Crossover Payment Periods

In addition to crossover academic years, payment periods can also span two federal award years. In this case, you can also choose which award year to associate with that payment period and PowerFAIDS will automatically show the two award years as options in the Award Year dropdown list when creating the payment period in System Administration.

While the default award year for crossover payment periods can be specified in System Administration, you also have the flexibility to change the award year on a case-by-case basis in the Student Profile based on what is most beneficial to an individual student, or, using custom processes or batch processing, a cohort of students. For example, if a student has used up their loan eligibility for the 2020-2021 award year and enrolls in the Summer term that includes June 30th and July 1st, you have the flexibility to select the 2021-2022 award year to maximize that student's loan eligibility.

Updating the Payment Period Award Year on the Student Record

To update the payment period award year on the student record, complete the following steps:

  1. Search for and select the student record you wish to update.
  2. Expand the Academic Profile options in the left navigation menu and select Academic Years and Payment Periods.
  1. Scroll down or use the top navigation bar to navigate to the payment period you wish to update.

    Academic Years and Payment Periods page

  2. Expand the General Information section by selecting the + icon.
  3. Select the award year you wish to associate with the payment period from the Payment Period Award Year dropdown list.
  4. Click Save to save the updates to the student record.

    A success message is displayed in the upper right portion of the page letting you know the payment period has been updated.