Student Accounting Policies
Cash Policy (IRS Form 8300)
“Cash" is defined as U.S. coin and currency, cashier's check, money order, bank draft, or traveler's checks.
For every time the University receives over $10,000 in cash in one transaction or in two or more related transactions, we are required to file IRS Form 8300 "Report of Cash Payments Over $10,000 Received in a Trade or Business." Transactions occurring within a cumulative 12 month period are considered related (and reportable) if the recipient (Kean University) knows, or has reason to know, that each transaction is one of a series of related transactions. Payments for tuition, fees, room and board, etc. are considered related (and reportable) transactions.
Cash does not include checks drawn on the payer's own account, such as personal checks, regardless of the amount.
Trade or business is defined as any activity constituting the sale of goods or the performance of services to produce income under Internal Revenue Code Section 162. One such example of trade or business income for a university would be tuition payments.
Delinquent Account Policy
The Office of Student Accounting recognizes that a college education is an investment that does come with a cost. Our office understands that those costs may be challenging for some and will work with students through its Collection Unit to resolve delinquent account balances and to work with students to minimize the financial burden of their studies. Students with delinquent balances will have a financial restriction placed on their account which will prevent access to grades, transcripts, registration, and the use of their student ID card. Kean University will utilize all methods possible to make students aware of their balances and financial obligations and will offer students no interest payment plans.
In keeping with the Office of Student Accounting’s philosophy of being flexible we can offer students with delinquent account balances no interest payment plans. There is a $40 non-refundable plan initiation fee which is charged for any payment plan when started. The plan terms, including payment due dates, will be determined when the plan is put into effect. Once a payment plan is finalized you may view a copy of the plan and make payments on your Student Account Suite on KeanWISE under "View/Pay my Bill." Students who no longer have access to their KeanWISE account may contact the OCIS helpdesk by calling (908) 737-6000.
Payment plans allow for equal regular monthly payments with the total outstanding balance divided by the number of payments required by the plan. Students looking to return to their studies can enroll in a payment plan and once their delinquent balance is satisfied in full all financial restrictions will be lifted and students will be able to register for courses.
Students enrolled in a payment plan with the University will not be referred to an outside collection agency so long as they make consistent, on-time payments. Students who are habitually late in making their payments or miss payments may be subject to placement with an outside agency for further collection efforts.
OUTSIDE COLLECTION ACTIONS
When Kean University is unable to work out an adequate payment solution on a delinquent account that account can be sent to an outside collection agency. When referred to an outside collection agency the account is assessed additional collection costs between 20% and 30% of the principle balance to cover the costs associated with the collection action. Once an account is referred to an agency the student must work with that agency directly to resolve the balance or to make adequate payment arrangements. Payments can no longer be made to Kean University when an account is placed with an agency and a restriction will be put into effect which will prevent the student from making payment directly to the University.
Kean University currently places delinquent tuition and fee balances with the following agency:
Williams & Fudge
300 Chatham Ave.
Rock Hill, SC 29730
NEW JERSEY DIVISION OF TAXATION SET-OFF/OFFSET PROGRAM (SOIL)
When Kean University has exhausted all efforts to collect on a delinquent account the account is subject to placement with the State of New Jersey's Division of Taxation Set-off (SOIL) program. This program will divert taxpayer refunds to Kean University to satisfy the outstanding balance. Depending on the amount registered with SOIL this could mean the withholding of a taxpayer's entire refund or a portion of their refund. The SOIL program will forward any amount withheld to Kean and our office will apply that payment towards the student's outstanding balance. Accounts are placed with SOIL annually meaning that a student's tax refund may be diverted from multiple tax years until their balance with the University is satisfied.
Students are notified by the Division of Taxation via mail that their account has been placed with SOIL and all information regarding the balance due is reported. Students should contact the Office of Student Accounting for additional information regarding SOIL withholding.
All students registering at Kean University assume financial liability for tuition and fees as set by Kean University and agree to the terms and conditions as set forth in the Financial Obligations Agreement. Students who do not meet their financial obligations by the payment due date are subject to the de-registration policy.
- Classes may be de-registered and canceled for any student who has not fulfilled their financial obligations after the payment due date.
