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Student Financial Services Regulations

Student Financial Services (SFS) related content that falls under the umbrella of Department of Education regulations.


Student financial services (SFS) describes how colleges and universities provide students and families with finance-related services, such as applying for financial aid and paying a tuition bill, along with the associated business processes necessary to pay for college. SFS professionals manage the policies and procedures related to a student's account, which tracks tuition and other charges, payments, and application of financial aid. To see SFS-related content that falls beyond the scope of Department of Education regulations, visit NACUBO's Student Financial Services (SFS) topic page.

SFS-Related Regulations

SFS-related issues that fall under the scope of Department of Education regulations

Cash Management

Cash management regulations establish rules and procedures that a school must follow in requesting, maintaining, disbursing, and otherwise managing Title IV funds. To find out more, visit the cash management regulations page.

Disclosing & Reporting

Contains resources related to disclosure requirements for institutions with Tier One (T1) and Tier Two (T2) arrangements. 

Cash Management Rules Overview

Explains the cash management rules and their impact on schools. Many of these regulations apply to all institutions, but some only affect schools that have arrangements with banks and third-party servicers processing Title IV credit balance refunds.

Other Federal Aid

The federal government offers several different grant and loan programs to students and their families, including Pell Grants, PLUS loans, and TEACH grants. To learn more, visit the federal aid program page.

Pell Grants

The largest federal grant program, the Pell Grant is awarded entirely based on financial need and is typically only available to first-time undergraduate students.

PLUS Loans

The Federal Direct PLUS Loan program is a federal loan offered to students or parents of students enrolled at least half-time at participating post-secondary institutions.

TEACH Grants

Recipients of TEACH grants agree to teach high-need subjects in low-income areas for at least 4 years, otherwise their grants turn into loans. 

Perkins Loan Program

The Federal Perkins Loan Program was funded with aid from the federal government and matched with institutional contributions. It expired in September 2017, and no new disbursements were permitted after June 30, 2018. For more information, see NACUBO's coverage of close-out guidance.

Closeout Guidance

Congress did not renew the Perkins Program after September 30, 2017, and no disbursements were permitted after June 30, 2018. Review NACUBO's materials on ED regulations related to the Perkins loan program and its closeout.


View NACUBO's advisory guide and Excel workbook, designed to help business officers with the Perkins program closeout process.

Program Overview

Learn more about the history and structure of the Perkins Loan Program, going back to its inception in 1957.

R2T4 and Unearned Aid

Return of Title IV funds (R2T4) requirements govern the return of unearned federal student aid when a student withdraws from all Title IV courses before completing a term. To see how R2T4 affects your institution, visit the Return to Title IV calculations page.

Aid Like a Paycheck

A policy proposal to distribute student aid in installments over the course of an academic term.

R2T4 Requirements

Schools' obligations under Title IV and how to determine the "earned" and "unearned" portions of Title IV aid when a student withdraws before the end of a term.


An idea with bi-partisan support that would hold schools more financially accountable for students who withdraw.


The December 2017 proposal from the Republican House Committee to change R2T4 requirements.

Veterans and Service Members

The Department of Defense (DoD) and the Department of Veterans Affairs (VA) offer tuition assistance programs to active military members, veterans, and their families. NACUBO has monitored and worked on changes to military student assistance programs that affect college and university business offices. To learn more, visit the veterans and service members website.

DoD Tuition Assistance

Through the DoD Tuition Assistance (DoD TA) program, the Department of Defense (DoD) offers financial aid to active duty service members and their families participating in voluntary education (VolEd) programs. To learn more, visit NACUBO's DoD Tuition Assistance page.

GI Bill

The Post-9/11 Veterans Educational Assistance Act of 2008 modified the educational benefits available to active duty military members and their families under the previous version of the GI Bill. To learn more, visit NACUBO's GI Bill page.

Principles of Excellence

In 2012, President Obama issued an Executive Order directing that his administration design a set of principles to protect veterans and service members who receive federal education benefits. To learn more, visit NACUBO's Principles of Excellence page.

Related NACUBO Resources

Find advisory reports, infographics, news archives and other resources pertaining to SFS-related Department of Education regulations.

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Bryan Dickson

Assistant Director, Advocacy and Student Financial Services


U.S. Capitol building