About Financial Aid Codes
Award codes represent a financial aid award such as a federal Pell grant or an institutional scholarship. They are tied to transaction codes that create the relationship between the student ledger and the general ledger.
Create Award Code
- Navigate to Student Financials → F/A Code Maintenance
- Click New Code
Award Code: A short code that represents the award (For award summary amounts to show properly on the student's financial aid summary page, the following federal awards must be named: PELL, SUB, USUB, PLUS.)
Description: Typically the name of the award or scholarship
Transaction Code: The associated transaction code; multiple awards may be associated with the same transaction code
Split Award: Choosing Y will force the award to split among disbursements by default
Award Type: Options set in STParm FCTYCD
Print Award Letter: Select Y to display the award on a student's financial aid award letter
Transfer To AR:
Default Status: A=Anticipated, P=Pending, V=Verified
Packaging Award Type: System delivered list of values that associate the award with auto-packaging rules. Selecting DL-PLUS: Direct Loan PLUS, DL-SUB: Direct Loan Subsidized or DL-USUB: Direct Loan Unsubsidized will indicate that the award incurs federal loan origination fees. The fee percentages are delivered as part of Campus Cafe upgrades.
Disbursements Can Span Multi-Award Years: Check to allow the disbursements in different financial aid years
Is Private Loan: Check to indicate the award is a private (non-federal) loan
Round Disb. Dollars: When checked distributions are calculated based upon the percentage specified in the code and then the amount is rounded to the nearest whole dollar value . If all accounts in the distribution specify whole dollar rounding, the last account specified will contain any decimal amounts. (Commonly used on federal aid).
Reminder Days Out: For use with codes associated with payment plans, the number in this field represents the range of future payments a student will see. For example, entering 365 will show the payments upcoming within a year of the first installment date.
Reduces Need: Check to indicate that this award should reduce remaining need for Subsidized loan calculation. (Do not check this box for Subsidized Loans or for Pell, they are automatically considered. If you check the field for Pell or Sub loans, it will incorrectly double the need reduction for these aid types.)
- Click Create