Business Office Definitions

This section contains definitions of terms that are commonly used by the business office personnel.

Finalize – to accept financial responsibility for charges assessed to the student account. This is done by completing payment arrangements -- paying your account in full, setting up on a payment plan, payment in full by a Third Party agency, or having sufficient financial aid to cover your total charges.

Third Party Payer – is an agency, which agrees to provide partial or complete payment on the student’s behalf. This would include such agencies as employers and job training organizations

Memo – is financial aid, which has been approved by the Financial Aid Office and accepted on an award letter by the student. The funds, however, have yet to be received by the university.

Disbursement – is the action of releasing financial aid payments to the student account. The release of funds is a function of the Financial Aid Office.

Refund – is generated to a student account when the funds applied by disbursement exceed the assessed charges. Typically the source of funds is disbursed as financial aid.

Hold – is a status placed on your account alerting other offices within the University of an unresolved issue. A hold can be placed on a student account to prevent certain processes such as registering for classes, graduation, or finalization of registration.