1. Using Student Financial Planning
  2. Update Fund Award Year Close Out

Update Fund Award Year Close Out

When the award year close-out date is met for a fund type, Student Financial Planning cancels any remaining pending disbursements and limits updates to awarding, packaging, and disbursing. Canceling non-disbursed funds prevents funds from being disbursed and drawn down in the closed-out award year.

Overview

If a return or a re-entry within 180 days creates a disbursement in a closed-out award year, Student Financial Planning creates an Update Fund Award Year Closeout Date task for manual review and you will be able to determine if the award year needs to be re-opened so processing can continue within the Student Financial Planning system. Once you complete the task to re-open an award year, Student Financial Planning triggers the repackage with the re-opened award year.

What Student Financial Planning Does Automatically

Student Financial Planning automatically does the following things:

Cancels disbursements in closed-out award year

When the Student Financial Planning system date is equal to a configured award year close-out date for a fund type, Student Financial Planning cancels all pending disbursements associated to the closed-out award year for Title IV and non-federal fund types. If the institution re-opens an award year by extending the configured close-out date for the fund type, Student Financial Planning will re-trigger the process to cancel any pending disbursements once the new/updated award year close-out date has been reached.

Updates award year for cross-over periods

Student Financial Planning evaluates all periods for a given fund type that have closed-out to determine whether the award year can be updated for the period. If the award year can be updated for a period, Student Financial Planning calculates the student's fund eligibility for that period using the updated award year. When the award year for a period is updated due to an award year close-out, Student Financial Planning does not create any new disbursements under the new award year, until all disbursements from the closed-out award year are canceled.

Once an award year has been updated for a period due to the award year close-out, Student Financial Planning does not revert the period to the previous award year even if the award year is re-opened. If the student re-enters, Student Financial Planning ensures that the award year is not updated for the period in which the student has re-entered, even if the award year has closed-out and all award year update criteria have been met. Student Financial Planning evaluates whether the award year close-out date has occurred each time eligibility has been calculated for a period (e.g. payment period, loan period).

Student Financial Planning only updates the award year for Title IV fund types.

Limits updates to disbursements in closed-out award years

Once the award year has closed-out for a fund type, Student Financial Planning ensures that disbursements are not updated/processed within the closed-out award year for both Title IV and non-federal fund types. Student Financial Planning limits disbursement amounts from being created within the closed-out award year. However, returned disbursements can be created for a closed-out award year (e.g. due to R2T4 calculation) and disbursements can potentially be created in a closed-out award year if the academic year evaluated is part of a re-entry within 180 days.

Student Financial Planning only allows disbursements to be processed if the award year is open for the fund type.

Limits awarding of funds in close-out award years

After the configured award year close-out date for a fund type has passed, Student Financial Planning ensures that funds are not awarded or updated within the close-out award year.

Configurable Attributes

Configure the award year close-out date

The institution can configure the award year close-out date.

Required Role Permissions

The user must have a role with the following General Permission(s) through Roles Management in order to complete the manual processing steps:

  • Student
  • Update Fund Award Year Closeout

See Set General Permissions Matrix for additional information.

Manual Processing Steps

Log into the Student Financial Planning User Interface (UI)

  1. Navigate to Dashboard > Task Overview > Update Fund Award Year Close Date
  2. Start Task
  3. Review Student Records within the task
  4. Enter the student's external student ID number in the search field located in the upper right-hand corner
    • Navigate to Student > Financial Information > Disbursing
  5. Click the Sequence Number to review the cancellation reason
  6. Review the Cancellation Reason
  7. Close
  8. Navigate back to the Task (click the Task in the menu bar or use the following path: Dashboard > Task Overview > Update Fund Award Year Close Date > Resume task)
  9. Complete task to re-open the award year for all students/funds contained in the task