Douglas Olsen
Students who are employed by a company will need to understand the payroll process to ensure they are paid correctly and on time. Payroll is the process of paying a company's employees, which includes tracking hours worked, calculating employees' pay, and distributing payments. This can be done via direct deposit or check. Companies must also perform accounting functions to record payroll, taxes withheld, bonuses, overtime pay, sick time, and vacation pay. They must also set aside funds for Medicare, Social Security, and unemployment taxes. Students should also be aware of accounts payable, which involves invoicing, payment terms, and managing refunds and returned payments.
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What You'll Learn
Payment arrangements
- Tuition Payments: Students typically pay tuition fees directly to the educational institution. Some universities offer payment plans or instalment options to help students manage the cost. For example, Yale University offers a payment plan that allows students and their families to spread payments over a few months without incurring interest charges. Similarly, Georgia State University offers a payment plan where students can defer payment for up to 50% of the current term's tuition fees or their account balance, whichever is less.
- Student Employment: Students who are employed by the university, either as graduate teaching assistants or in other roles, are usually paid via the university's payroll system. This can be in the form of stipends, wages, or salaries. For instance, Tulane University offers a Payroll Deduction Graduate Student Insurance form for graduate students receiving bi-weekly stipends who want to pay their student health insurance through payroll deductions.
- Accounts Payable: In some cases, students may be paid through the university's accounts payable office, particularly if they are providing services to the university. For example, at the University of Puget Sound, students are typically paid through payroll, but in certain instances, they may be paid through accounts payable with a student leadership agreement approved by Human Resources.
- Third-Party Payments: Some students may receive financial support from external sources, such as employers, government entities, or private companies. In these cases, formal billing arrangements or contracts must usually be established between the third party and the university. Sponsored charges will then be billed directly to the third party, but students remain responsible for any amounts not paid by the sponsor.
- Financial Assistance: Students may also receive financial assistance in the form of loans, scholarships, or grants to help with their educational expenses. These funds are typically disbursed directly to the student's account, and the student is responsible for ensuring timely payment of any remaining balances.
It is important to note that payment arrangements can vary between institutions, and students should refer to their specific university's policies and procedures for detailed information on payment options and requirements.
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Online payment methods
One example of an online payment system is PaySchools, which offers a range of solutions to facilitate seamless and secure payments. The PaySchools Central platform provides a dashboard-style website and a mobile app that allows parents to easily manage their children's school-related finances. This includes features such as viewing balances, funding accounts, and making quick and accurate payments. PaySchools also enables face-to-face transactions through its Pay At School System (PASS), which supports cash, check, and credit card payments for various school-related fees.
Another example is the UNH electronic payment system, Nelnet, which allows for online check (Echeck) processing. This method requires the payer to enter their bank routing and account number, and there is no fee associated with this type of transaction. However, it is important to note that Nelnet only accepts online checks from US banks and does not accept checks from foreign bank accounts.
Additionally, some educational institutions may offer their own online payment portals, allowing students and parents to make payments directly through the institution's website. These portals often provide secure and convenient ways to pay tuition fees, residence fees, and other related expenses.
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Returned card payments
A returned card payment, sometimes referred to as a returned check fee, is a charge made by a credit card company when a customer's payment is declined due to insufficient funds, a closed account, or a frozen account. This can occur when paying a bill with a check or making an electronic payment. The fee is typically between $25 and $40 and may be accompanied by late payment fees and interest. Credit card companies tend to charge the highest returned payment fees of any creditor.
To resolve a returned card payment, the customer must deposit enough money to cover the fees and the original payment amount, and then ask the recipient to resubmit the check for payment. It is important to act quickly to avoid any negative impact on one's credit rating. A credit card refund can take anywhere from a few minutes to several weeks, depending on the circumstances. If the refund results in a negative balance, the customer can choose to leave it as a credit for future purchases or request a check or direct deposit refund.
It is worth noting that some card issuers may be willing to refund the fee, especially if the return was made promptly and there was no significant change in currency values. Customers should be aware of the terms and conditions of their credit cards, as these documents outline the specific returned payment fees associated with their cards. Additionally, creditors must specify the amount of any returned payment fees in the agreement.
Returned payment fees are also applicable in various service industries, such as cable subscription services, cell phone companies, wireless service providers, and gyms. These fees can be charged by the service providers themselves or by creditors associated with the services.
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Third-party billing
Similarly, Johns Hopkins University also offers third-party billing for students. Students can add parents or other individuals as third-party payers and select the amount of information the authorized user can see. To grant access, the student logs into SIS Self-Service, and it is the student's responsibility to share the assigned login and password with additional viewers. Only the student can grant anyone access to their account and reset an authorized user's login or password, in compliance with federal law and the Family Educational Rights and Privacy Act.
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Payment restrictions
Federal Work Study Policy (Work Hour Restrictions) also influence the number of hours a student with federal work-study funding can work. This is determined by factors such as the amount of their FWS award, their hourly wage, and the number of weeks they intend to work. For example, a student with a substantial FWS award and a higher hourly wage may work fewer hours per week on average.
Additionally, students must consider the time required to transition between assignments when logging their hours. If a student has multiple assignments, they are entitled to a 30-minute break if they work six consecutive hours. It is important to note that employers are generally not obligated to pay employees for on-call time unless they are called to duty or if there are significant restrictions on how the employee spends their on-call time.
In terms of wages, students should be aware of the minimum wage requirements in their respective states or regions. Most employees working more than 40 hours per week are entitled to overtime pay, which is typically one-and-a-half times the regular hourly rate. Students should also be mindful of tax considerations, as wages above a certain amount may be subject to taxes.
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Frequently asked questions
Paying your student account balance online via PantherPay is the fastest payment method. Georgia State University accepts Visa, MasterCard, Discover, and American Express credit/debit cards for student account payments.
You can pay your student account balance online via PantherPay using an electronic check or credit/debit card. Alternatively, you can pay by Flywire, but any remaining Flywire funds above your student account balance will be returned to the sender.
If you have one returned card payment, you will receive a balance due hold. Once the returned card payment is paid and your account balance is zero, the hold will be removed within 24 hours. If you have a second returned card payment, you will receive a payment restriction hold.
Contact the Accounts Payable representative and let them know you have an invoice that needs to be paid. Once the invoice has been posted and approved, the check will be processed.
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