Federal Cash Management Regulations

The US Department of Education released regulations for cash management practices on October 30, 2015. These regulations pertain to agreements between universities and third-party financial account providers that offer students financial account products such as prepaid cards or debit cards as a means for students to receive their Title IV student refunds. These regulations are found in the Federal Register 34 C.F.R. Part 668.

IUP entered into an agreement with PNC Bank for Local Banking Services on June 20, 2016. This agreement does not include services for handling student-related Title IV credit balance refunds; however, the US Department of Education requires that IUP publish the agreement for public review.

IUP does promote the direct deposit option for students receiving refunds as a timely method to gain access to their refund dollars, but does not require a student to open a PNC bank account to receive their refund. Direct deposits of student refunds can be processed to any banking institution that accepts electronic transfers of funds. Students also have the option of receiving their credit balance refund via check.

You may access resources pertaining to the IUP-PNC Bank agreement by reviewing the following documents:

IUP Contractual Information

PNC Bank Information

IUP DOE reporting for the award year ending June 30, 2022 

  • Total consideration paid in the period July 1, 2021, through June 30, 2022:
    • $139,125 + $25,200 branch rent = $164,325
  • Total number of customers holding student financial accounts which originated under the contract from July 1, 2020 through June 30, 2022:  1,278
  • Mean student costs: $6.03 in the year ended June 30, 2022
  • Median student costs: $0.00 in the year ended June 30, 2022 

Students may contact the Office of Student Billing at 724-357-2207 if they have questions about receiving their refund.