Effective Family Contribution Not a mandatory field, but helpful later for reporting
Generally, money is awarded to an institution in a lump sum. Payment type specifies how the money was moved from your institution to the student’s account.
Total Expected is the amount you anticipate the student will receive from the awarding agency
Draw – You will break the award into amounts that can be applied as payments to the student’s account Tip: There may be multiple draws on an award Tip 2: The Draw button indicates the TOTAL disbursement amount, and does not include draws yet to be applied as payments
Returned is the amount of the award never given to the student not applied to any of the student’s outstanding balances. This amount is returned to the awarding agency.
All Draws – Financial aid waiting to be applied to student account and funds already applied to student account
Congratulations Again! Funds have arrived from the awarding agency and you are ready to apply money to a student account
Margaret Miller has enrolled in Art Appreciation, a $75 course. She has a Pell Grant of $1,500 and would like to pay for the course with part of that grant. We’ll set up a draw Fill in the date, amount & any notes.
Return to the names screen, edit the registration and click payments Note – No payments yet!
The Financial Aid button is active and indicates $1700 in available funds
Select the appropriate draw to make the payment with financial aid Mark it with an “X”
One payment, (payor name Pell Grant) $75 payment, $1625 financial aid remaining DONE!