Harvard University Policy: Harvard University Policy:
It is the policy of Harvard University to maintain an accurate, complete and timely record of Student Accounts Receivable in accordance with appropriate accounting, tax and regulatory requirements.
Student Accounts Receivable are maintained by the Student Receivables Office (SRO) in the Student Information System (SIS) by individual student. The Student Information System is the University's formal financial record for Student Receivables.
It is the University's policy that charges for each academic term are to be paid in full prior to the beginning of each academic term.
It is the University's policy that no degree can be conferred and no diploma awarded until all indebtedness to the University has been paid.
A table of contents for additional detailed Student Accounts Receivable policies and procedures is listed at the end of this document.
This policy for the accounting of Student Accounts Receivable establishes:
The standard accounting processes for Student Accounts Receivable transactions.
The uniform guidelines for the collection of information necessary to properly book, bill and collect student charges for all Harvard University Schools. (Exception: the Department of Continuing Education)
Guidelines for the consistent and accurate financial recording of all University Student Accounts Receivable transactions.
The University's Student Accounts Receivable payment policy.
This policy addresses the booking of Student Receivables from Harvard's ten Schools including all graduate and undergraduate programs.
This policy does not address Student Receivables for Harvard's Department of Continuing Education.
Student Accounts Receivable are booked centrally by SRO into SIS.
SIS, administrated by SRO, is the University's complete financial record for all student charges related to academic programs and fees.
SIS is the University's complete financial record for the application of payments against student accounts.
SIS is updated daily with transactions communicated to SRO from:
Schools receive income from SRO as transactions are billed.
SIS updates the University's General Ledger System weekly and immediately prior to fiscal period close (month end).
Individual Student Account information is made available to Registrars and Financial Aid Offices daily by SRO.
At fiscal period end, SRO makes accounting entries to reclassify student accounts receivable from Central Student Accounts Receivable to each Tub.
It is the University's policy to maintain all Student Accounts Receivable information in accordance with a strict standard of privacy.
Tuition and fee charges are communicated to SRO from each School's Registrar's Office and are then posted to SIS.
Miscellaneous Charges are communicated to SRO from various University Departments and applied to student accounts.
Examples:
SRO prepares and mails students' monthly statements that record each student's account activity for the term.
It is the University's policy that charges for each academic term are to be paid in full prior to the beginning of each academic term or that the balance due gets spread over the term when a student enrolls in Harvard's Monthly Payment Plan (MPP). The MPP allows eligible students to pay one quarter of the term's charges before registering and the remaining quarters in the three months thereafter. (Note: Students enrolled in the Business School, the A.R.T. Institute or the Graduate Division at the Law School are not eligible to participate in this plan. In addition, students who are negligent in making their monthly payments during one term may not be permitted to use the MPP in subsequent terms.)
Prior to an academic term start, each School's Financial Aid Office has the responsibility for organizing and expediting all financial aid payment sources (scholarships, grants, loans) into a complete payment plan for the current term. In conjunction with the Registrar's Office, they have the responsibility for ensuring the full payment of each student's bill before the start of each term.
SRO has the responsibility for the collection of student accounts after students have left the University.
Additional detailed Student Accounts Receivable policies are listed below. Click on the policy to view it.
1.0 Student Billing
1.1 Establishment of a Student HUID Number
1.2 Booking of Tuition and Fee Charges Received from Schools
1.3 Booking of Charges and Credits Received from Departments
1.4 Reclassification of Student Receivables from SRO to Tubs
1.5 Generation and Distribution of Monthly Student Bills by SRO
2.0 Receipt and Application of Payments to Student Accounts
2.1 Receipt and Application of Lockbox Payments
2.2 Receipt and Application of Payroll Deduction Payments
2.3 Receipt of Payment Prior to Establishment of a Student Account
2.4 Tuition Prepayment Option (FAS Undergraduates)
3.0 Adjustments to Student Charges
4.0 Financial Aid - Scholarship and Stipend Awards (Harvard Institutional Funds)
4.1 Crediting Harvard Scholarships to Student Accounts
4.2 Issuing of Living Expense Stipends to Students
4.3 Reclassification of Unrestricted Scholarship Funding (by Schools)
4.4 Alien Tax Withholdings from Non-foreign Source Scholarship Funds
5.0 Uncollectible Student A/R
6.0 Collection of Student Accounts Receivable