Good day colleagues. We hope all is going well with your remote work and as you prepare for Fall semester.
We produced a survey that ended on July 31st to get a better idea of the percentage of schools that were changing their calendars and of the types of changes that were taking place resulting from those changes. Fiftyseven percent of respondents indicated that their school had announced an academic calendar change for Fall semester, and fourteen percent of respondents already knew there would be changes to their Spring semester dates. With these changes in dates, changes are required to be made in financial aid setup and may also be required to be carried forward to loans in the case where those had originated prior to the dates being changed. Below we will include some of the results of that survey.
Possible areas where setup changes by the registrar's office may impact financial aid include:
1) Term/Session start and end dates which carry over to FA Term
2) The 60% date in the term/session setup which is used in R2T4 calculations.
3) The census date in the setup for the default session in term/session setup (unless you set that up seperately in the FA Term setup), which may impact the Optional Last Day to Recalculate Pell (AKA Pell Census Load Locking) when used.
4) The holiday calendar if Thansgiving or other holidays are being extended or modified, which is called in Term/Session setup and impacts R2T4 for period when a break is 5 or more days and excludes the total number of break days for each break that is five or more days.
5) Financial Aid Year setup which is used for loan reporting of academic year dates on Direct Loans
6) Valid Terms for Careers setup which is used for loan period dates reporting on Direct Loans
7) Disbursement ID Table, disbursement dates which are reported as anticipated disbursement dates for Direct Loans. Change will reflect on new Direct Loans originated after the dates are updated.
8) Queries used for selects in process loan dates where dates are included in the checking
9) Process Loan Dates setup
10) You may want to look at other dates and at how your FA Term dates are looking also.
About fortyseven percent of schools have also indicated that they will be changing student budget (cost of attendance) calculations as a result of the calendar changes or for other reasons, and this may result in correcting overawards.
As you noticed this posts includes some of the charts so that you have more detailed information on the responses.
If there are additional thoughts you have, go ahead and respond.
Thank you all for the diligent and heartfelt work that you put in on behalf of your students, your schools, and our user group.
#FA Covid-19 Resource