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Student Financial Services - Student Grants, Awards, and Scholarships


Policy and Procedure

Subject Area: Student Awards
Policy Title: Student Grants, Awards, and Scholarships
Policy / Procedure No: SFS008
Responsible Office: Student Financial Services
Related Policy/Procedure: PAY007 -- SGA Payroll
Purpose: To process student awards for merit.
Special Instructions: If there are multiple payees for the same award, consolidate as many as possible on the same memo.
Contact Person: Student Financial Services

PURPOSE: To process student awards for merit.

SCOPE: All NU students.

POLICY:
1. Per IRS and Department of Education regulations, NU separates awards into two types: those for merit and those for services rendered. For instructions on how to disburse funds to students for services rendered, please refer to policy PAY007.

2. Awards for merit are not taxed when funds are used to pay for tuition and related fees. These awards are processed through the Financial Aid Department via a deposit made to the student's account. If the deposit gives the student a credit balance, he/she may contact the Student Accounts's Office to request a refund.

PROCEDURE:
1. Awards for merit:

  1. An authorized representative of the student's academic department must send a memo to the Financial Aid Department (356 Richards) (with a copy to the BRS department (246 Richards), listing: student's first and last name, social security number, home address; account i.d. and object code; dollar amount, total, I-9 location, and nature of the award.
  2. The Financial Aid Department makes the deposit to the student's account.
  3. If the deposit creates a credit balance, the student should contact the Student Accounts to apply for a refund.