FL Prepaid & Third Party Sponsorships

FL Prepaid & Third Party Sponsorships

Third Party Sponsorships

 

If your employer pays more than $5,250 for educational benefits for you during the year, you must generally pay tax on the amount over $5,250. Your employer should include in your wages (Form W-2, box 1) the amount that you must include in income. For inquiries please contact the IRS or your employer Human Resources department.

PROCEDURES WHEN A THIRD PARTY ORGANIZATION IS PAYING FOR A STUDENT’S TUITION & FEES

UCF reserves the sole right to accept or reject any third-party sponsor request. If a student’s employer or another sponsor intends to pay the student’s tuition and fees, the student must submit a third-party sponsorship letter or billing authorization to the Student Account Services office. This authorizes UCF to bill the employer or sponsor directly. When a third-party sponsorship has been approved, payment for courses by the sponsor is required according to the university billing schedule regardless of whether or not the student completes the course and without consideration of the grade. Students receiving third-party payments are subject to late payment penalties if the third-party sponsor does not pay within the allotted time and will be responsible for the entire course fee if the third-party sponsor does not pay.

It is the student’s responsibility to submit the third-party sponsorship letter or billing authorization to Student Account Services before the payment deadline for the term. Student Account Services will submit an invoice to the third party sponsor after the add/drop period for the authorized courses and will defer the tuition due date up to 60 days to allow time for the third-party sponsor to remit payment. If a student receives financial aid or another source of funding, the first payment posted to the student’s account will apply to the charges. Once the secondary funding posts, the student may be eligible for a refund of any excess funding. The student is ultimately responsible for payment of any tuition and fees not paid by the third-party sponsor and may be placed on a financial hold until the amount due is paid.

Please submit all third-party billing inquiries and sponsorship letters or billing authorizations as a scanned attachment in an email to tpbilling@ucf.edu or by fax to 407-823-1982.