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Federal Regulations – Cash Management

In an effort to protect students and insure their best interest, the U.S. Department of Education published new cash management regulations (34CFR668.161-167) via the Federal Register on October 30, 2015. The Program Integrity and Improvement rules require NC State University to maintain, account, and disburse Federal Title IV funds in accordance to these regulations. In addition, refunding credit balances associated with Federal Title IV should always be in the best interest of the student. This web page is published to comply with these regulatory reporting requirements.

In September 2017 the University entered into a banking services agreement with PNC Bank, N.A. This agreement does not include handling student related Title IV credit balances refunds as a service. The U.S. Department of Education requires that NCSU publish the contract for public review.

Students DO NOT have to have or open a bank account with PNC to receive their refund via direct deposit (ACH). The agreement allows the Wolfpack One Card to be linked to a PNC banking account as a choice and provides additional optional banking as a convenience.

NCSU-PNC Banking Services Agreement
Summary of Account Fees and Features for PNC
Full Account Terms and Conditions for PNC

In compliance with Department of Education regulation CFR 668.161 – 668.167, we are required to post the following information regarding cash management:

  1. Total consideration paid in the period July 1, 2024, through June 30, 2025: Contract payment of $408,750 + alumni marketing payment of $11,500 + branch rent of $23,000.04 = $443,250.04 total consideration. An additional benefit of our PNC Bank partnership is that the overwhelming majority of financial considerations paid to the university are applied to trademark licensing revenues. At NC State, trademark licensing revenues provide scholarship support to NC State students.
  2. Total number of customers holding student financial accounts which originated under the contract from July 1, 2023 to June 30, 2025: 2,835.
  3. Mean student costs in the year ended June 30, 2025: $4.49.
  4. Median student costs in the year ended June 30, 2025: $0.00.

U.S. Department of Education

Visit the DOEd website

Consumer Financial Protection Bureau

Visit the CFPB website