WELCOME TO THE
OFFICE OF STUDENT ACCOUNTS
What is student accounts
Student Accounts is the department responsible for the accurate, timely billing of all tuition, fees, and other related charges and the proper recording of all payments, scholarships, grants, loans, or other funding students receive.
Billing
Student billing will be done on a term basis, meaning that one bill is generated prior to the start of the term and emailed to each student. The bill will include all tuition and fees, any expected federal financial aid (after FAFSA has been completed and an award has been created for the student), and the due date for which the term charges must be paid in order to avoid a late payment fee and/or a financial hold on your student account.
Term charges are due on/before the first day of class. However, IMU does offer payment plans which will allow you to split any outstanding balance from the term into 3 smaller payments due by the 10th of the month.
Payment Plans
A student may establish an installment payment plan if their outstanding term balance is $500 or more. All payment plans have a $50 enrollment fee which is due to establish the plan. A student MUST successfully enroll in a formal IMU payment plan by no later than 1 week before classes start. Enrollment after this deadline will not be allowed and full payment will be due by the first day of class. See two scenarios below as an example:
Scenario 1 – Full Pay Student Scenario 2 – Financial Aid Student
Tuition = $6,459 Tuition = $6,459
Payment Plan Installment Payments Federal PELL Grant = $2,000
Payment Plan Enrollment Fee – $50 (due upon enrollment) Federal Subsidized Loan = $1,100
Payment 1 – $2,153 (due by 10th of 1st month) Federal Unsubsidized Loan = $1,900
Payment 2 – $2,153 (due by 10th of 2nd month) Outstanding Balance After Financial Aid = $1,459
Payment 3 – $2,153 (due by 10th of 3rd month) Payment Plan Installment Payments
Payment Plan Enrollment Fee – $50 (due upon enrollment)
Payment 1 – $486.33 (due by 10th of 1st month)
Payment 2 – $486.33 (due by 10th of 2nd month)
Payment 3 – $486.33 (due by 10th of 3rd month)
In each scenario we see that each student has their outstanding balance paid before they go into their final exams. This is key because we want our students focused on class so they can perform their very best.
If installment payments are not made on time, a late fee will be applied to the account the day after the missed payment. Financial holds are immediately placed on a delinquent account which will preclude the student from attending class until the balance is brought current. (See Financial Holds section of our page for more information on holds).
FINANCIAL HOLDS
If payment deadlines are missed, a financial hold will be placed on your student account which will preclude you from attending class, prevent the requesting of transcripts and place a general restriction of access to all IMU learning systems until the delinquent balance is resolved. Once the balance is resolved, full access will be restored and you will be allowed to continue on with the term.
**Please note that a financial hold does not excuse you from any missed work. Refer to the IMU Student Handbook regarding attendance and make up test/assignments.
It is imperative that should you have difficulty making your payment that you communicate with our office to minimize the chance of a financial hold being placed on your account. We are here to help.
STUDENT REFUNDS
Students who receive funding in excess of term charges may receive a refund. The refund will be notified of a refund and will have the opportunity to pick up the check in person during regularly scheduled business hours. The student will need to bring with them their driver’s license/state issued ID for verification when picking up their refund check.
Likewise, if the student’s account has an excess resulting from a Federal Parent PLUS loan, then a refund will be generated and either mailed to the parent listed on the PLUS loan application or given to the student based on the parents response to the question on the PLUS loan application regarding how they desire any credit balance to be treated (THEM or THE STUDENT). If the parent has indicated the excess funds are to go to the student, then the student will follow the same protocol as listed above. If the parent desires to receive the funds directly, then we will mail the check to the parents address listed on the PLUS loan application within 14 days of receipt of funds.
All credit balances generated from Federal Financial Aid MUST be refunded within 14 days. IMU processes refunds once per week (Thursdays) and checks are usually ready for pickup by the following Monday.
Form 1098-T
What is a Form 1098-T?
The Form 1098-T is an IRS document sent to all students who attended IMU and paid for qualified tuition and related expenses during the previous tax year. The information on form 1098-T can be used to help you determine if you are eligible for education tax credits when filing a U.S. tax return. The information includes the total amount paid for qualified tuition and related expenses in a calendar year (January 1 – December 31) and the total amount of scholarships or grants disbursed in the calendar year. Please note that related expenses do not include charges for room, board, insurance, health fees, transportation or similar expenses.
Will I receive a 1098-T if I did not pay for school?
You will not receive a 1098-T if your scholarships or grants (including third-party sponsor payments) exceed your qualified tuition and expenses.
Who should I contact if I need to file my taxes and I have not yet received my 1098-T for the previous year?
If you do not receieve your Form 1098-T by the end of February, then please email the Office of Student Accounts at studentaccounts@imu.edu to request a copy.
Disclaimer – The Institute of Medical Ultrasound Office of Student Accounts nor any representaive from IMU is allowed to provide tax advise. Please contact your accountant or tax preparer for advice on education tax credit eligibility.