and Collections
Allowance for Doubtful Accounts
Payments
Billing
Late Payments
Miscellaneous
Returned Checks
Delinquent Accounts
Offset of Funds
Financial Aid Refunds
Use of Federal Financial Aid to Pay Prior Year Charges
Student Bank Loans
Funds Held
Tuition Assistance
Veterans Benefits
Reinstatement
In-State and Out-of-State Status
Changes in Regulations or Expenses
Official Withdrawal from the University
Withdrawal Refunds
Federal Financial Aid Recipient Withdrawals and Refunds
Return of Overpayment
Withdrawal Summary
Dropping a Class
Refund Policy
Bankruptcy
Check Cashing
Petty Cash
E-Commerce System
E-Mail Policy
Book Voucher Information

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.

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 should be incorporated:

• An aging of all accounts and a review of past due accounts should be performed periodically.
• An employee other than the cashier should handle items disputed by account holders.
• A reconcilement of individual account balances to the control balance should be performed periodically.
• Receipts and invoices should be prenumbered and all numbers accounted for periodically.
• An appropriate employee who does not handle cash receipts should approve payment of credit balances and credit adjustments to the account balance.
• A diligent effort should be made to collect all outstanding accounts.
• Regular billings should be made to all account holders.
• Where possible, the duties of accounts receivable and cash receipting should be separated.
• Accounts receivable write-offs should be approved by the Attorney General’s Office.
• Routine collection procedures should be documented in writing.
• Student Financial Services records should be formally audited annually.

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

• Statements are mailed to students who register early. Students are billed electronically at their troy.edu e-mail address prior to the final payment due date.
• 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.
• External collection agencies may be used for collecting past due accounts. The student is responsible for all collection costs.

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.

Several methods may be used for estimating the amount of uncollectible accounts receivable to be recorded as an allowance for doubtful accounts.

Payments:
ÁùºÏ±¦µä encourages full payment of all tuition and related fees by the payment due date which is two weeks after classes start for the current semester or the third week after classes start for terms.

(Semesters Only) The remaining balance is due by the payment plan due in full date or the final payment due date which is approximately eight weeks after classes start.

All students are responsible for paying any balance due by the published deadlines even if a statement of account is not received. Students may access their account balance via Self-Service 24/7. The exact date will be specified on academic calendar and on the SFS website.

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

CHECK CLEARING POLICY

When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction.

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

Student Financial Services
155 Adams Administration Building
ÁùºÏ±¦µä, Alabama 36082

Checks should be made payable to: ÁùºÏ±¦µä.

• Always write student ID number on paper checks.
• Credit card payments may be made on line using .

CHECK CLEARING POLICY

When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction.

Billing:
A printed statement will be mailed to students about 15 days prior to the first payment due date. The final payment reminder will be sent to students by e-mail. Billing inquiries should be directed to the office of Student Financial Services.

Late Payments:
When an outstanding balance exists on a student’s account after the final payment due date, a late payment fee of $50 will be assessed to the student’s account.

Miscellaneous:
Other expenses, such as health center charges, are payable when incurred.

Returned Checks:
The following general policies apply to returned checks:

Checks deposited by the University that are returned by the bank as uncollectible are automatically debited to the university’s bank account.

A detailed record of returned checks must be maintained at all times.

On a monthly basis, returned checks must be reconciled to the amount shown on the university’s official records.

Students who pay with a check, and the check is not honored by the issuing bank, may be administratively withdrawn from the University. These students remain responsible for any charges (including additional collection costs) deemed necessary by the University.

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

• Enrollment for subsequent terms
• Transcripts
• Diploma

Former Students: If the debtor is a former student of the university, a hold on the release of transcripts and on future registration privileges must 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 should be released.

Current Students: Certain debts may be canceled or written off when a student dies during a term of enrollment. If it is necessary to refer an account to an outside collection agency, any cost incurred in collection, including any attorney’s fees, may be assessed to the account. Delinquent accounts may be reported to credit bureaus.

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.

Financial Aid Refunds:
If tuition is to be paid with financial aid (loans, grants, scholarships, etc), and all financial aid eligibility requirements have been met, financial aid will be applied to the student’s bill after drop/add. If a refund is due the student, it will be paid to the student based on the delivery method chosen by the student. Visit http://troy.edu/scholarships-costs-aid/costs/refunds.html for additional information.

Use of Federal Financial Aid to Pay Prior Year Charges:
With the student’s or parent’s written authorization, Federal financial aid offered for the current academic year may be used to pay prior offer year charges, if these charges are not more than $200 for tuition, fees, room, board and other educationally related charges incurred by the student at the institution – only if the student’s bill is paid in full for the current period. <CFR 668.164 (d)>.

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 concerning their financial obligation as recipients of loan funds.

Funds Held:
ÁùºÏ±¦µä 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.

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, and other third-party assistance. After notification, the total amount due for tuition and fees will reflect any tuition assistance.

Veterans Benefits:
Students who are eligible to receive veterans 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.

In-State and Out-of-State Status:
Students are charged tuition based on residency status. In-state or out-of-state status questions should be directed to the office of Admissions/Enrollment Management.

