VA Plans to Make Benefit Payments to Schools via EFT
September 20, 2012
For more than a decade, federal agencies have been required by law (31 USC §3332) to make most payments for government benefits by electronic funds transfer (EFT). Currently, however, only about 1,000 institutions have signed up to receive Post-9/11 veterans' benefits via EFT, with most other schools receiving payments by check. Representatives from the Department of Veterans Affairs (VA) announced at a recent meeting with the NACUBO VA Payments Workgroup that the agency plans to move all schools to EFT payments over the next few months.
This fall, VA will be sending letters to School Certifying Officials (SCO) at institutions currently receiving GI Bill payments by check. The letter will include details on how and when the institution should submit its EFT information and tax identification number to VA. Business officers may want to make sure the SCO knows where to route the request internally.
Business officers and SCOs with further questions on how to submit this data, or who wish to proactively sign up for EFT payments, should contact the institution's VA Education Liaison Representative (ELR). Institutions' ELRs can be identified on the VA's website.
Institutions that are not receiving payments from VA electronically by April 2013 may be contacted by the Treasury Department regarding noncompliance.
Join the Discussion
Members are encouraged to join NACUBO's VA Processes eGroup. This community, similar to a listserv, allows members to share questions, issues, concerns, and success stories related to administering VA programs.
Vice President, Regulatory Affairs
- Financial Responsibility Scores Released for FY13
- IRS Publishes Guidance on "Cadillac" Health Coverage
- 2014 NACUBO-Commonfund Study of Endowments Now Available Online
- ON-DEMAND: How to Build, Develop, and Support a Compliance Program at Your Institution
- ON-DEMAND: Strategic Tuition Assessment and Tuition Restructuring
- ON-DEMAND: Are Shared Services Right for Your Organization – The KU Journey
- ON-DEMAND: VIRTUAL: 2014 Annual Meeting
- ON-DEMAND: VIRTUAL: Student Financial Services Conference
- ON-DEMAND: VIRTUAL: Higher Education Accounting Forum
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis