Why is there a Refund for Pell or Loans?

Refunds can be a result of many things such as changes made to schedules, enrolled hours/credits, Last Date of Attendance, etc. First go to Mastersheet (MS) and select to view ALL items, click Generate. Scan the MS, specifically check under Forms Tracking and Data Transmissions for reason. Under Term Periods, is the student enrolled for credit that Term, under Pell Payment Periods, is there a reason listed, Was a Student End posted with LDA prior to disbursements, Was a new ISIR received showing student has a degree?