Fiscal Management - Student Overpayments

Module Description

This module records the amount of Pell, FSEOG, ACG and Smart funds owed to the funding agency by the student, and tracks the action taken by the student in an effort to pay these funds. Amounts owed are posted here automatically when Return to Title IV calculations are performed, but actions taken by the student must be manually posted by the institution. New entries can also be posted manually by the institution if notification came from the agency or the student.

·This module isn’t intended for the institution to serve as a collections service on behalf of the funding agency. It assists the school in following the procedures of notifying the student of funds owed and tracks the student’s payment status.

Fields	Description
Key	Refers to the number sequentially assigned for each entry under the logged in school or campus
Date Owed	Date the funds are due from the student to the Funding Agency
Kind of Aid	The Funding Agency owed the overpayments. For Agencies to appear, they must first be entered in TRX 1007 and the award should be entered in 5012
Amount	Amount owed from the student to the funding agency
Action	Appropriate notification or payment status of the overpayment
Date of Action	Notification or Payment Date of the overpayment
Check Number	Check number used to pay the overpayment. (If a payment was sent to the funding agency the action status should be Amount Paid by student)
Award Year	Award Year the overpayment funds were awarded and paid from
Clear/Void Code	If the school paid the funds on the student’s behalf, select the check status in the Clear/Void Code dropdown