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Director of Student Accounts Gramm Leach Bliley The Director of Student Accounts must: Appropriately safeguard all covered data, including SSNs and student financial information, as well as credit card information. Ensure sensitive customer information is transmitted over encrypted networks. Do not request that customers send credit card numbers or Social Security numbers over non-encrypted networks. Oversee any service providers who will have access to customer information, and request inclusion of information security clause in relevant contracts. FERPA Payment Card Industry Data Security Standard (E-Commerce) Bankruptcy Reform Act of 1978 as amended Title 11 U.S.C. § 523(a)(8), along with the 1990 amendments, prohibits the discharge of most student loans in bankruptcy, when the loans were obtained from the government or non-profit higher educational institutions. There is an exception for undue hardship and for loans that became due more seven years before the filing of the petition. The seven-year exception was eliminated for cases commenced after October 1, 1998, the effective date of the Higher Education Amendments of 1998, and thus borrowers will not be able to discharge their debts to educational institutions under the seven-year exception. An institution may be affected by the automatic stay (11 U.S.C. § 362(d)(1)), while the bankruptcy action is proceeding, and this prohibits the withholding of student transcripts to obtain payment. This action is also prohibited if the debt is actually discharged. For more on the issue of debt collection and student loans, go to the U.S. Department of Education Web site at http://www.ed.gov/offices/OSFAP/DCS/ that contains a guide to defaulted student loans. The Director of Student Accounts has the responsiblity for ensuring that accounts of students who have filed for bankruptcy are not sent out for collections. Tuition Payment Credit Reporting Requirements
In general, section 6050S requires eligible educational institutions who receive payments of qualified tuition and related expenses to file information returns and to furnish written information statements to assist taxpayers and the IRS in determining any education tax credit allowable under the Hope Scholarship or Lifetime Learning Credit as well as other tax benefits for higher education expenses.
The reporting to both students and the IRS is accomplished by using Form 1098-T "Tuition Payments Statement". This form is filed with the IRS for each individual with respect to whom payments of qualified tuition and related expenses were received, or reimbursements or refunds of such expenses were made. The university does not have to file a 1098-T on a student when a refund is issued in an amount equal to or greater than the amount the student paid. The information reporting requirements of this section do not apply with respect to any individual who is a nonresident alien during the calendar year, unless the individual requests the institution or insurer to report. The institution is also not required to file a report for an individual who receives no academic credit; for students whose tuition and related expenses are covered by a formal billing arrangement between the institution and the student's employer; or for students whose tuition and related expenses are entirely waived or paid entirely with scholarships.
The Director of Student Accounts is responsible for sending the Form 1098-T to both students and the IRS. For specifics see Tuition Payment Credit Reporting Requirements.
Resources
Last Revised 19-Aug-09 11:37 AM.
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