To: Eastern Kentucky University, Student Accounting Services and Eastern Kentucky University, Financial Aid Department
EKU Student Refund Policy Change
The EKU student body was notified by email of a financial aid refund policy change on 31 October, 2012. This change proposes to begin distributing financial aid refunds at least a full 14 days later in the semester than they have in the past. The reason provided was as follows:
"Some students experience financial hardships when they receive and spend refund allocations before all educational costs, including tuition, meal plans and housing, have been charged to their accounts. If students do not have the financial resources to cover these costs, the shortfall can result in holds for future semesters, which can lead to significant frustration for students."
While we agree that financial responsibility is vital to success in college and beyond, we do not believe that withholding previously available funds until a later date is in "the best interest of all students," nor does it educate students to be financially responsible. In fact, this withholding interferes with the financial well-being and stability of those (many) students who practice financial responsibility but who need expedited access to these funds for living expenses and school-related purchases. This long delay will certainly cause "significant frustration" for a great many responsible students nevertheless financially struggling to complete their degree.
A withholding penalty placed on all students for a minority that may spend their money too quickly or irresponsibly should not be implemented, but it is clear that policy has moved that direction. If permanent reversal is not considered, we ask that the poor timing of such a policy change be taken into consideration and delay the effective date until Fall 2013. The notice attempted to sympathize with students who rely on financial aid for living expenses by "notifying students early so that everyone may plan ahead." We submit that a notice given just two months beforehand (or 2 to 4 paychecks for those who are currently working) is not enough for the typical college student to save the hundreds to thousands of dollars necessary to cover school and living costs over that time. These funds will not be available to students during one of the most expensive times of the year, interfering with holiday travel, gift-giving, income tax considerations and higher heating & fuel bills. Offered book vouchers to the expensive, EKU-run, on-campus bookstore are a poor substitute for the freedom to bargain hunt for educational materials from a variety of sources... a skill financially responsible students consistently employ. If this policy change is to be implemented, Fall 2013 gives far greater notice and will allow students to save for nearly a year, without interfering with prior holiday plans and seasonal expenses. A delay will at least give the responsible majority the opportunity to start a new semester focused solely on classes. There are dozens of outlets in place to educate students on financial responsibility, and we ask that those be emphasized by the University and student organizations in lieu of this ineffective and ill-timed policy.
We ask that the EKU Financial Aid and Student Accounting departments reconsider implementing this Student Refund Policy change in Spring '13, in consideration for the financial hardships it will incur on the majority of EKU students.
Thank You,
Evan DeHamer
Undergraduate
EKU Department of Biological Sciences
"Some students experience financial hardships when they receive and spend refund allocations before all educational costs, including tuition, meal plans and housing, have been charged to their accounts. If students do not have the financial resources to cover these costs, the shortfall can result in holds for future semesters, which can lead to significant frustration for students."
While we agree that financial responsibility is vital to success in college and beyond, we do not believe that withholding previously available funds until a later date is in "the best interest of all students," nor does it educate students to be financially responsible. In fact, this withholding interferes with the financial well-being and stability of those (many) students who practice financial responsibility but who need expedited access to these funds for living expenses and school-related purchases. This long delay will certainly cause "significant frustration" for a great many responsible students nevertheless financially struggling to complete their degree.
A withholding penalty placed on all students for a minority that may spend their money too quickly or irresponsibly should not be implemented, but it is clear that policy has moved that direction. If permanent reversal is not considered, we ask that the poor timing of such a policy change be taken into consideration and delay the effective date until Fall 2013. The notice attempted to sympathize with students who rely on financial aid for living expenses by "notifying students early so that everyone may plan ahead." We submit that a notice given just two months beforehand (or 2 to 4 paychecks for those who are currently working) is not enough for the typical college student to save the hundreds to thousands of dollars necessary to cover school and living costs over that time. These funds will not be available to students during one of the most expensive times of the year, interfering with holiday travel, gift-giving, income tax considerations and higher heating & fuel bills. Offered book vouchers to the expensive, EKU-run, on-campus bookstore are a poor substitute for the freedom to bargain hunt for educational materials from a variety of sources... a skill financially responsible students consistently employ. If this policy change is to be implemented, Fall 2013 gives far greater notice and will allow students to save for nearly a year, without interfering with prior holiday plans and seasonal expenses. A delay will at least give the responsible majority the opportunity to start a new semester focused solely on classes. There are dozens of outlets in place to educate students on financial responsibility, and we ask that those be emphasized by the University and student organizations in lieu of this ineffective and ill-timed policy.
We ask that the EKU Financial Aid and Student Accounting departments reconsider implementing this Student Refund Policy change in Spring '13, in consideration for the financial hardships it will incur on the majority of EKU students.
Thank You,
Evan DeHamer
Undergraduate
EKU Department of Biological Sciences
Why is this important?
The EKU student body was notified by email of a financial aid refund policy change on 31 October, 2012. This change proposes to begin distributing financial aid refunds at least a full 14 days later in the semester than they have in the past.
A penalty placed on a majority of students for a minority that may spend their money too quickly or irresponsibly should not be implemented. If permanent reversal is not considered, we ask that the poor timing of such a policy change be taken into consideration and delay the effective date until Fall 2013. A 2-month notice is not enough for the typical, employed college student to save the hundreds or thousands of dollars necessary to cover school and living costs over that time. Availability of funds during one of the most expensive times of the year is vital to most students who may not even be employed, and gives the responsible majority the ability to start a new semester focused solely on their education at Eastern Kentucky University.
We ask that the EKU Financial Aid and Student Accounting departments reconsider implementing this Student Refund Policy change in Spring '13, in consideration for the financial hardships it will incur on the majority of EKU students.
A penalty placed on a majority of students for a minority that may spend their money too quickly or irresponsibly should not be implemented. If permanent reversal is not considered, we ask that the poor timing of such a policy change be taken into consideration and delay the effective date until Fall 2013. A 2-month notice is not enough for the typical, employed college student to save the hundreds or thousands of dollars necessary to cover school and living costs over that time. Availability of funds during one of the most expensive times of the year is vital to most students who may not even be employed, and gives the responsible majority the ability to start a new semester focused solely on their education at Eastern Kentucky University.
We ask that the EKU Financial Aid and Student Accounting departments reconsider implementing this Student Refund Policy change in Spring '13, in consideration for the financial hardships it will incur on the majority of EKU students.