FACTS users have the ability to finalize financial awards in Grant & Aid and then later post those awards as credit transactions on a family/student’s payment plan in a few easy steps.
You will need to be using the Grant Management tool in the Grant & Aid system to track your awards. When you’re ready to start posting awards to FACTS Tuition, you’ll change the status of the award to “finalized”.
The next step is matching the student to the payment plan. The FACTS system does most of the work for this step, matching the appropriate student automatically to the corresponding payment plan based on certain criteria. There may be some suggested matches for you to review, or some that do not have matches that you can manually match.
Once matched, you determine where to apply the award(s) for each student. This can be done en masse. You will select the institution account, such as “Tuition”, and the adjustment reason (“Financial Aid”, for example). This is the final step if you are posting to a pending agreement.
If you are posting awards to a finalized payment plan, you will have one more step. In this step, you post awards and decide how to apply the award to the payment schedule. For example, you would typically apply the award across all eligible payments, the next scheduled payment, or the end of the payment plan.
If you’re interested in this feature, contact your FACTS account management team to turn it on at no additional charge.
HubHelp has more information about how you can reverse awards that have been posted via this process, if needed.
