Compare Transactions and Adjust Direct Loans

Use the Awards tab on the Awarding page to:

• Review the disbursements, refunds, and stipends paid to the student from Direct loan funds (The transactions have been processed by the Student Accounts department.)

• Compare the disbursements and refunds to the records at COD

• If the records do not match, add the adjustments that are sent to COD

• Delete adjustments for Direct loans that have not been sent to COD

For example, you can add adjustments to disbursement records to correct a disbursement that is on file at COD for an incorrect amount.

Prerequisites

Authorizations:

• Common - Student - View

• Financial Aid - Student Award - Add

  — OR —

  Financial Aid - Student Award - Edit

If your institution has configured permissions for fund sources, and you want to:

• Compare transactions, you must be in a staff group that has permission to view the fund source

• Add or delete adjustments, you must be in a staff group that has permission to add or edit the fund source. Refer to Fund Source Security.

To add adjustments, the award must also have an origination status of Accepted or Batched to Send.

To delete adjustments, the adjustment must not have a status of Accepted or Batched to Send.

The student must not be in a financial aid hold group.

Access

Students > select the student > Financial Aid > Awarding > Awards

Review and Compare Transactions

1. Verify the program version and, if needed, select the correct version from the Program Version drop-down.

2. Select the Academic Year.

3. Select the record for the Direct loan.

4. Select the Received Disb & Refunds/Stipends tab.

5. Review the values in the Received Disbursement & Refunds/Stipends list.

   Amount The dollar amount associated with the record. Batch ID The number/ID assigned by Anthology Student to the batch. Based on the selection criteria, the job processes data and creates batches asynchronously in the background. Check Number The check number and, if applicable, reference number used for the transaction. This is displayed only if you select Check as the Payment Method. Date Deposited The date when a receipt was deposited in the bank. Date Received Sent The date when the disbursement was received, the refund was sent, or the stipend was paid. Date Signed The date when the student signed for the disbursement received.

   Disbursement Number The sequence number for the disbursement. For Pell grants, if there are disbursements from other enrollments, the numbering scheme picks up where the previous disbursements left off. Refunds/Stipends Due Date The date the refund is due to be sent to COD or the date the stipend is scheduled to be paid to the student. Status The status of the disbursement. For Direct loans, the statuses are Scheduled (S), Paid (P), or Canceled (C). For all other awards, the statuses are: N = Not Ready to Send to COD, R = Ready to Send to COD, B = Batched to send to COD, A = Accepted by COD, and E = Rejected by COD. Term Specifies the term associated with the record. Terms are configured by your institution. The term start date must be before the end date of the award year. Type The type of transaction. D = disbursement; R = refund; S = stipend; A = adjustment.

6. Compare the values in the Received Disbursement & Refunds/Stipends list to the values in the Disbursements at COD list.

   Batch ID The number/ID assigned by Anthology Student to the batch. Based on the selection criteria, the job processes data and creates batches asynchronously in the background. CIP Code The Name, Code, and Description of the Classification of Instructional Program (CIP) Code that will be associated with the record. The CIP Code assigned to the program will be automatically assigned to the program version. This option enables institutions to accurately report all program-related activity to COD. COD Comment Codes The FAFSA Processing System (FPS) adds comment codes and text to the student’s transaction to provide information to the student and the Financial Aid Administration (FAA) about the student’s processed FAFSA. Date The date when the requested item, information, or document is sent. Disbursement Number The sequence number for the disbursement. For Pell grants, if there are disbursements from other enrollments, the numbering scheme picks up where the previous disbursements left off. Disbursement Sequence Indicates the sequence number for the adjustment if there is more than one adjustment for a disbursement number. Enrollment Intensity Enrollment intensity is the percentage of full-time enrollment at which a student is enrolled, rounded to the nearest whole percent. For example, if full-time enrollment is 12 credit hours and the student is enrolled in 12 credit hours, the enrollment intensity would be 100%. If the student is enrolled in 7 credit hours, the enrollment intensity would be 7 ÷ 12 × 100% = 58%. Pell Grants are prorated according to the student’s enrollment intensity, rounded to the nearest whole percent. The Enrollment Intensity field will be presented for every financial aid term; however, for FA terms falling in an award year prior to 2024-25, the field may not have a value. A value could be populated for prior terms if enrollments are unregistered or dropped. Enrollment Status The enrollment status for the student after the add and drop period. It is the status that determines whether a student is eligible to receive the federal aid that was packaged for the academic year. If a student has registered for a course but never attends that course, institutions can still charge the student for the course, but might need to reduce federal aid. For an award, the default is the status on the enrollment record. If there is no status on the enrollment record, the default is Full Time. For a disbursement, the default is the value specified for the award. The system will retrieve the enrollment status for the last term if no current term is available. Fees Specifies the fee charged by the lender for processing the loan. Fees can be configured for the lender by your institution.

   Gross Amount The gross amount the student is eligible to receive from the fund source before any fees. For Direct loans, this field is read-only if the origination status of the loan is Accepted, Batched to Send, or Pending Approval. Net Adjustment Amount Net amount of the adjustment. Net Amount The net amount before fees are added. Payment Period Start Date The start date of the payment period. It must be before the end of the academic year and the award year. Previous Sequence Number Record number for the previous transaction associated with the disbursement provided by COD. Rebate The rebate amount Anthology Student calculated for the disbursement. The rebate for each disbursement is calculated using the formulas documented in the Direct Loan Technical Reference. When a loan is added or the disbursements are edited, the program adds or updates the rebate amounts for each disbursement to FaSched.InterestRebateAmt. When a user manually adds a refund adjustment to a loan that was accepted at COD, the system does not populate the Rebate field. Status The status of the item specified in the record. Type The type of transaction. D = disbursement; R = refund; S = stipend; A = adjustment.

Adjust Direct Loans

1. Select New Adjustment. Anthology Student displays the Add Adjustment dialog. It redisplays some of the values for your reference (such as the current fees).

2. Specify the values.

   Adjust Net By The amount of the adjustment to the net amount. When the disbursement is adjusted by the amount you specify, it cannot be less than $0. Disbursement Date The date the disbursement was paid.

   Disbursement Number The sequence number for the disbursement. For Pell grants, if there are disbursements from other enrollments, the numbering scheme picks up where the previous disbursements left off.

3. Save your changes.

Limitations

You cannot:

• Add an adjustment for a disbursement that has another pending adjustment that has not been sent to COD

• Change the date and amount of the disbursement in the same adjustment (You must specify an adjustment for each change instead.)

Delete an Adjustment

1. Verify the program version and, if needed, select the correct version from the Program Version drop-down.

2. Select the Academic Year.

3. Select the record for the Direct loan.

4. Select the Received Disb and Refunds/Stipends tab.

5. Select the record for the disbursement in the Disbursements at COD grid.

6. Select Delete Adjustment. The adjustment is removed from the grid.

Limitations

You cannot delete an adjustment for a disbursement that has another pending adjustment that has not been sent to COD.