Financial Aid Distribution Calendar Setup

Once the Financial Aid Years are defined, you must set up the distribution schedule for each financial aid year. For example, a PELL Grant might be distributed over two terms, 50% each term.

To Define the Financial Aid Calendar:

From the FA Year tab, highlight the appropriate Financial Aid Year, and then click the Pkg Term tab.
Right-click in the grid to open a new detail window or double-click on appropriate package term to open an existing entry. The Financial Calendar Details window displays.
Enter the Distribution Term.
Supply the Distribution Date. This entry serves as a default distribution date. This can be modified as necessary in the award detail screen or during transfer and distribution processes.
Enter the Distribution Percent. This percentage is used to calculate the award amount to be applied for the given term within a Financial Aid Year. For example, if your Financial Aid Year is comprised of two terms (Fall and Spring), each with a distribution of 50%, then a $1000 award for the selected Financial Aid Year would result in distribution of $500 for the Fall term and $500 for the Spring term.
Enter the Remaining Need Percent. This percentage is used to determine the percent of remaining need to be calculated for the given term. For example, if your Financial Aid Year is comprised of two terms, each with a Remaining Need Percent of 50%, then a $2000 remaining need amount for the selected Financial Aid Year would be split to $1000 for each term in the calculations. This is utilized in Prioritized Packaging to divide the Remaining Need among all terms in a Financial Aid Year.
Enter the Payment Period Start Date. The Payment Period Start Dates must be set for each Package Term. This date is used in the COD Export to report the correct Payment Period Start Date for each Disbursement. If there is a circumstance where this default date in Yearly Setup needs to be overwritten, the date can also be set for each award individually in Financial Aid >Maintenance >Awards. The date set here is also used in Return to Title IV Funds calculations located at Tools >Processes >Financial Aid >R2T4.
Enter the Payment Period End Date. This date is used in Return to Title IV Funds.
Click Add to save information or Cancel to exit without saving.