CADIVIWhat is CADIVI?
CADIVI: Commission for the Administration of Currency Exchange. CADIVI is the Venezuelan government body which administers currency exchange in Venezuela.
What is the purpose of CADIVI?
To establish procedures for payments received from CADIVI for any Venezuelan student currently enrolled at the University. This will reduce the potential of receiving multiple payments from CADIVI for students who may not carry a balance with the University.
What is the policy?
CADIVI wire transfers are applied to the intended recipient’s student account to cover the student’s cost of attendance or portion thereof. CADIVI funds that will create a large credit on the student account may not be accepted. CADIVI funds which are posted and create a credit balance on the student’s account will not be refunded to the student. Should there be no balance on the account we will not be able to accept the CADIVI payment. It is advisable to contact the Student Accounts Office so that your account can be protected pending CADIVI results. Any/all credit balances will be rolled over to the following semester and applied towards future charges. Students will be eligible for a refund of any remaining credit balance in their student account at the end of the semester in which the student graduates or upon separation from the University. If the student does not want the University to roll the credit over to be applied against future semester charges they have the option to request the funds be returned to CADIVI.
What is the CADIVI procedure?
Venezuelan students request a letter of expense from the Office of Student Financial Services detailing the costs of their current semester enrollment. The letter is customized for each individual student and then notarized by in-house staff. The student submits the notarized letter to the Venezuelan Consulate for processing. CADIVI will review the documentation and either approve or deny the student’s request. If CADIVI approves the payment then CADIVI will submit payment directly to Northeastern University using the wire transfer instructions provided by the Office of Student Financial Services in the original letter of expense. The wire will appear on the University’s bank report which is reviewed on a daily basis to ensure prompt application of funds to the recipient’s student account. If a recipient/student has a zero balance for the current semester in which the funds are received then the wire transfer may be posted on the student’s account only if the student agrees to not request the refund. If student information is not included in the wire transfer text, we will be unable to identify the intended recipient of the wire.
- Review the list of CADIVI approved majors
- Request CADIVI letter from Student Financial Services in a timely fashion
- Email Student Accounts (email@example.com) with CADIVI in the Subject line to request account protections until CADIVI payment is received
- If CADIVI payment is not received by original anticipated date, student must email Student Accounts to request an extension of protections
- For documentation for visa, including original acceptance letter, please contact Undergraduate Admissions office or ISSI with questions. (include email addresses)
- Other requirements as applicable (i.e. pick up letter, notify office of change…etc.)
Student Financial Services Responsibilities
- Process CADIVI paperwork within 7-10 business days of receipt of request
- Inform student via email when CADIVI paperwork is completed
- Notarize completed CADIVI paperwork
- Protect accounts from hold and late fees, when requested to by student to Student Accounts email
- Post identifiable wire transfers in a timely fashion
What are the forms for CADIVI?