Automated Cash Payment Plan

You can use the Automated Cash Payment Plan form to create a cash payment plan that can be associated with the balance owed after a student has withdrawn and all refund calculations have been applied. The cash payment plan can be Auto Packaged and Auto Repackaged. You can add, edit, activate, and deactivate a cash payment plan.

The Automated Refund Withdrawal process automatically executes and generates Return of Title IV (R2T4) and Institutional Refund (IR) calculations for students who are in Permanent Out status. After completion of the Automated Refund Withdrawal process, the student might have a balance owed to the institution. If the student has a balance owed to the institution, the institution will generate a Cash Payment Plan for the student.

Anthology Student gathers all students with Permanent Out status, processes each student, and then runs the Automated Refund Withdrawal process. If the calculation is required, the process generates the calculation in a worksheet, which needs to be approved by an automatic approval process or a manual approval by an authorized staff member. Upon approval, Anthology Student executes the Automated Cash Payment process.

The Automated Cash Payment process is executed after certain actions that are a result of the Refund Withdrawal process, such as:

• Approval of R2T4 and IR calculations

• Approval of R2T4 calculation when IR calculation is not required for student

• Approval of IR calculation when R2T4 calculation is not required for student

• Assessing that R2T4 and IR are not required for student

• Approval of PWD worksheet when it is related to loans

The Automated Cash Payment process actions include:

• Cancel future cash payments scheduled for the student

• Determine the total balance owed by the student to the institution

• Gather cash payment plan configuration per campus and program version

• Gather student withdrawal information

• Generate a cash payment plan for the student

• Generate a dynamic promissory note

• Automatically deliver the promissory note using one or more of the methods available based on configuration, including mail, email, and web alert

• Automatically schedule the printing of withdrawal documentation notification to the authorized staff member for the documentation that was generated and is ready to print

• Automatically schedule the payments for the student; payments will be associated with a fund source with a Fund Source Type of Cash

The authorized staff member can view the Cash Payment Plan and the Promissory Note and print the Withdrawal Documents Promissory Note. The documents will be sent to the student by different configured delivery methods, including print (mail), email, and web alert.

The Promissory Note will be sent to the student including a disclosure of the interest rate. The institution must give 30 days to the student to evaluate the Installment plan created.

If the student accepts the Promissory Note, the institution must send an approval form and offer the student an expiration date. If the expiration date is reached and the student has not requested any changes, the institution needs to send a form to the student with the truth in lending information.

The student has the right to cancel the promissory note. If the student does not cancel the Promissory Note, the institution will start billing the student. Based on the business flow regulated by the Federal Reserve, the Document Tracking feature will implement the statuses related to the Promissory Note.

Prerequisites

You must have:

• Common - Configuration - View authorization

• Financial Aid Automation - Configuration - Automated Cash Payment Plan - Edit, New, and View authorization.

Access Method

Select the Configuration tile > expand Financial Aid > select Automated Cash Payment Plan.

Add or Edit Automated Cash Payment Plans

1. Review the records and values in the grid.

   Auto Awarding Select whether automated awarding is enabled (Yes or No). Campus The campus or campuses to which a person or item is assigned. It is filtered to display the campuses to which you have access. In some cases, it is also used to filter a list to only those items for the campus. In some lists, you can select more than one campus or select All. In lists that display columns, if the column contains more than one campus, you cannot sort or filter on that column. Code The alphanumeric code assigned to the item by your institution. In most cases, codes must be unique. Date Added The date when the item or person was added or the status change was entered. Date Modified The date when the item was changed. On some pages, it also includes the timestamp for the time. Document Type Configure the Document Type for the Promissory Note Document by selecting a document from the Document Type list that will represent the Promissory Note Document. Down Payment Select whether the down payment is a Fixed Amount or a Percentage of Balance Owed by Student. Down Payment Percentage Indicates the Percentage of the Balance Owed by Student. Effective Date The first day that the item is effective or can be used. Email Select the Email option if you want the system to send an email to the student with the Withdrawal documentation attached. Interest Rate Annual Percentage Yield (APY) interest rate to be provided in the Truth in Lending documentation. This value will be used to calculate the interest for the payments generated; the information from this field will be used as a selection to format the Cash Promissory Note.

