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.
In compliance with the Department of Education Cash Management regulations requirement – 34 CFR Sec. 668.164, PNC Bank reports the following financial information:
- Total consideration paid in the period July 1, 2017 through June 30, 2018: $125,000.00 plus $400,000.00 signing bonus = $525,000.00
- Total number of customers holding student financial accounts which originated under the contract from July 1, 2016 through June 30, 2018: NA
- Mean student costs: NA in the year ended June 30, 2018
- Median student costs: NA in the year ended June 30, 2018
(NA – The agreement was executed within the current reporting period; therefore, the mean, median and customer account information is not yet applicable.)