1) Q. If a student is awarded $500.00 for Honor's Day through the Banner Student Information System, in accordance with the policy, will she receive a check for that amount?
A. It depends on the student's current financial aid package, and whether the student has an outstanding balance on her Student Account. If the student has federal financial aid and no unmet need, the $500 Honor's Day scholarship may reduce existing aid. For instance, her Perkins Loan proceeds may be reduced by $500. In this case, she would not receive a separate check for her Honor's Day award, but she would have the benefit of owing $500 less on her Perkins Loan. If the student does not have financial aid package considerations, but had an outstanding balance of $300 on her Student Account for parking fines and library overdue book fines, she would receive a refund check of $200, and her receivable balance from the University would be reduced by $300. Otherwise, she would receive a $500 refund check from the resulting $500 credit on her Student Account.
2) Q. Our department is holding a case competition and will be awarding prizes to the students presenting the top 3 cases, as determined by a panel of judges. How do we process these payments?
A. Prizes awarded to winners of judged competitions are processed by Procurement Services on a Check Request Form. Include a flyer announcing the judged competition, or other supporting documentation.
3) Q. I'd like to award $600 to a student who will be studying abroad.
The $600 is to be used by the student to purchase his airline ticket.
How should this payment be processed?
A. The payment would be considered Scholarship to the student and should be processed through Student Financial Services. For financial aid purposes, the student's budget already reflects additional travel costs associated with studying abroad. Whether the student receives a check in the amount of $600 depends on financial aid packaging considerations, and whether the student has an outstanding Student Account balance.
4) Q. Can we issue a $1000 award to a student and not have it be considered Scholarship?
A. No. Any payment to a student, other than wages/salary paid through HR/Payroll, or prize winnings for a judged compensation, or reimbursement for expense incurred on behalf of the University, needs to be processed as Scholarship through Student Financial Services.
5) Q. Our College is offering several $3000 Summer Research Fellowships.
Individuals need to apply for them and submit a proposal describing their intended project. Recipients need to submit a report at the end of the summer. How should these payments be processed? What effect, if any, would the fellowship have on an individual's Financial Aid for the academic year?
A. If the Fellowship is awarded to the students to do research on their own and not research for the University, then it is considered a form of scholarship and would be reflected in the financial aid award term that the fellowship was granted and would need to be processed through the UVM Scholarship office. In this case, the $3000 would count as a resource for the summer term and would not affect their academic year aid resources. If the students were to be concurrently enrolled in summer courses, this scholarship may reduce other forms of aid the students were previously awarded for summer. If the Fellowship is intended to support research for the University, then it would be considered a form of compensation and would need to be processed accordingly. Typically this is done in the form of a stipend processed through Human Resources/Payroll.
6) Q. Our School has money to help two students fund their summer internship experience in the area of their major at another nonprofit organization in the amount of $2,500 each. Students must have Junior standing. How should these awards be processed? Will the students receive $2500?
A. The payments are Scholarships and should be processed through Student Financial Services via the Scholarship Coordinator. Whether the students receive a $2500 refund through their Student Account depends on the students' current financial aid package, and whether the students have an outstanding balance on their Student Account. If a student has federal financial aid for the summer term and no unmet need, the $2500 may reduce existing aid. For instance, Stafford Loan proceeds may be reduced by $2500. In this case, a separate check would not be generated, but the student would have the benefit of having less Stafford Loan debt. If the student does not have financial aid package considerations, but had an outstanding balance of $2000 on his Student Account for summer tuition, he would receive a check of $500, and his receivable balance from the University would be reduced by $2000. Otherwise, a student would receive a $2500 check from the resulting $2500 credit on his/her Student Account.
7) Q. What about reimbursement of a studentŐs travel expenses?
A. Reimbursements of University business travel expenses incurred by an undergraduate or graduate student in the capacity of student employment are to be processed via Travel Accounting in accordance with the UniversityŐs travel policy. Such reimbursement would be excluded from the student-employeeŐs income under the IRSŐ accountable plan rules. Refer to Travel Policy.
Reimbursements of travel expenses incurred by undergraduate and graduate students on behalf of the University, outside of the context of student employment, are to be requested via Check Request Form through Procurement Services. Original receipts are required, along with supporting documentation showing that the travel expenses related to either:
- official University business;
- a faculty memberŐs project or research program; or
- the studentŐs presentation (vs. attendance) at a conference, on behalf of the University (documentation must include conference agenda indicating the student is a speaker/presenter).
If the travel expense was not incurred on behalf of the University, but rather was incurred for the furtherance of the studentŐs own educational experience, payment of such expenses is considered Scholarship, and would be awarded by completing the ŇRequest for Payment of a Scholarship to a StudentÓ Form.
8) Q. The student doesnŐt know about the award and we would like to keep it a surprise until the awards ceremony. How can it be kept a surprise if it goes through the studentŐs financial aid package?
A. Unfortunately, the element of surprise may not be maintained in all cases with this process since students have on-line access to their Student Account. Student Financial Services will try to accommodate the initiating departmentŐs timeline in awarding the scholarship payments.
9) Q. Does the policy apply if the student receives the award at commencement since the student is no longer enrolled at the University as of that date?
A. Yes. Payments awarded at commencement are considered scholarships. According to federal financial aid guidelines, as long as someone at the University is aware of the impending payment to an enrolled student, the financial aid office is assumed to be aware of it, therefore the payment must be treated a resource.