Changes in Regulations or Expenses:
All financial regulations, fees, or charges are subject to change as conditions warrant.

Official Withdrawal from the University:
WITHDRAWAL refers to ending enrollment in all classes at ÁùºÏ±¦µä. A student may withdraw from the University on or prior to the 65% date of the semester.  A student considering this action should first consult with his/her academic adviser then consult with the Records Department on proper procedure. It is the student’s responsibility to initiate and provide the information necessary to complete the withdrawal process. Any student who has pre-registered but does not wish to attend must notify the Registrar’s Office in person or in writing (certified mail suggested) on or before the last day of late registration (please see academic calendar for specific dates) to receive a full credit of tuition charged. Failure to assure this notification may result in academic and financial penalty.

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 will be granted.

Dropping a Class:
DROP refers to the dropping of part but not the entire course schedule in a semester or term.

REFUND POLICY

Drop Policy:
If dropping a course at a ÁùºÏ±¦µä – Alabama Campus Location:

1. During the first week of the term/semester (Monday – Monday), the student owes 0% of charges.
2. During the second week of the term/semester or anytime thereafter, the student owes 100% of tuition and fees, plus ann additional drop fee will be assessed for each dropped class.
3. No refund of charges will occur after the first week of class. For weekend classes, no reduction of charges will occur after the second-class meeting.

If dropping from a TROY Online course or an in-class course taught at a Global Campus Site:

1. During the first week of the term, the student owes 0% of charges.
2. During the second week of the term, the student owes 50% of charges.
3. During the third week of the term or anytime thereafter, the student owes 100% of charges.

Withdrawal Policy

Withdrawal refers to the withdrawal from all classes at the University.

For ÁùºÏ±¦µä – Alabama Campus Locations

Official withdrawal will result in 100% refund of charges for tuition and university fees through the first week of classes (seven calendar days from the start date of the term/semester).  No refund of these charges will occur after the first week of the semester/ term being date (Monday – Monday).  For weekend classes, no reduction of charges will occur after the second-class meeting. 

Please note:  a withdrawal fee will be assessed. 

For ÁùºÏ±¦µä Online and ÁùºÏ±¦µä Service Center Locations

1. 100% refund for any withdrawal during the first week of classes
2. 50% refund for withdrawal from the end of the first week of classes through the end of the second week of classes
3. 0% refund for any withdrawal after the end of the second week of classes
4. This policy includes distance learning and weekend classes.
5. This policy does not apply to the State of Georgia due to existing contractual agreements.

Special Notes on Refunds for Withdrawals:

• Students who withdraw from the University for extenuating circumstances need to contact their campus Registrar for more information.
  
  • Extenuating Circumstances could include:
    • Military Service
    • Medical
• Application fees and housing deposits are non-refundable fees.
• Room rent and housing charges are non-refundable.
• On Campus Residential 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.  The meal plan must be paid for through the date the withdrawal is processed. Commuter Meal Plans will not be canceled or prorated.
• Book charges are not reduced/forgiven for drops or withdrawals. Please contact your campus's Barnes & Noble Bookstore to inquire about their return policy

If a student does not meet his/her financial or other obligations, he/she will not be permitted to register for any subsequent terms.  The University will not issue official transcripts and the student will not receive a diploma, if graduating, until such obligations are met.

Delinquent student accounts may be reported to a credit bureau and referred to collection agencies for collection that will levy a 33 1/3% collection fee in addition to the debt or litigation.  All financial regulations, fees and charges are subject to change as conditions warrant.

Review the Academic Calendar at for the term/semester specific dates.

Federal Financial Aid Recipient Withdrawals and Refunds:

• When a student completely withdraws from school, 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 offer 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.

Return of Overpayments:
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 offer(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.

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 Programs

Other Federal and State Programs

Institutional or Agency Programs

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

Bankruptcy:
When Student Financial Services receives notification from a bankruptcy court that a student has filed for bankruptcy, all collection efforts must cease immediately.

If the bankruptcy notice states that claims may be filed, Student Financial Services may do so. Careful attention should be given to deadlines for filing.

Collection efforts may resume if the case is dismissed.

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

Petty Cash:
Employees may be 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.

E-Commerce System:
ÁùºÏ±¦µä’s E-Commerce system allows students to use the latest technology to complete business transactions with the University. Using the Self-Service program, E-Commerce offers the following on-line features to students:

• The ability to pay tuition and various fees by using a credit/debit card
• The ability to view account balances in summary and in detail

To view this feature, visit .

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.

Book Voucher Information
If a student has been offered financial aid through the Office of Financial Aid and has approved excess funds after all tuition, fees, meals, and housing have been paid, the student may charge required books and approved supplies, not to exceed the amount of excess financial aid, up to $1200. The book charging program is for students with approved excess financial aid, Chapter 31 VA, Alabama G.I. Dependents’ Scholarship Program, or Alabama Vocational Rehab. The student’s VA Form 1905 or other TA Form must authorize book charges and list the amount authorized to be approved for book charging. Please see academic calendar and/or book voucher schedule for book charging dates and deadlines. It is the student’s responsibility to ensure the correct textbook is purchased and received in a timely manner.