Financial Aid Disbursements and Payment Data Conference Insights
Explore detailed information from the Financial Aid Conference on Student Financial Aid Disbursements, Refunds, and Payment Methods. Learn about the disbursement cycle, refund processes, payment amounts, methods used, and more for the fiscal year 2022. Gain insights into the coordination of over $1.6 billion in financial aid disbursements and the various sources of funding involved. Discover how students receive their funds and the importance of promoting electronic payment options for faster and more secure transactions.
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Presentation Transcript
Financial Aid Conference Student Financial Aid Disbursements and Payment Data Office of Treasury Management SFA Operations July 26, 2023
1 Background 2 FA Disbursements and Refund Cycle 3 FY 2022 Refunds & FWS Payments Agenda 4 FY 2022 Payment Methods 5 CY 2022 FWS W-2 Issuance 2
Background In academic year 2022, SFA: Coordinated the disbursement of over $1.6 billion of financial aid from federal, state, city, and private sources. Funds are generally used to pay for student tuition and fees. Any remaining funds, where applicable, are then issued to students. 3
FA Disbursements and Refund Cycle 5 3 1 Refunds created in Accounts Payable (Checks and Direct Deposit) Post Aid on Student's Account Authorization and Disbursement Monday Monday Tuesday Tuesday Monday 2 4 Post Refunds and Build and Create Vouchers Group Post 4 Note: Days may vary depending on holidays.
Sample FA Disbursements and Refund Cycle Monday Tuesday Wednesday Thursday Friday Financial Aid Disbursed (Group Post FA to SF) Deadline to assign Do Not Refund indicators Refund files sent (ACH, Check-Print) SF Refunds & AP Pay Cycle Update Mode Issue date 5
FY 2022 Refunds & FWS Payments Amount: $950.5 million Number of refunds and FWS payments issued: 1.4 million (see below): TEACH, 0.004% Pell, 27.610% HEERF, 39.100% Direct Loans, 12.278% Out of Pocket Payments, 6.574% SEOG, 3.121% State and City Funded Programs, 7.683% FWS, 0.679% 6 Scholarships, 2.949%
FY 2022 Payment Methods Students have two options of receiving funds. CUNY promotes the electronic option of receiving funds, which is a faster and more secure method of receiving funds. Colleges are strongly encouraged to promote the electronic payment option at the campus level. 100% 90% 80% 67% 70% 64% 59% 60% Percentage 50% 41% 36% 40% 33% 30% 20% 10% 0% Community Colleges Senior Colleges University Total Checks Direct Deposit 7 Note: The data represents payments issued.
FY 2022 Direct Deposit Issuances 100% 90% 80% 70% 60% Percentage 50% 40% 30% 20% 10% 0% BAR BCC BKL BMC CSI CTY GRDHOS HTR JJC KCC LAG LAW LEH MECMEDNCC NYT QCC QNS SLU SOJ SPH SPS YRK Direct Deposit University Average 8
CY 2022 FWS W-2 Issuance As per IRS requirements, CUNY is required to issue a Form W-2, Wage and Tax Statement to FWS participants reporting their annual FWS earnings for the calendar year. The SFA Operations team continues to do outreach to inform students of the electronic option. Colleges are strongly encouraged to promote the electronic tax form at the campus level. 100% 90% 80% 70% 59% 60% Percentage 53% 51% 49% 50% 47% 41% 40% 30% 20% 10% 0% Community Colleges Senior Colleges University Total Electronic Paper 9
CY 2022 FWS W-2 Electronic Issuance 100% 90% 80% 70% 60% Percentage 50% 40% 30% 20% 10% 0% BAR BCC BKL BMC CSI CTY GRD HOS HTR JJC KCC LAG LAW LEH MEC NCC NYT QCC QNS SOJ YRK Electronic University Average 10
Additional Resources WWW.CUNY.EDU/STUDENTREFUNDS Frequently Asked Questions Federal Work Study & W-2s Direct Deposit 11
SFA Operations Fiscal Management OBF-FiscalMgt@cuny.edu Debbie Buie Lucy Palacios Jameela Samaroo SFA Operations - Contacts Systems & Payroll SFA_SystemsPayroll@cuny.edu Grace Liu Jean Murphy Jimmy Ng Ana Rodriguez Wan Yu Wu 12
Questions 13
