Edit Disbursements for Other Loans

You can use the Awards tab on the Awarding page to: 

• Review the scheduled disbursements for Other loans and their statuses (Other loans are loans that are not Direct loans.)

• Add or edit disbursements

Once you have added the disbursements, you can have Anthology Student:

• Calculate the amounts for disbursements and bank fees

• Only distribute the bank fees across the disbursements and amounts that you added or edited

You can also update disbursement information for individual students or multiple students using the Update Disbursement Information process.

Prerequisites

You must have:

• Common - Student - View authorization

• Financial Aid - Student Award - Edit authorization

If your institution has configured permissions for fund sources, you must be in a staff group that has permission to edit the fund source.

To add or calculate the disbursements, the award must have a status of Estimated, Pending Approval, or Approved (You cannot add a disbursement to a canceled award.)

To add disbursements:

• All the disbursements cannot have a status of Paid

• For Loans sent to CommonLine, the value for CL Status cannot be Batched to Send

To edit a disbursement, the disbursement must have: 

• A status of Scheduled or Ready to Pay (You cannot edit a disbursement that has a status of Canceled or Paid.) 

• For loans sent to CommonLine, a CL status other than Batched to Send

You should be familiar with the Background for Other Loans.

Access Method

Select the Students tile > select the name in the Students list > expand Financial Aid > select the Awarding tile > Awards tab.

Procedure to Edit or Add Disbursements for Other Loans

1. Verify that the program version is correct. If not, select the specific program version in the Program Version drop-down list.

2. Select the Academic Year.

3. Select the record for the loan.

4. Select the Scheduled Disbursements tab and take the appropriate action.  

   • To add a disbursement, select the New button on the toolbar

   • To edit a disbursement, select the number for the disbursement in the Disb# column

   Follow these guidelines.

   • You must specify a minimum of 1 disbursement for the loan.

   • For academic calendars that use clock hours or credit hours without terms that have been configured to use payment periods, one disbursement per payment period is recommended.

   The maximum number of disbursements for: 

   • A CommonLine loan is 4
   • A Perkins loan is 6
   • All other loans is 20

5. Specify or change the values in the dialog. The fields that are displayed can vary.

   Academic Year Specifies the sequence in the academic year. When you add a disbursement for a Pell grant or other loan, the default is the academic year being packaged. Date The date on which the disbursement is to be paid. For grants and Perkins loans, it must be before the end of the award year and academic year. For Direct loans, the date can be changed to a date outside both the loan period and academic year dates for non-term program versions. Common Line Hold/Release Code When adding a loan, the value of this column for each disbursement defaults to the default hold/release indicator code specified for the CommonLine recipient of this loan. The CommonLine recipient is determined by finding the record in the CL Recipient table that matches the lender/guarantor criteria specified for the loan. Common Line Status The CommonLine status for the disbursement.

   Lender Fee The fee charged by the lender for the individual disbursement. Anthology Student calculated the value for the disbursement and the field is read-only. Net Amount The net amount of the disbursement. Anthology Student calculates the amount using the gross amount, bank fees, and the number of payments specified for the loan. Payment Period The payment period for the disbursement. The column is only displayed if the program version for the student has an academic calendar that uses non-standard terms or clock hours or credit hours without terms that have been configured to use payment periods. Term Select a term from the list of available terms.

6. Select the OK button.

7. If you want Anthology Student to calculate the: 

   • Disbursement amounts and bank fees, select the Calculate Disbursements button

   • Bank fees only, select the Apply Bank Fees button

   The total of the net amounts minus refunds:

   • Must equal the value you specified as Net Amount for the loan

   • Plus bank fees must also equal the value you specified for Gross Amount for the loan

8. Select the Save button on the toolbar for the loan.

Anthology Student performs the same validations it does when you add a loan. Anthology Student:  

• Validates the amount so that it does not exceed the maximum allowed for the award or maximums configured by your institution (such as limiting awards to the student cost of attendance or the loan limit)

• Any authorization limits configured for the general ledger

If the loan is a Perkins loan that uses payment periods and your institution configured packaging for financial aid to remove disbursements that cross-over award years, Anthology Student automatically: 

• Removes any disbursements in the cross-over award years

• Recalculates the amounts for the Perkins loan

If you use the Calculate Disbursements button to calculate the disbursement and the last disbursement has an Application Processing Status of G or B, Anthology Student changes the status to R (Ready to Send).

For existing loans sent to CommonLine, the following changes also change the CL status to R.

• Changes to disbursement dates or amounts

• New disbursements