Financial Aid application processing requires coordinating incoming and outgoing data files with the U.S. Department of Education's Central Processing System (CPS). You transmit this data using the Department of Education's Student Aid Internet Gateway (SAIG) communications software, vendor supplied software, or software developed by your own institution.
For PeopleSoft Financial Aid, a student's application for financial aid begins with the receipt of the student's FAFSA information contained in the ISIR data record sent by the CPS. Once this information is loaded into Financial Aid, the evaluation of a student's financial aid eligibility begins.
You can override assumptions and rejects, add your institution to a student's ISIR, and make ISIR corrections. Financial Aid enables you to exchange data with the Central Processing System, to validate and manage corrections, to view EFC status, and to review comments.
Calculating a student's financial need involves determining how much a family can reasonably be expected to contribute toward a student's education.
This process begins with the student filing the Free Application for Federal Student Aid (FAFSA) with the Department of Education. The FAFSA is a federally approved need analysis form administered by the Department of Education.
Some schools may require other need analysis forms or an institutional aid application. PeopleSoft Financial Aid supports all versions of the FAFSA and Renewal FAFSA.
Upon completion of this lesson, you will be able to:
• Make ISIR corrections.
• Override Expected Family Contribution (EFC).
• Simulate FM data.
• Work with ISIRs.
• Delete ISIR information.
• View ISIR history.
• Generate the ISIR Reject/Assumption report.
• Review ISIR correction audits.
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