DEFINITIONS

All defined terms are capitalized throughout the document.

 

Accounts Receivable

Amounts owed by an identified debtor. These include, but are not limited to, amounts due the University for course registration, the sale of goods or services, contractual obligations, fines, fees and non-sufficient checks/payments.

Bursar

The individuals who hold the titles of Assistant Comptroller-Bursar at the Fort Wayne campus, Assistant Comptroller and Bursar at the West Lafayette campus and Bursar at the Purdue Northwest campus.

Class Action Deferment

A temporary deferment of Student Accounts Receivable extended to a specific group of students that are experiencing a common issue, which they themselves did not cause to happen.

Contracted Student Charge

A charge to a student characterized by the evidence of a contract or written obligation. Examples of these charges include, but are not limited to, tuition and related fees as a result of registering for classes and University housing room and board charges as a result of signing a housing contract.

Financial Aid Deferment

A temporary deferment on a Student Accounts Receivable granted to a student who has financial aid that is expected to be credited to the student’s account within 30 days from the date of the deferment. 

Financial Aid Office

The office on each of the University campuses that administers student financial aid.

Hold, Financial Hold

A restriction placed on a student record that may prevent the student from adding or dropping classes, registering for future terms and receiving a diploma or transcript. A Financial Hold is generally placed due to a Past Due Accounts Receivable for which the student is the debtor.

Installment Payment Plan

The approved campus payment plan offered by the University to pay tuition and related fees, housing room and board, and, if applicable, other Contracted or Miscellaneous Non-Contracted Student Charges.

Miscellaneous Non-Contracted Student Charges

A miscellaneous expense or charge that relates to the student’s educational activity at the University or use of University facilities and is not for the provision of a contracted charge or Student Loan. Examples of such charges include library usage, health center services, departmental charges and other activities fees and fines.

Non-Student Accounts Receivable

Accounts Receivable billed to external parties for University goods and services, including sponsored program support, and, in some cases, charges billed to students outside of the campus student billing system.

Past Due

The status of a charge, billing or other Accounts Receivable that has not been paid on time or by the close of business on the due date. The item could be characterized as being in arrears, in default, delinquent or overdue.

Personal Fee Deferment

A temporary repayment solution for a student experiencing a funding problem that cannot be addressed by the campus Installment Payment Plan or other established repayment/deferment options outlined in this operating procedure.

Registration Cancellation 

A process that cancels a student’s registration in classes and the financial obligation owing for those classes.

Returned Payment Item

A check, draft or order that is not paid or honored by the bank or credit institution upon presentment in the usual course of business. This includes returned or reversed payments on debit or credit cards, wires, and ACH electronic transfers.

SRBS

The Student and Receivables Business Services department on the West Lafayette campus.

Student Accounts Receivable

Accounts Receivable billed to students and third-party sponsors for charges accrued in the campus student billing system. Examples include tuition and related fees and housing room and board.

Student Loan Accounts Receivable

Accounts Receivable created as a student loan and awarded by the Financial Aid Office used to pay education related expenses. These loans consist of Federal Perkins, Health Profession and Purdue University student loans. These loans are disbursed by each campus, but the fiscal and collection administration is managed centrally by SRBS.

Third Party Billing

A billing to a third-party sponsor who has contracted with the University on behalf of a student to be billed for the student’s educational expenses.

Truth in Lending Regulations

Federal regulations that promote the informed use of consumer credit by requiring disclosures about terms and cost. They are codified at 12 C.F.R. Part 226.

Write-Off

An accounting entry to charge an asset or account balance to expense or loss in order to reduce the value of the asset on the University’s general ledger. A Write-Off can be characterized as either a cancellation, small balance or uncollectable (bad-debt) transaction.

 

Purdue University, 610 Purdue Mall, West Lafayette, IN 47907, (765) 494-4600

© 2015 Purdue University | An equal access/equal opportunity university | Copyright Complaints | Maintained by Office of XYZ

Trouble with this page? Disability-related accessibility issue? Please contact Office of XYZ at XYZ@purdue.edu.