- After the payment due date, students registering or making a registration adjustment resulting in a balance due, will be given an opportunity to fulfill any outstanding financial obligations within 48 hours (2 business days) or ALL CLASSES may be de-registered.
- Students whose classes have been de-registered will be subject to a $100 non-refundable, non-negotiable, re-registration fee upon re-registration.
Direct Deposit Policy
In order to provide students with world-class service and support, the Office of Student Accounting now requires students who expect to receive a refund to enroll in our eRefund service. eRefunds are sent electronically, via direct deposit, to your personal bank account. The University may issue a refund when a credit balance exists on a student's account as a result of any personal payment, financial aid, scholarship, or a combination of payment types that exceed the total of all University charges and fees.
To enroll in eRefunds please log into your Student Account Suite on KeanWISE and complete the following:
- From the main KeanWISE page select the "View/Pay My Bill" link under the Student Menu section to access your Student Account Suite.
- You will be prompted for additional login credentials; please use the following:
* Username: Your Kean Google email address (without the @kean.edu).
* Password: Your Kean Google email account password.
- Once logged into your Student Account Suite select the Refunds option from the menu at the top.
- Please have your personal banking account number and your bank's routing number to complete enrollment.
You should be aware of the following details affecting your refund:
The University will only issue refunds for a credit balance resulting from an actual overpayment. In addition, we will only be able to process your refund if the credit balance is the result of actual (not estimated) funds and all checks have had 10 days to clear.
If your statement includes estimated Federal and state funds, and this results in a credit balance on your account, your refund cannot be processed until you sign the required documents in accordance with federal and state regulations, and the funds represented by these awards are obtained by the university from the federal or state government.
If you are receiving financial aid from any state, local, or private agency, any resulting refund will be made only after the university receives the funds. Please realize that the first money received by the University is the money that is applied toward your tuition and fees. Therefore, if you have taken out a loan for living expenses and these funds arrive at the University before other financial aid monies are received, the loan will be applied to your tuition expenses. Overpayments or refunds only occur after your tuition and fees have been paid.
Financial Restrictions Policy
The Office of Student Accounting employs financial restrictions when students have not satisfied their financial obligations. Restrictions may be placed on a student's account which will prohibit them from registration, viewing grades, access to online courses, or the ability to use their Kean ID card.
Students with account restrictions should contact the Office of Student Accounting immediately to resolve the matter.
Late Payment Policy Fee
Students with an outstanding balance and students who are delinquent on their payment plan will be assessed a $50.00 per month late payment fee.
Late Registration Fee Policy
To ensure the best availability of classes, students are encouraged to register as early as possible. Early registration supports the successful completion of graduation requirements and the ability to graduate on time. It is to the students’ advantage to register early to ensure a better choice of class selections and meeting times. Students registered after the Payment Due Date are subject to the late registration fee policy.
- Students registering after the published Payment Due Date will be assessed a late registration fee of $105.00*.
- Students registering on or after the first day of the term will be assessed a late registration fee of $210.00.*
* Newly admitted students who have been accepted by Kean University two weeks prior to the payment due date and thereafter will be exempt from this policy.
A Late Registration Fee will NOT be charged to students making course changes, including adding and dropping courses, after the published Payment Due Date.
Release of Financial Records/FERPA Policy
The Office of Student Accounting is required to follow the provisions of the Federal Education Rights and Privacy Act (FERPA). The purpose of FERPA is to safeguard and secure students' personal information such as account info, schedules, and grades. Because it is often parents that handle payment of tuition and fees it is important that student's provide a FERPA waiver which will allow our office to release information and discuss an account with a parent or other authorized representative.
The FERPA waiver form can be found on KeanWISE. Select "Student Educational Records Release" under the Student Menu.
In addition to the FERPA waiver students may also set up authorized user accounts for anyone who may need access to view their student account. An authorized user will have similar access to your Student Account Suite as students and will be able to view account details in real-time, 24/7. They can also make and schedule payments.
To set up an authorized user account students should log into your Student Account Suite via KeanWISE and select the option for "Authorized Users" under the My Profile Setup menu.
