Fellowship | Scholarship | |||
Grad | Undergrad | Grad | Undergrad | |
CODE | Typically starts with 90004 (900043 - institutional awards, 900041 - federal awards), ending with acct # | Typically starts with 90002 | ||
Account Type Used* | FND or KFS | FND or KFS | ||
Fee Bill Impact | No, 100% refundable to student (Exceptions: if a student received a refund/loan from federal or institutional aid that is reduced as a result of the fellowship, the fellowship will be used to pay back that refund; if the fellowship Item Type is set up to apply to charges, it would not be a refund either. The fellowship may pay back any refund that is owed.) | Yes, if there is a fee bill balance at the time of posting, it will hit the fee bill first and then be refunded. Depending on when the scholarship is posted, it might roll forward to the next semester fee bill balance. (Exception: if the scholarship Item Type is set up not to apply to charges, it may pay out rather than posting against fee bill charges, but that is unusual). | ||
What is it for? | Non-compensatory Award | Award/Prize/Reimbursement | ||
Updating Amounts | When increasing an existing award for the same term, a new request for the full amount needs to be submitted, which will replace the original (add notes as applicable). | For increases, new scholarship should be submitted for the additional amount - both will remain. For reductions or cancellations, please contact OSFAS. | ||
Pay to student | Funds are 100% paid to student (technically occurs as a Fee Bill refund, but would not be applied to Fee Bill) | Fee bill first, then check cut to student if there is no fee bill balance - or Direct Deposit to student if they are enrolled. Has the potential to impact loans. | Fee bill first, then check cut to student if there is no fee bill balance - or Direct Deposit to student if they are enrolled. Scholarships may impact loans and gift aid for undergraduate students. | |
Fellowship Processing Timeline | ||||
Award Term | Submission Timeframe | Hits Student Fee Bill** | University Acct: Hits KFS | FND Acct: Hits Felix* |
AY | Late-March until 6/1/XX | 12 monthly payments on the 1st day of each month (August-July) - allow 3-5 business days for the refund to be generated | Once the fellowship is disbursed and applied to the fee bill, you will see the KFS transaction in the overnight system batch. | Once approved by the University, the Foundation receives a monthly list to approve, so posting dates will vary based on when the information is received/reviewed/approved, but should be ~1 month after University approval |
Fall | Late-March until 6/1/XX | 5 monthly payments on the 1st day of each month (August-December) - allow 3-5 business days for the refund to be generated | ||
Spring | From 10/01/XX - until 6/15/XX | 4 monthly payments on the 1st day of each month (January-April) - allow 3-5 business days for the refund to be generated | ||
Summer | Late-March until 8/23/XX (or the start of the fall semester) | 3 monthly payments (May-July) - allow 3-5 business days for the refund to be generated | Summer and future fall or future AY fellowships hit in the following FY from when they are submitted | |
Lump Sum | Late-March until 8/23/XX (or the start of the fall semester) | Payment will occur on the first day of the Term that the lump sum is awarded for if the award is processed prior to the start of the Term. If the award is processed after the start of the term, or if it is a summer award, payment will be made on the next Tuesday disbursement once the award is processed. | Lump sum payments follow the details above based on what Term they are submitted for. | |
Scholarship Processing Timeline | ||||
Award Term | Submission Timeframe | Hits Student Fee Bill** | University Acct: Hits KFS | FND Acct: Hits Felix* |
AY | Late-March until 6/1/XX (ex. May 2025 for an AY25/26 award) | within 3-5 days of approval | Once the scholarship is disbursed and applied to the fee bill, you will see the KFS transaction in the overnight system batch. | Once approved by the University, the Foundation receives a monthly list to approve, so posting dates will vary based on when the information is received/reviewed/approved, but should be ~1 month after University approval |
Fall | Late-March until 6/1/XX (ex. April 2025 for a fall 2025 award) | within 3-5 days of approval | ||
Spring | Late-March until 6/1/XX (ex. Oct. 2025 for a spring 2026 award) | within 3-5 days of approval | ||
Summer | Late-March of the following year until 8/23/XX, or the start of the fall semester (ex. May 2025 for a summer 2025 award) | within 3-5 days of approval | Summer and future fall or future AY Scholarships hit in the following FY from when they are submitted | |
Scholarship Timeline Note: awards should be submitted prior to fee bill generation (early-June for fall, mid-November for spring). If a student has an outstanding fee bill balance when an award hits (ex. a fall award is made in December, after spring fee bills have hit) the award will automatically be applied to any remaining (spring) fee bill balance. If the scholarship is submitted before the awarded term begins, scholarship aid disburses initially as "anticipated aid" to the fee bill, and disburses one week prior to the start of the Term that the award is made for (ex. a fall scholarship submitted in April for the upcoming semester). At that point, it becomes a credit, and if eligible, a refund would be processed.
*If using a Foundation account, must be coded direct to the Foundation account NOT a KFS 6L
**During peak times (Spring/Summer), please allow 5-7 business days