Information regarding financial aid rebates and student account refunds.
In fall 2020, Towson University issued refunds as a result of its shift to a remote modality.
Housing, Dining and Parking Refunds
Dining and parking charges were fully canceled individuals who did not opt-in to keep their dining plan or parking permit. Any dining points used were deducted from the refund. Housing charges, including the housing deposit, were fully canceled for students in TU-owned housing who moved out by the September 4 deadline. Refunds were processed in September 2020 and issued by October 2020.
TU reduced fall 2020 mandatory fees by 10 percent, with the exception of the technology fee. For full-time undergraduate students, the fee reduction was $151.10. For part-time undergraduate students, the reduction was $13.80 per unit, and for graduate students, it was $13.70 per unit. Refunds were processed in September 2020 and issued by October 2020.
Account adjustments are visible in Towson Online Services. After logging in, go to the Student Center, look under the Finances Section, and use the drop-down box to select “Account Activity.” Adjustments are listed with the description COV-19. Note that any adjustments to charges funded by federal aid were returned to the aid source, as required by law. Any outstanding charges on the student’s account were deducted from the adjustment in order to determine the refund amount. Adjustments that result in refunds were processed by the state of Maryland and then distributed by TU’s disbursement partner, Bank Mobile, in accordance with the student’s preselected refund preference.
Additional Cost Savings
In addition to refunds, for the 2020-2021 academic year Towson University kept tuition and fees level with the previous year’s rates. The decision resulted in between $1,000 and $2,000 in savings for TU families.
In spring 2020, Towson University issued prorated refunds as a result of its shift to a remote modality.
In general, TU refunded 52.6 percent of fees related to athletics, intramurals, student recreation, student activity, sustainability and student union operations. The calculation is based on the number of days in the spring semester days that took place during remote instruction. Refunds were not issued for mandatory fees related to technology (data, network systems, online learning) and facilities (financing and maintenance).
Housing, Dining and Parking Refunds
Dining refunds were calculated based on the number of remaining meals (for block meal plans) or the number of remaining meal weeks (for weekly and unlimited plans). Housing refunds were calculated by giving full weekly refunds for each room rate type beginning March 23, 2020. In addition, students were refunded for March 12 and 13, the two days prior to the scheduled spring break period when residence halls closed. Parking permit charges were refunded at 48 percent for annual permits (reflecting 27 out of the 52 weeks used) and 83 percent for spring term permits (reflecting 5 out of the 30 weeks used). All other permits were refunded based on the permit value as of March 11, 2020.
When an overpayment has been made for all charges for the term, a rebate or refund will be ordered for the excess payment. Rebates are ordered when the source of the payment is financial aid. When the source is anything other than financial aid, a refund will be ordered. You will be notified through your TU email address if one has been issued to you.
To facilitate the efficient distribution of Financial Aid and to provide convenient banking services for our community, Towson University contracts with BankMobile and PNC Bank, NA. Students are not required to have a bank account with either service provider in order to receive their financial aid rebate or student account refund via direct deposit (ACH).
On October 30, 2015 the Secretary of the Department of Education amended the cash management regulations and other sections of the Student Assistance General Provisions regulations issued under the Higher Education Act of 1965, as amended (HEA). The updated regulations are intended to ensure that students have convenient access to their title IV, HEA program funds, do not incur unreasonable and uncommon financial account fees on their title IV funds, and are not led to believe they must open a particular financial account to receive their Federal student aid. In addition, the final regulations update other provisions in the cash management regulations and otherwise amend the Student Assistance General Provisions. The following information is provided for the benefit of our students.
|Bank Mobile||PNC Bank, NA|
|Arrangement Classification||Tier I
“processing direct payments of Title IV funds on behalf of the institution”
“financial accounts are offered and marketed directly to students”
(required by 9/1/16)
|Major Features, Commonly Assessed Fees, Terms, and Conditions*
||BankMobile Major Fees
||PNC Major Fees|
|Total Consideration||Bank Moble Consideration||PNC Bank Consideration|
|Contract Data||Bank Mobile Data||PNC Bank Data|
|Responsible Office||Bursar's Office||Auxiliary Services|
|Contact for Concerns||Thom Ruby, Director||Jacob Smith, Director|
* Format being developed by the Consumer Financial Protections Board (CFPB). Available information is provided until prescribed format is established.
This webpage is published to comply with the regulatory reporting requirements the Code of Federal Regulations Title 34, Part 668, Subpart K Cash Management (CFR 34.668.161-167).