Returned Check/ACH Payment Policy
Any payment made by check or via ACH transfer that does not successful clear or is returned for insufficient funds or unknown account information will be subject to a $50 non-refundable Returned Check/ACH Fee. Students making payment using their Student Account Suite via ACH transfer from their personal bank account should ensure that both the routing and account numbers are entered properly and match the information found on their account statements. Students will be assessed this fee for any payment which is returned as unpaid.
Third Party Payments Policy
A Student Sponsorship is a payment from a third party organization made on behalf of a student or group of students. This type of payment is not considered a grant, loan, or scholarship. In order to successfully utilize a Student Sponsorship the student or sponsor must submit a Sponsor Payment Contract or letter of credit by the published Payment Due Date for the term.
Sponsor payment contracts or letters of credit are accepted by the University only if the sponsor agrees to pay the University directly. This contract should include the following information and should be on company letterhead:
- Student(s) info (including Kean University ID number).
- Sponsor contact person info (name, address, email and phone number).
- Duration of contract or academic term(s) to be covered.
- Total amount of award and payment remit date.
- Type of charges to include.
- Course related info.
- Any special billing requirements.
A Sponsor payment contract that will remit payment after the published Payment Due Date or that is contingent upon a grade will NOT be accepted and the sponsored student assumes financial liability for the cost of attendance as set forth by Kean University and agrees to meet the criteria required to fulfill their financial obligation. The Student Accounting office will invoice the sponsor for the approved amount and all payments should be made payable to Kean University. The University upholds the right to return any unpaid sponsor balance back to the student’s account. Any unpaid account balance may result in the student being assessed a late payment fee, having a financial restriction placed on their account, or the cancellation of their classes. The University will only issue a refund for a credit balance that exists on a student’s account after the sponsor has paid. If the sponsor makes an overpayment, these funds will be returned to the sponsor.
Tuition Refund Policy (Due to Official Withdrawal From the University)
The need or decision for a student to withdraw from their studies is not an easy choice to make. It is important that students officially withdraw when they are no longer attending classes even if the deadline to withdraw has passed (after the published Add/Drop period for the term). The withdrawal process is designed so that student tuition and fees are adjusted properly, when applicable, and so that student academic records reflect their progress in all courses attempted.
For specific details on the withdrawal process including deadlines, tuition refund schedules, and forms, please visit the Registrar's Office webpage and select the link for Add/Drop/Withdrawal Dates from their Important Links section.
Withdrawal First Week of Classes 100% Refund Second Week of Classes 75% Refund Third Week of Classes 50% Refund Fourth Week & Thereafter 0% Refund **Above applies only to the Fall and Spring terms. Please refer to the Academic Calendar for specific dates.
Stopping payment on a check, having a check returned for insufficient funds or canceling a credit or debit card payment does not constitute official withdrawal or cancellation of financial obligation incurred through registration. If you intend to withdraw, you are required to comply with published withdrawal procedures.
Matriculated full-time students will qualify for a refund only in the event they drop down to part-time status (less than 12 credits for undergraduate and less than 9 credits for graduate) during the refund period. The refund will then be the difference between the full-time flat rate and the part-time rate for the number of credits remaining based on the percentages of the Tuition Refund Policy listed above. Thereafter, the refund will be calculated on an individual course basis based on the above percentages. Part-time students qualify for refunds on an individual course basis through the refund period.
Tuition Reimbursement Policy
A Tuition Reimbursement is a payment made by an employer to the student after the student has made payment to the University. As such students under tuition reimbursement are still required to adhere to all published Payment Due Dates and policies. Itemized billing statements and payment history can be found in your Student Account Suite on KeanWISE. The University may provide records upon request however will not serve as an intermediary between the student and their employer.
Tuition Waiver Policy
Kean University offers and participates in several different tuition waiver programs which may satisfy a portion or full cost of tuition for a student. The following is a listing of waivers which Kean University provides students:
- Doctoral Assistance
- Graduate Assistance
- National Guard
- Senior Citizen
- Staff Benefit
- Unemployment Waiver
Additional information regarding these waivers including what costs they cover as well as criteria for eligibility will be provided upon request.