NACUBO Student Financial Services Policies and Procedures Report Released
5/22/2023
The 2022 Student Financial Services Policies and Procedures Report is now available. The new report, supported by TouchNet, provides insight on an array of SFS operations during FY22 at 341 colleges and universities, including services offered, tuition and fee structures, collection and write-off policies, and financial literacy programs.
The report also includes new information on current topics of interest, such as the use of electronic and payment processing platforms and using Higher Education Emergency Relief Fund (HEERF) dollars to forgive debt associated with registration or transcript holds.
Highlights include—
- Institutions continue to use electronic options for providing student financial services. For example, web-based student accounts are available at 95 percent of institutions, and direct deposit of student wages is available at 95 percent of colleges and universities.
- Seventy-three percent of institutions accept credit card payments for tuition and fees through a third-party payment processor, which includes in-person or online.
- Nearly 70 percent of institutions use student financial responsibility agreements (SFRAs), which provides students with information on institutional policies such as late payment charges and collections practices. About 47 percent of colleges and universities have students sign SFRAs once per term.
- Over half (52 percent) of institutions used HEERF funding to forgive student debt associated with registration or transcript holds.
This report is a triennial study that supplements NACUBO’s Student Financial Services Benchmarking Study, analyzing activities, systems, and practices surrounding student financial services (SFS) at colleges and universities. If your institution participated in the 2022 SFS Policies and Procedures survey, you may access complimentary copy through your online NACUBO account or by sending an email to Research.Nacubo@nacubo.org. For nonparticipants, the report is available for purchase online.
