1. Using Student Management
  2. Manage Student Credits

Manage Student Credits

Credits often come from external sources, such as third-party sponsors, federal financial aid awards, scholarships, institutional aid, state aid programs, or granted waivers. You can use these credits to pay off outstanding charges in student accounts.

Before you start

Make sure you set up transactions properly in Oracle Fusion Cloud Financials. We strongly recommend that you consult a core Oracle Fusion Cloud Financials consultant, implementation partner, or systems integrator to help you implement Financials.

From the Manage Student Credits page, you can:

  • Create a credit.
  • Modify existing credits.
  • Assign students to sponsorship credits or waivers.
  • Post external fund credits or waivers to student accounts.

To access the page, from Student Central search for Student Credits. From the landing page, there are various filters, sorting methods, and advanced search to help you narrow down the list of credits on the page.

Here's information about some fields that you fill out when creating a credit:

  • Credit Code is a short name for the credit. You can enter nonalphanumeric characters.
  • Source of Credit can have values that are either internal or external. Internal sources are Oracle-managed. External sources are things like financial aid. You can update the values on this list by updating the lookup type ORA_CREDIT_SOURCE_CODE.
  • Select the Charge Priority Mapping you want to assign to this credit. A charge priority mapping lets you group individual fees or fee groups and set distinct payment priorities for each fee or group in the mapping.

    If you don't select a charge priority mapping, the posting process uses the default mapping for the academic business unit.

  • The default value for Credit Priority is 9999. The higher the value, the lower the priority.

    The calculation process uses credit priority as well as charge priority mapping to determine how to apply credits to charges. A credit priority becomes relevant when students have more than one available credit that can be used to pay off the same fees.

  • If you enable Refundable Credit, excess credit amounts can be refunded to the student.

  • The values you assign in Transaction Type, Receivables Activity, and Memo Line become the default values for the credit you're setting up.

External Fund Credits

We recommend mapping the credit to a transaction type, receivables activity, and memo line that best capture where the credit should draw its balance from.

In Credit Setup Exceptions, you can override the default values for Transaction Type, Receivables Activity, and Memo Line for a specific academic period. You might want to do this if you want to draw credit from a specific combination of these fields for a particular academic period.

Receipt Method Credits

If you're creating a receipt method credit, you need to associate a receipt method. Receipt method credits let you group various receipt methods in the same credit.

Sponsorship Credits

Sponsorship credits are closely tied to course enrollment. You specify the academic period and the corresponding curriculum that this credit applies to. You would only be able to use this credit for charges related to specific courses in the curriculum. For more information, see Manage Sponsorship Credits.

Waivers

Currently, waivers can be applied only to academic period fees, academic period course fees, and academic period scheduled course fees. To configure waivers, see Manage Waivers.