Stipend Schedule

Use the Stipend Schedule page to view and distribute money from financial aid fund sources to the student. Stipends cover living expenses incurred by the student while pursuing a program of study.

You can create a stipend schedule for each academic year defined for the student's Program Version. You can also:

• Assign each scheduled stipend to a fund source

  This allows stipend disbursements within one stipend schedule to be drawn from different fund sources.

• Set up a stipend with an ACH return method

  This process can be approved and a direct deposit can be made into the student’s bank account through another process called Process Electronic Drafts.

Prerequisites

To view the page, you must have:

• Common - Student - View authorization

• Student Accounts - Stipend Summary – View authorization

Your institution must have already configured a fund source for the specified academic year.

The fund sources displayed in the Scheduled Stipends tab are limited based on the Stipend Schedule permissions configured in Fund Source Security for your staff group. For example: 

• Edit Scheduled Stipend permissions for the fund source are required to view fund source information in the Scheduled Disbursements tab

• Edit Payee on Scheduled Stipend permissions for the fund source are required to enable the Payee list

• Delete Scheduled Stipend permissions for the fund source are required to enable the Delete button

• Cancel Scheduled Stipend permissions for the fund source are required to enable the Cancel Stipend or Re-expect Stipend toggle button.

• Permissions to access all fund sources listed are required to enable the Calculate button.

Access Method

Select the Students tile > select the name in the Students list > expand Student Accounts > select the Stipend Schedule tile.

Actions Available

Columns

Academic Year The program version’s academic year for which the stipends will be scheduled. Balance Total stipend balance due to the student. Bank Account for Direct Deposit A read-only field that displays the student’s bank account that will be used for direct deposit. This field is blank if the student does not have any bank accounts configured for direct deposit. If this field is populated then the “Use EFT as Default Return Method for Student’s Stipends” option will be disabled. Days The payment frequency in days. If you select Monthly, the Days field is automatically populated. If you select Days, you can specify the number of days between stipends. First Scheduled Date The date when the first stipend is scheduled to be paid to the student. You can backdate a stipend schedule if necessary. Institutional Charges Total amount of institutional charges for the selected academic year. Net FA Amount Packaged The net financial aid amount that is packaged for the academic year associated with the student’s program version.

Number of Stipends The number of stipends to be scheduled. The total amount is divided by the number of stipends to arrive at the amount of each scheduled stipend. Payee Indicates the one who will be paid. It can be either the student or to the person or persons specified in the student profile related address field. If the field is blank, the student is the default payee. Payment Frequency Specifies how often stipends will be paid to the student. If you select monthly, it will be every 30 days. If you select Days, you must also specify a value in the Number of Days field. Status The status of the stipend schedule. Available options are: Approved, Cancelled, Estimated, Hold, and Pending Approval. Total Amount The total amount of the stipends in the Stipend Schedule. Total Amount Paid The total amount of the scheduled stipend that is paid. Use EFT as Default Return Method for Student's Stipends Indicates that EFT should be the default method by which the stipend is paid to the student. When this check box is selected, new stipends created for the student will be associated with EFT as the default method. This check box is disabled if the student has a bank account flagged for direct deposit.

Scheduled Stipends

Using the Scheduled Stipends tab, you can allow stipends to be scheduled when the institutional charges exceed the amount packaged. You can also allow stipends to be posted and issued to the student before funding is received on the ledger card.

Amount The individual stipend amount. Automated Indicates the system generated auto stipends. Fund Source The fund source associated with the stipend. If your institution is using fund source security, you must have permission to work with the fund source. Payee Name The name of the payee. Payment Period The payment period associated with the enrollment. Payment periods only apply to program versions configured with an academic year.

Return Method The return method for the refund. The return methods are Check, Master Check, EFT, Net, and ACH. If the Schedule Refund option is selected, the return method will default to ACH if the campus is configured for an ACH processor for refunds, and the student has at least one checking or savings account configured for direct deposit. ACH is allowed only if the fund source is CASH. If Post Directly to Ledger is selected, the Return Method will always display Check. Scheduled Date The date when the scheduled stipend will be paid to the student. Status The associated School Status on the student's enrollment. Stipend Num The unique identifier for each stipend. Term The term associated with the stipend.

Processed Stipends

Amount Paid Amount paid. Check Num The check number used for the payment. This is displayed only if you select Check as the Payment Method. Date Paid The date when the stipend was paid.

Fund Source The fund source associated with the stipend. If your institution is using fund source security, you must have permission to work with the fund source. Status The associated School Status on the student's enrollment. Stipend Num The unique identifier for each stipend.