Changes Coming to Student Payments Reminder

To: Graduate Students
From:

• Suzanne Barbour, Dean, The Graduate School
• Rachelle Feldman, Interim Vice Provost, Enrollment and Undergraduate Admissions Associate Provost and Director, Scholarships and Student Aid
• Beverly Wyrick, Director of Finance and Administration, The Graduate School

Date: July 6, 2021
Re: Changes Coming to Student Payments

You have likely heard that changes are coming to the method and timing of how you receive payment for some types of student support/financial aid. While the amounts you will receive are unaffected by these changes, we realize you may have questions and hope to make the transition as smooth as possible. We want to remind you of the resources available to you for learning more and clarify some points of confusion.

Send Questions Now, Town Hall in July

Answers to a few of the questions we’ve heard so far are covered on the scholarships and student aid website, but you may have more. You can learn more about the changes and ask questions at the Town hall meeting:

Town Hall for Students
Wednesday, July 14
11:00 AM – 12:00 PM

Submit your questions by July 9, and register for the webinar to receive the Zoom link.
For more information, visit the Graduate School’s website.

Not All Payments Are Changing

If you have a teaching assistant (TA) or research assistant (RA) position, these will continue to be paid monthly through payroll since these are payments for compensation.
Scholarships, fellowships, tuition waivers and student loans that you were already receiving through your student account also will continue to be paid this way.

Summary of the Changes

As a reminder, the changes coming for fall semester are:

• Beginning in August 2021, training grant awards to students will be paid through your student account, and like all other student aid will be paid each semester rather than in monthly installments. Some resources on budgeting and financial planning are below.
• All types of awards (other than compensation) will be reported on form 1098-T, issued by the University Cashier, instead of a 1099-M or W-2.  While the university cannot provide tax advice, some resources for information on taxes and tax planning are below.
• All awards (other than compensation) will show on your Student Center account in ConnectCarolina. If you are concerned or have questions about the amount of financial aid you are eligible to receive, please contact the Office of Scholarships and Student Aid, or aidinfo@unc.edu.

Important: Even if you’re already receiving direct deposits for paychecks through Human Resources, you also need to sign up for electronic refund to receive credit balances from your student account (for financial aid awards).

Learn More

Information and Resources for Students
The Graduate School’s webpage (scroll down to: Information and Resources for Students).
The Office of Scholarships and Student Aid information on types of Graduate Awards

Budgeting and financial planning:

• UNC Student Affairs lists financial resources as part of Student Wellness programming.
• Forbes list of the best budgeting apps for 2021: Personal Capital, Mint, YNAB (You Need A Budget), PocketGuard, Goodbudget, Stash, Honeydue, Digit.
• The Graduate School provides financial literacy workshops for graduate and professional students.

Tax Questions:

• The UNC School of Law hosts a Volunteer Income Tax Assistance (VITA) program to help with taxes.
• The Internal Revenue Service (IRS) Topic No. 421 provides the policy about taxability of scholarships, fellowship grants, and other grants.
• The Internal Revenue Service (IRS) publication 970 provides the policy for tax benefits for education.
• The University Cashier has detailed information on forms issued by their office, such as form 1098-T.
• The UNC Payroll Services has information on payroll taxes and forms, such as W-2, W-4, and NC-4.