Financial Aid comes in two flavors: Loans and Grants. As you offer loans and grants to a student, his remaining need is reduced by the amount of each award; ideally, you offer him awards until his need is down to zero. The flavor of award won't necessarily be as important to you as it will be to your students. Accordingly, the two different Financial Aid views display this information differently: the Student View breaks out loans and grants while the Admin view has one, single panel for all awards.
For U.S. schools, the Federal Aid Year runs from July 1 to June 30. We have hard-coded this into how Populi handles Financial Aid. So, for example, if a student applies for the 2011-2012 Aid Year, he's applying for Aid that he'd get between July 1, 2011 to June 30, 2012. For Canadian schools, we can set up custom Aid Years if so desired.
First, select the Aid Year.
Then, in the Awards heading, click add.
- Select the Aid Type. These are the Awards that came built-in to Populi as well as anything you've added yourself in Financial Aid Settings.
- If you've associated your selected Aid Type with an Aid Year Schedule, Scheduled Disbursements will fill in automatically.
- If you select Pell Grant, Populi will automatically calculate the amount based on the EFC and COA.
- If this award is not attached to an Aid Year Schedule, you'll need to manually schedule the award's disbursements. You can also add additional disbursements or edit those scheduled by the Aid Year Schedule. You can also skip these steps and take care of it later.
- Select the Academic Term in which the disbursement will hit the student's account.
- Enter a Date and Amount.
- Finally, click Add scheduled disbursement.
- The disbursement will list, and a summary will show you how much of the award is assigned and how much is remaining.
- Repeat these steps as often as you need to.
Finally, of course, Save.
Offering Awards (and other modifications)
After adding awards, you can...
Generally, when you add awards, you'll leave them in Setup status until you have the various details nailed down. When you're ready to offer the award, you have two options:
- Edit award: Click this and change the award's status to Offered. The student will now be able to see this award on the Student View of the application.
- Offer All Setup Awards: Click this if you have multiple Setup awards you want to offer all at once.
Click Detail to go to the award's page. The History panel shows all notes and changes made to the award since it was added; you can add new notes in the space above the History.
If you need to modify any of the scheduled disbursements, click the pencil icon .
- Edit the Amount, Disbursement Date, and manually apply this disbursement across eligible charges on any existing invoices.
- You can also Delete the disbursement.
Make sure you Save!
Click Add disbursement.
- Select the Term, enter the Amount and Disbursement Date.
- You can also manually apply this disbursement across eligible charges on any existing invoices.
Of course, Save!
When you click Edit award, you'll be able to change the award's Status to Offered (see above), Declined, or Canceled.
You can also change the Amount and Max Amount; if you do so, you'll then need to manually edit any scheduled disbursements.
If you need to Delete the award, there's a button for that, too.
Once awards are offered...
After you set an award's status to Offered, the student will be able to see it in the Student View. He'll be able to Accept or Decline; any status changes he makes will be automatically reflected in the Admin view.
You can continue communicating with the Student using Questions throughout the entire process.