Office of Student Financial Aid amp Scholarships OSFA Karen Hauser Associate Director OSFA Kedra Ruff Assistant Director OSFA osfaVanderbiltedu November 1 2018 Why did our process change ID: 727362
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Slide1
Student Prizes/Awards & Undergraduate Stipends
Office of Student Financial Aid & Scholarships (OSFA)
Karen Hauser, Associate Director OSFA
Kedra Ruff, Assistant Director OSFAosfa@Vanderbilt.edu
November 1, 2018Slide2
Why did our process change?
Payments are considered a Scholarship if
any of
the following apply:The recipient is required to use the disbursement for educational purposesThe recipient is eligible to receive the funding because he/she is a studentThe contest is related to the student’s university courses or degree completion
* Cash-based prizes such as gift cards and educational equipment (e.g. iPads) must also be reported to OSFA
The Department of Education considers payments or winnings because of enrollment at a postsecondary institutional or for the purpose of aiding a student’s study, training or research as scholarships or fellowships as
financial aidSlide3
When Should I Use This Form?
For payments to Vanderbilt University students
If the individual
earned the award after graduating, they are no longer a student and the payment would be processed through Purchasing & Payment Services (PPS) or Vanderbilt HR Payroll
If the student is getting an award for the Summer term and is not enrolled in Summer hours, he/she is still considered a student if they have not graduated
Prizes/Awards to
any
student career go through OSFA
Only Undergraduate stipends
go through OSFA (Graduate and Professional stipends are paid through Vanderbilt HR – see your HCM Specialist)
Not for reimbursements paid to studentsSlide4
What is a stipend?
Service-based stipends
Processed through Vanderbilt HR payroll for all student careers, Graduate, Professional and Undergraduate. These payments have trackable effort to be monitored.
Service-free
stipends
Graduate and Professional payments are processed through Vanderbilt HR Payroll. Undergraduate payments are processed through OSFA. These payments are financial aid.Slide5
Which Stipend is it?
Who is the PRIMARY beneficiary of the time from the student?
Vanderbilt = Service Based
Student = Service Free
Determining the Primary beneficiary
Is the student working set hours?
Is the student receiving an hourly or standard wage?
Is the student’s activity directed by a supervisor?Slide6
Payments Through PPS
When payments are not considered financial aid or employment, they are processed through PPS. Examples of student payments processed through PPS include, but are not limited to payments for the following:
Music performance for an event Cheerleading
Photography
Sorority dues
Reimbursement
Subject participationSlide7
OSFA Receives Request
Is Student Citizen?
Does Item Type Exist?
OSFA Email
ITO*
OSA Charge Student Tax
Add Award to Student’s Aid
OSFA Create New IT
Disburse Aid to Student’s Account
Does Student have Balance Due?
No
No
Yes
Yes
Student Receives Refund
Award Applied to Balance Due
Yes
How does the payment get to the student?
No
* If student has not setup an account through GLACIER with the ITO office, ITO will send the student instructions to complete the process. The
student MUST complete the GLACIER profile for the award to disburse to their student account.Slide8
Student Refunds
If the award/prize/stipend creates a
credit
balance on the student’s account, The Office of Student Accounts (OSA) will process a refundRefunds are usually processed on Tuesdays and ThursdaysDirect Deposit can be setup with OSA using the YES portal. Once logged in to student YES landing page, click on the Direct Deposit icon to securely enter bank account information. Banking information needs to be entered
at least one week prior
to any expected refund distribution
If Direct Deposit is not setup with OSA,
refunds will be mailed to the address on file on YES (campus, mailing, and home – in that order
)Slide9
Disburse Aid to Student’s Account
How does the expense get to the GL?
Item Types are linked to the COA/POET information provided on the Prize/Award/Stipend Request form
Step 2 is completed multiple times each week. The student can verify the payment posting to his/her account through their YES portalAll prizes/awards and UG stipends are allocated to a prepaid financial aid expenditure type or account. Finance processes entries to release prepaid financial aid to financial aid contra revenue accounts.
OSFA authorizes funds
to disburse through financial aid processes
via Item
Type
OSFA sends detail
of authorized funds
to OSA
to
disburse
to
individual accounts
OSA uploads disbursed award data
to PPM/GL
monthly