POLICY:
Financial Aid is awarded to students based on federal formulas for determining the need for taxpayer-funded student aid programs. Federal and state regulations require that all financial aid awards have taken into account any and all resources that students have available to meet the cost of their education. All colleges and universities are required to have a mandatory Coordination of Resources policy in place to ensure compliance with these regulations.
PROCEDURES:
STUDENTS are required to report all resources they receive during the school year (other than employment). Similarly, ALL UNIVERSITY CAMPUS DEPARTMENTS, OTHER ADMINISTRATIVE OFFICES AND ANY UNIVERSITY AUXILIARIES must notify the Financial Aid Office of any payments or benefits that they award to students (other than employment or short-term loans). Failure to do so, or late notification, puts the student at serious risk for overpayment of financial aid funds resulting in a reduction and or cancellation of Financial Aid already awarded and a billing by the University. Eligibility for all future financial aid may be affected. The entities making award decisions (rather than the disbursing agent) are required to report student resources to the Financial Aid Office. Such entities include but are not limited to:
- 1. All University Campus Departments
- 2. Administrative Offices
- 3. University Auxiliaries
- a. Associated Students
- b. CSUN Foundation
- c. University Student Union (USU)
- 4. Examples of resources that must be reported to the Financial Aid Office include:
- a. Scholarships
- b. Grants
- c. Fellowships
- d. Stipends
- e. Book Allowances in the form of cash amounts
- f. Fee Payments
- g. Any other kind of direct payments to student (other than short- term loans)
- h. Waiver of Payments
- i. Any other resources/benefits paid to students
- 5. Wages from employment reported on W-2's, short-term loan proceeds and non-cash gifts (such as textbooks) do NOT need to be reported.
It is the responsibility of the awarding entity to notify the Financial Aid Office of all awards made during each academic year within 30 days of making such awards. Notification should include the student's name, social security number and award amount. Resource coordination may result in a modification to a student's financial aid award by the Financial Aid Office. For this reason, it is often in the best interest of students for awarding entities to determine the impact on financial aid awards prior to making award decisions that will require resource coordination through the Financial Aid Office. Students who may be subject to award revisions due to the receipt of additional resources are encouraged to come to the Financial Aid Office to discuss the impact on their award and to explore their financing options with a financial aid counselor. Every effort will be made to protect a student's financial aid eligibility and to ensure that there are sufficient resources to meet the costs of attending the university.
Campus entities that make awards to students subject to "Coordination of Resources" requirements are required to contact the Director of Financial Aid for instructions and to establish appropriate notification procedures.
REFERENCES:
Student Aid Regulations (34 CFR, Section 673.5) require that institutions take into account all resources available to the student in determining eligibility for federal (and state) aid.
RESPONSIBILITIES:
Students: Students are required to report all resources they receive during the school year to the Office of Financial Aid and Scholarships.
Departments: All University Departments and Auxiliaries must notify the Financial Aid Office of any payments or benefits that they provide to students (other than employment).
FORMS:
Memoranda and/or roster from awarding entities to Financial Aid Office
FURTHER INFORMATION:
Contact the Office of Financial Aid and Scholarships, 818-677-2085.
Approved by the President
California State University, Northridge at 18111 Nordhoff Street, Northridge, CA 91330 / Phone: 818-677-1200 / © 2006 CSU Northridge
Last Updated: 6/4/2007
