Refund Servicer Contract
Per Department of Education regulations, Northeastern State University is required to disclose the following data regarding our contract with the financial account provider that provides Title IV credit balances to students.
Mean and median costs students incurred and number of student account holders:
|Total Accounts||Avg. Fee Amount||Median Fee Amount|
Total monetary consideration paid or received by the contracting parties:
|Academic Year||Total Paid|
Non-monetary consideration between the contracting parties:
Refund Servicer Contract
Northeastern State University is also required to disclose our contracts with the financial account providers that provide Title IV credit balances to students.
NSU is considered to be in a Tier One (T1) arrangement. In Tier One arrangements, "a third-party servicer contracts with an institution located in a State to perform one or more of the functions associated with processing direct payments of Title IV funds; and the institution or third-party servicer makes payments to one or more financial accounts that are offered to students under the contract, or about which information is communicated directly to students by one of three entities: (1) the third-party servicer, (2) the institution on behalf of or in conjunction with the third-party servicer, or (3) an entity contracting with or affiliated with the servicer. [May 11, 2016]"
For more information, see Cash Management - Frequently Asked Questions.
On October 30, 2015, the U.S. Department of Education (Department) published Final
Regulations in the Federal Register amending the Cash Management regulations at 34
CFR 668.161 668.167. Under 668.164(e)(2)(vii) and 668.164(f)(4)(iv), by September
1, 2017, any institution with a Tier one (T1) arrangement, and/or a Tier two (T2)
arrangement that meets or exceeds the credit balance thresholds under 668.164(f)(2)(ii)
must post on its website T1 and/or T2 contract data pertaining to the total consideration
paid or received by the contracting parties under the arrangement for the most recently
completed award year. No later than September 1, 2017, each such institution must
also post the mean and median costs its students incurred, as well as the number of
students who had financial accounts under the contract at any time during the most
recently completed award year, unless the institution had fewer than 30 enrolled students
with accounts opened under the T1 or T2 arrangement. The regulations require that
thereafter, these postings must be updated within 60 days after the end of each award
Section 668.164(e)(2)(vii) and (f)(4)(iv) also states that the institution must post this contract information in a format established by the Secretary. To meet this requirement, institutions must do the following:
- Post information regarding the mean and median costs students incurred and the number of student account holders prominently, and as the first piece of information at the URL provided to the Department under 668.164(e)(2)(viii) and (f)(4)(v)
- Place information regarding to the total monetary consideration paid or received by the contracting parties directly below the information regarding student accounts
- Place any non-monetary consideration between the contracting parties directly below information pertaining to the monetary consideration.
For more information, please see the Cash Management Information Page website.