Federal Regulations - Cash Management
To protect the best interests of students receiving Federal Title IV financial aid, the U.S. Department of Education published new cash management regulations (34CFR668.161-167 ) via the Federal Register on October 30, 2015. These Program and Integrity Rules require the University of Louisville to maintain, account, and disburse Federal Title IV funds in accordance with these regulations. This includes refunding credit balances associated with Federal Title IV funds. This webpage is published to comply with these regulatory reporting requirements.
Students are provided the choice to have any overpayment of charges which results in a credit balance deposited into their personal checking account or savings account. For more information about the refund process, click here.
The University of Louisville (UofL) entered into an agreement with PNC Bank on March 19, 2018. The agreement does NOT include services for handling student related Title IV credit balance refunds. However, since many UofL students bank with PNC, the U.S. Department of Education requires that UofL publish their contracts for public review. Links to the contract are provided below.
As noted above, UofL has an agreement with PNC Bank and therefore is required to list major features and commonly assessed fees for the student accounts at their institution. Additionally, here is the link to the PNC Virtual Wallet Fee Sheet.
The regulations require UofL to disclose contract data such as the number of UofL students with PNC Bank accounts and the mean and median costs associated with these accounts within 60 days of the end of that award year (academic year). Additionally, UofL is required to disclose the total consideration, monetary and non-monetary, paid or received by the parties under the contracts and update this information within 60 days of the award year. The following table includes these disclosures for the financial institution for the academic year ending June 30, 2020:
Total Number of customers holding student financial accounts which were open at any time during the year ended June 30, 2022:
|Mean student costs:||$9.29|
|Median student costs:||$0.00|
Students are NOT REQUIRED to have a bank account with PNC Bank to receive their refund via direct deposit (ACH). UofL students may use their existing checking accounts. UofL encourages students without checking accounts to shop around to find a banking partner that fits their needs. NOTE: All disclosures relating to these new regulations and the banking service contract will be made to this webpage.