   Fund Source The specific fund source(s) you wish to work with. Programs The programs that the student is interested in. If you are selecting the values, you can select more than one program. Program Versions The program version associated with the student or item. Maximum Number of Payments Specify the maximum number of payments. Minimum Payment Amount Specify the minimum payment amount. Modified By The name of the person who changed the item. Name The descriptive name of the item. Payment Frequency Select Monthly or Weekly to specify the payment frequency for the cash payment plan. Print Select the Print option if you want the system to automatically print the information to be sent by mail to the student. Printing Assignment Select whether a Staff Group or Staff Member should be notified. Promissory Note Template Select the template of the Promissory Notice report. Web Alert This notification allows the system to interact with the CMC Student Portal or any School web portal. This option will notify students that they have a Cash Payment Plan generated.

2. To create a cash payment plan, select the New button in the grid toolbar. The New Cash Payment Plan form appears below the grid.

   By default, a new Cash Payment Plan is set to Active = Yes. You can Activate or Deactivate Automated Cash Payment Plans.

3. To edit a cash payment plan record, select the link in the Name column. The Edit Cash Payment Plan form appears below the grid.

4. Specify or edit the following cash payment plan properties:

   Campus The campus or campuses to which a person or item is assigned. It is filtered to display the campuses to which you have access. In some cases, it is also used to filter a list to only those items for the campus. In some lists, you can select more than one campus or select All. In lists that display columns, if the column contains more than one campus, you cannot sort or filter on that column. Code The alphanumeric code assigned to the item by your institution. In most cases, codes must be unique. Name The descriptive name of the item.

   Programs The programs that the student is interested in. If you are selecting the values, you can select more than one program. Program Versions The program version associated with the student or item.

   Payment Plan Properties

   APY Interest Rate Annual Percentage Yield (APY) interest rate to be provided in the Truth in Lending documentation. This value will be used to calculate the interest for the payments generated; the information from this field will be used as a selection to format the Cash Promissory Note. Auto Awarding Select whether automated awarding is enabled (Yes or No). Document Type Configure the Document Type for the Promissory Note Document by selecting a document from the Document Type list that will represent the Promissory Note Document. Down Payment Select whether the down payment is a Fixed Amount or a Percentage of Balance Owed by Student. Down Payment Percentage Indicates the Percentage of the Balance Owed by Student. Effective Date After Determination neither R2T4 nor IR required The effective date after determination that neither Return of Title IV (R2T4) nor Institutional Refund (IR) funds is required. Specify the number of days, weeks or month in this field. Select Days (default), Weeks, or Month in the next field. Effective Date After Refund Calculation is Approved The date after the refund calculation is approved and goes into effect. Specify the number of days, weeks or month in this field. Select Days (default), Weeks, or Month in the next field.

   Fund Source The specific fund source(s) you wish to work with. Maximum Number of Payments Specify the maximum number of payments. Minimum Payment Amount Specify the minimum payment amount. Monthly Select the number for the month, e.g., 7 for July. Payment Frequency Select Monthly or Weekly to specify the payment frequency for the cash payment plan. Promissory Note Report Select the template of the Promissory Notice report.

   Notification Methods

   Assignment Notification Select whether a Staff Group or Staff Member should be notified. Email Select the Email option if you want the system to send an email to the student with the Withdrawal documentation attached. Print Select the Print option if you want the system to automatically print the information to be sent by mail to the student.

   Staff Group/Staff Member Select a specific Staff Group or Staff Member. Web Alert This notification allows the system to interact with the CMC Student Portal or any School web portal. This option will notify students that they have a Cash Payment Plan generated.

   An "Automated Refund Calculation Activated" column will display "Yes" or "No" to indicate whether the automated refund calculation is activated at the campus based on the process activation level.

5. If you want to save and: 

   • Continue making changes, select the Save button

   • Continue to add another item to the list, select the Save & New button

   • Close, select the Save & Close button

6. To close the New/Edit Cash Payment Plan form, select Cancel.

Activate or Deactivate Automated Cash Payment Plans

You can activate or deactivate an automated cash payment plan for automated awarding as needed. Newly created cash payment plans are active by default.

1. Select the record in the grid.

2. If the record is active, select the Deactivate button on the grid toolbar.

   The record remains displayed in the list with No in the Active column.

3. If the record is not active, select the Activate button on the grid toolbar.

   The record displays Yes in the Active column.