Edit or Cancel Student Payments or Other Cash Awards

You can edit or cancel payment schedules made by a student or payments made by an agency on behalf of the student. You can also edit other cash awards that do not require repayment.

Student payment schedules can be edited or canceled from more than one module in Anthology Student. They can be edited from: 

• Financial Aid
• Student Accounts

For payment schedules, you can edit information for making automatic payments (such as scheduled payments made via a credit card or bank).

Payment schedules can be added by more than one module. They can be added: 

• On the Awards page for Financial Aid
• Payment Schedule list for Student Accounts

The payments are posted on the student ledger card by Student Accounts. When a payment is made, Anthology Student updates the Student Academic Year ID column in the FA Disbursements table.

The initial scheduling of any payment plan associated with a fund source type of Cash or Other uses the same amortization logic that is used when payments are posted.

• Calculation of the payment amount expected must include the net amount for any scheduled payments that are past due.

• Calculation of the interest portion of the payment being made includes summing the interest amount of the payment being made, any accrued interest amount, and the interest amounts of any scheduled payments that are past due.

If the payment amount: 

• Equals the scheduled payment amount, there is no change to the future scheduled payment amounts

• Is under or over the amount expected, the principal balance is re-amortized

Prerequisites

You must have:

• Common - Student - View authorization

• Either Financial Aid - Student Award - Edit authorization or Student Accounts – Payment Schedule – Edit authorization

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

If students want to make payments using a bank or credit card, they must have bank or credit card information specified in their Payment Information list (Select the Students tile > select the name in the Students list > expand Student Accounts > select the Payment Information tile.).

If students want to make automatic payments, your institution must also have configured Automated Clearing House (ACH) processing.

Access Methods

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

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

Procedure to Edit Student Payments or Other Cash Awards

1. The action you take first depends on your location.

   Awards tab:

   1. Verify that the program version is correct. If not, select the specific program version in the Program Version list.
   2. Select the Academic Year.
   3. Select the record for the student payment plan or other cash award in the list.

   Payment Schedule page:

   Select the record for the student payment plan in the list.

2. Review and change the values. The fields that are displayed will depend on your selection in Payment Source The source of the payment. The values are student or agency. If you select Student, the Address list is displayed. If you select Agency, the Agency and Agency Branch fields are displayed..

   Address The name and address of the person making the payments. The list displays all of the contacts and addresses specified for the student in the Related Addresses list for the student (Select the Students tile > select the name in the Students list > expand Contact Manager > select the Related Addresses tile.). Agency An agency is a sponsor or third-party billing entity that provides assistance to students. Agencies can offer financial support, funding, or other types of assistance based on a student's unique qualifications or special arrangements made with your institution. Agency Branch The branch associated with the selected agency. When you select an agency that has branches, you must choose specific branches. The agency branches are populated based on the Agency Affiliations tile under Student Profile > Contact Manager. If an agency has multiple branches, the first branch populates the Agency Branches field. Collection Rate Display field that applies to 90/10 Report calculations. It is displayed after you save the award and only if the fund source for the award was configured to use individual institution loan calculations. Discount Rate Display field that applies to 90/10 Report calculations. It is displayed after you save the award and only if the fund source for the award was configured to use individual institution loan calculations. Effective Date The date or date range when the item is effective or valid and can be used. First Payment Date The date when the first payment is due. The default is 30 days after the start date of the academic year. Gross Amount The dollar amount associated with the record. Interest Only Until Date Enter a date until which the student will make interest payments only. It must be after the value for First Payment Date. If you want to change the date and payments have already been received, it must be after the date of the last payment. If you want to change the date and payments have already been received, it must be after the date of the last payment.

   Interest Rate The interest rate. For example, an interest rate of 3% is specified as 3.00. The value must be less than 100. Number For the option you selected in the Scheduling Options list, the number. For example, if you selected Payment Amount, specify the amount of each payment. Number of Days If you selected Daily in the Payment Frequency list, specify the number of days between payments. The maximum is 365. Number of Years Display field that applies to 90/10 Report calculations. It is displayed after you save the award and only if the fund source for the award was configured to use individual institution loan calculations. 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. Scheduling Options Specifies how the payments are divided. If you select the payment number, Anthology Student calculates the payment amounts. If you select the payment amount, Anthology Student calculates the number of payments. Secondary Rate For a two-tiered payment plan, specify the secondary interest rate. For example, to specify 3%, specify 3.00. The secondary interest rate becomes effective on the date you specify in the Effective Date field. The value must be less than 100. Status The status of the award. The values are Estimated, Pending Approval, Approved, and Canceled. The Approved option is available only if: - You are in a staff group with permission to approve the fund source. - The student does not have pending ISIR corrections. - The institution does not use a servicer (such as Global Financial Services) to process financial aid.

3. If you made changes that can change the payment schedule, select the Recalculate button on the Scheduled Payments tab. Anthology Student recalculates a payment plan using the values that you specified.

4. If students want to make payments automatically using a bank or credit card, select the Auto Draft tab. The fields that are displayed after you select a value in the Authorized Payment Source Indicate the source of payment you want to authorize. The options are "Bank Authorized for Automatic Payment" and "Credit Card Authorized for Automatic Payment". list will vary.

   Credit Card Effective Date The first date when the method can be used for a payment. It must be between the value for First Payment Date and the last calculated payment date. Effective Date The date or date range when the item is effective or valid and can be used.

   Select Account The name of the bank account or credit card. Only active bank accounts are available for selection.

   If the payment gateway provider for your credit card or ACH processor is ACI and you select a credit card or bank account that was added for one-time use only, Anthology Student displays a warning message letting you know that the credit card or bank account selected can be used for one payment only. Based on this, you can decide to use the selected card or bank account or choose another card or bank account for auto-draft.

5. Select the Note tab to add notes.

6. If the "Print Promissory Note" option is enabled for the campus under Configuration > Financial Aid > Fund Sources > Rules and Attributes, the Promissory Note button is displayed in the toolbar of the fund source section.

   Select the Promissory Note button to view and print the promissory note for the student's payment schedule.  

   

7. If you want to save and: 

   • Continue making changes, select the Save button

   • Close, select the Save & Close button

Anthology Student: 

• Validates the dates and the payment schedule

• Sums the interest and principal amounts in the grid where the status is Scheduled and saves the values in Interest Balance and Principal Balance in the FA Student Aid table

• If you specified an agency and the agency is not already in the Agency Affiliation list for the student, asks you if you want to add the Agency Affiliation list (Select the Students tile > select the name in the Students list > expand Contact Manager > select the Agency Affiliations tile.)

Limitations

You cannot edit an award if the fund source for the award has been disabled.

Procedure to Cancel Student Payments or Other Cash Awards

1. The action you take first depends on your location.

   Awards tab:

   1. Verify that the program version is correct. If not, select the specific program version in the Program Version list.
   2. Select the Academic Year.
   3. Select the record for the student payment plan or other cash award in the list.

   Payment Schedule page:

   Select the record for the student payment plan in the list.

2. In the Status The status of the award. The values are Estimated, Pending Approval, Approved, and Canceled. The Approved option is available only if: - You are in a staff group with permission to approve the fund source. - The student does not have pending ISIR corrections. - The institution does not use a servicer (such as Global Financial Services) to process financial aid. field, select Canceled.

3. Select the Save button on the toolbar. Anthology Student changes the status to Canceled, but the record remains in the list.