Saturday, August 5, 2017

WVU-P students will receive their financial aid - FLETCHER M. LAMKIN, News and Sentinal

Each public institution of higher education in West Virginia received notification last week from the U.S. Department of Education (DOE) regarding Heightened Cash Monitoring 1 (HCM1) requirements that resulted from West Virginia’s late submission of audit findings to the U.S. Department of Education. The HCM1 mandates colleges to pay out funds to students who qualify for federal financial aid refund BEFORE the colleges receive funds from the DOE, whereas previously the DOE provided federal funds up front for that purpose. Making these advanced payments will now require colleges to absorb these costs and await federal reimbursement, despite the pressure this places on cash reserves and operating budget.

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