Background for the General Ledger
The financial aid general ledger tracks authorization levels by fund. Authorization levels:
-
Cover a financial aid award year (July 1 to June 30)
-
Are configured by your institution for each fund
-
Control how much an institution will package and disburse from the fund in an award year
A default Chart of Accounts is supplied with Anthology Student.
Fund Types and Authorization Levels
The table lists the types of funds and provides background for the authorization levels.
| Type | Fund | How Authorization Levels Work |
|---|---|---|
| Campus-based | Federal Work-Study (FWS) |
Authorization levels are assigned to the 6-digit campus-based serial number that is assigned by the ED. • The authorization comes from ED under the serial number. • An organization can have one or many campuses assigned to the same serial number. When received by Anthology Student, your institution has the option of posting the entire authorization amount to the serial number or it can split the amount and assign those amounts to each campus within the serial number.
|
| Perkins loans (referred to by level of expenditure instead of authorization) | ||
| SEOG | ||
| Not campus-based | Direct loans | Authorization levels are assigned by Direct Loan ID. |
| Pell, TEACH, and Iraq and Afghanistan Service Grants (IASG) grants |
Authorization levels are assigned to the Reporting Pell ID. • The authorization comes from the Department of Education (ED) under the Reporting Pell ID. • An organization can have one or many campuses assigned to the same ID. When received by Anthology Student, your institution posts the amount to the Reporting Pell ID, and each campus that belongs to the Pell ID has the authorization available for packaging and disbursing funds. |
For Pell grants, the commitment level is typically set at 100%.
For SEOG, FWS, and Perkins loans, the commitment levels may be set higher than 100 percent because some students may not accept the aid offered under these programs.
Authorization Levels
When you manually or automatically package financial aid for students, Anthology Student warns you if the amount packaged for the fund source exceeds the allowable commitment level for the fund. Anthology Student:
-
First checks the page for the amount authorized for the award year
-
Then multiplies the amount by the commitment level for the fund source
After a student is packaged, Anthology Student also updates the Packaged Amount column on the Authorization tab (Select the Processes tile > expand Financial Aid > select General Ledger Transactions.).
Codes Used During Configuration
| Type of Code | Code | Fund Type |
|---|---|---|
| Fund type | D | Direct Loan - GAPS |
| F | Federal Family Education Loan (FFEL) | |
| G | GAPS | |
| I | Iraq and Afghanistan Service Grants (IASG) | |
| K | Federal Perkins Loan | |
| L | Direct Loan - Program Fund | |
| O | Other (Non-Title IV Fund) | |
| P | Federal Pell Grant | |
| S | Federal Supplemental Educational Opportunity Grant (SEOG) | |
| T | Federal TEACH Grant | |
| W | Federal Work-Study (FWS) | |
| How it is distributed | C | By Campus |
| D | By Direct Loan ID | |
| P | By campus Pell ID | |
| S | By Serial Number |
