16Credit Balance Element
Tracks situations where a student has a refundable balance (overpayment or excess aid) and manages the status and amount of these balances to support regulatory refund requirements.
Required Element? No
Can Repeat? Yes
Best Practices: Only needed if a school is planning to process credit balances in Student Financial Planning (SFP).
Field: Credit Balance ID
Description: SFP generated number that's the unique identifier for the credit balance
Impact on Financial Aid Processing: This field is used to associate the credit balance created in SFP.
| Example | Data Type | Required | XML Schema Validation | Accessible via Configuration? | Display Locations |
|---|---|---|---|---|---|
| 12345 | String | Yes | SFP generated number that's the unique identifier for the Credit Balance | No |
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Field: Status
Description: Current status of the credit balance from an institutions perspective
Impact on Financial Aid Processing: This field is used to set the status of the credit balance created in SFP.
- If the recipient of the credit balance is a student or a parent, and the status of the credit balance is Pending, the credit balance calculation will be held until an updated Student Academic and Financial Information (SAFI) is received with the status updated to Cut to Recipient.
- If the status is Check Returned, a refund is triggered for the payment associated to the credit balance.
- If the status is Canceled, the amount is updated to $0.
| Example | Data Type | Required | XML Schema Validation | Accessible via Configuration? | Display Locations |
|---|---|---|---|---|---|
| Cut to Recipient | Enumeration (Enum) | Yes |
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No |
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Field: Posted Amount
Description: Actual Credit Balance Amount Posted to the Ledger
Impact on Financial Aid Processing: None
| Example | Data Type | Required | XML Schema Validation | Accessible via Configuration? | Display Locations |
|---|---|---|---|---|---|
| 250.00 | Non negative decimal | No | No | No |
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