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Fixing an incorrect origination fee

 

Sometimes this happens: you're expecting one origination fee but you get another (1.069% vs. 1.066%, f'rexample). Why does this happen? In all likelihood, it's because the award was created and accepted with the first disbursement date falling before the October 1 cutoff, and you're trying to post the disbursement after that date.

If this has happened, and you've now synced to COD and that disbursement has been accepted... well, you can fix it, but it will be... a real pain.

How origination fees are populated

Before we proceed, an important detail about how origination fees are populated:

The origination fee for an award is dependent upon the first disbursement date in an award year. If that first date is before October 1, the fee might be one amount; after that date, it might be another. When diagnosing this problem, that's what you're looking to establish.

How to diagnose the problem

To diagnose the problem, you need to look at the detail for that award to see what was actually submitted to COD. If you've synced the award over to COD with a disbursement date before October 1, they're expecting you to post the disbursement before October 1. If you post after that date, the accepted origination fee is now wrong, because you're actually disbursing in a period with a different fee percentage.

To find that detail:

  1. Go to the student's Profile > Financial Aid view.
  2. Select the correct award year.
  3. Find the award, and under the listed disbursements, click Detail.
  4. Once you reach the log of events related to that award, find the the oldest Sync to COD event where that disbursement was accepted. Click the Document ID to see the disbursement dates submitted for that award.

This should reveal whether the problem is an accepted disbursement date on the wrong side of the cutoff. Again, if the disbursement posted on the same side of the cutoff, that's totally fine. You only run into trouble when you tell COD that you're going to post before the cutoff, they accept, and then you wait and post after the cutoff.

Fixing an accepted disbursement with the wrong origination fee

  1. Void the corresponding Aid Payment transaction.
  2. Zero out the entire award in COD. When all amounts (award level, disbursement level, net, gross, etc) go to $0, the award is set to to Inactive in COD. This usually takes 24 hours.
  3. After COD sets it to inactive, create the award and disbursements again in Populi.
  4. Re-sync the award with COD.
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