The US Department of Education released regulations for cash management practices on October 30, 2015. These regulations pertain to agreements between universities and third-party financial account providers that offer students financial account products such as prepaid cards or debit cards as a means for students to receive their Title IV student refunds. These regulations are found in the Federal Register 34 C.F.R. Part 668.
IUP promotes the direct deposit option for students receiving refunds as a timely method to gain access to their refund dollars, but does not require a student to open a PNC bank account to receive their refund. Direct deposits of student refunds can be processed to any banking institution that accepts electronic transfers of funds. Students also have the option of receiving their credit balance refund via check
PNC Bank Information
IUP DOE reporting for the award year ending June 30, 2024
- Total consideration paid in the period July 1, 2023, through June 30, 2024:
- Contract payment of $63,750.00 + Branch Rent of $4,200.00 = $67,950.00
- Total number of customers holding student financial accounts which originated under the contract from July 1, 2022 through June 30, 2024: 1,225
- Mean student costs in the year ended June 30, 2024: $7.74
- Median student costs in the year ended June 30, 2024: $0.00
Students may contact the Office of Student Billing at 724-357-2207 if they have questions about receiving their refund.