Compare Transactions and Adjust Direct Loans

You can 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

You must have:

  • Common - Student - View authorization

  • Either Financial Aid - Student Award - Add or Financial Aid - Student Award - Edit authorization

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 Method

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

Procedure to Review and Compare Transactions

  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 Direct loan.

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

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

    AmountClosed The amount in dollars.

    Batch IDClosed The batch ID of the transmission file.

    Check NumberClosed The check number used for the payment. This is displayed only if you select Check as the Payment Method.

    Date DepositedClosed The date when a receipt was deposited in the bank.

    Date Received SentClosed The date when the disbursement was received, the refund was sent, or the stipend was paid.

    Date SignedClosed The date when the student signed for the disbursement received.

    Disbursement Number Closed 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 DateClosed The date the refund is due to be sent to COD or the date the stipend is scheduled to be paid to the student.

    StatusClosed 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, E = Rejected by COD,

    TermClosed The available terms with start date and end date of each term. The start date must be before the end date of the award year.

    Type Closed The type of transaction. D indicates a disbursement. R indicates a refund. S indicates a stipend. A indicates an adjustment.

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

    Batch IDClosed The batch ID of the transmission file.

    CIP CodeClosed The Classification of Instructional Program (CIP) code associated with the record.

    COD Comment CodesClosed 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.

    DateClosed The date when the transaction was sent to COD.

    Disbursement Number Closed 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 SequenceClosed If more than one adjustment for a disbursement number, the sequence number for the adjustment.

    Enrollment StatusClosed 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.

    Fees Closed Specifies the fee charged by the lender for processing the loan. Fees can be configured for the lender by your institution.

    Gross Amount Closed The gross amount the student is eligible to receive for the fund source before any fees. For Direct loans, this field is read-only of the origination status of the loan is Accepted, Batched to Send, or Pending Approval.

    Net Adjustment AmountClosed Net amount of the adjustment.

    Net Amount Closed The net amount before fees are added.

    Payment Period Start DateClosed The start date of the payment period. It must be before the end of the academic year and award year.

    Previous Sequence NumberClosed Record number for the previous transaction associated with the disbursement provided by COD.

    RebateClosed 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.

    StatusClosed The status of the disbursement at COD (such as Accepted by COD).

    Type Closed The type of transaction. D indicates a disbursement. R indicates a refund. S indicates a stipend. A indicates an adjustment.

Procedure to Adjust Direct Loans

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

  2. Specify the values.

    Adjustment Net ByClosed 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 DateClosed The date the disbursement was paid.

    Disbursement Number Closed 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. Select the Save button.

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.)

Procedure to Delete an Adjustment

  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 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 the Delete Adjustment button. 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.