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Disbursement Schedules

View the step-by-step instruction guide (with visual aids) on how to create, modify and view disbursement schedules:

PDF iconDisbursement Schedules: Instruction Guide


Disbursement Schedules

A disbursement schedule is the calendar of award payments. Awards are released for payment based on the disbursement schedule and transmitted to the student’s bank account within 1 – 4 business days.

It is important to pay attention to the disbursement schedule dates:

  • Pay dates determine the Aid year and Fiscal year of payments.
  • For example, if you need to spend all you money by April 30th, pay dates must also end by April 30th.

Award dates should reflect the intended dates of the award:

  • Award dates determine the pay schedule.
  • Award dates validate elgibility of the student within the term(s) in which the student was registered.
  • Award dates detemine the Aid year the award was to be issued.

Default Disbursement Schedules

For faculty/department Aid Fund Codes that are intended to have all or a portion paid directly to a student’s fee account, the Scholarships & Student Aid Office - Systems and Support staff - will be set-up the default disbursement schedule. These Aid Fund Codes would be setup with one of four possible schedules (see below). When processing the awards in the Award Processing Form, the award processor would no longer be required to create a disbursement schedule as one would already exist for them.

It is IMPORTANT to note that the schedule would apply to every recipient of that award during the Aid year (academic year).

OPTIONS

Option#1 - Disbursement schedule paid to the Fee Account (Accounts Receivable - A/R) for the Fall term only
Aid Fund Code: M123456CXX
Payment Frequency: Lump sum
Award Span: September 1, 20XX – December 31, 20XX
Award Amount: $5,000
Default Schedule: August 15th Percentage: 100% Amt: $ 5,000 Payment Method: A/R
Option #2 - Disbursement schedule paid to the Fee Account (Accounts Receivable - A/R) for Fall/Winter
Aid Fund Code: M123456CXX
Payment Frequency: Custom by Term
Award Span: September 1, 20XX – August 31, 20YY
Award Amount: $10,000
Default Schedule - 1st  Payment : August 15th Percentage: 50% Amt: $ 5,000 Payment Method: A/R
Default Schedule - 2nd Payment: January 1st  Percentage: 50% Amt: $ 5,000 Payment Method: A/R
Option #3 - Disbursement schedule paid to the Fee Account (Accounts Receivable - A/R) and directly to the student (Accounts Payable - A/P) for the Fall term only
Aid Fund Code: M123456CXX
Payment Frequency: Lump sum
Award Span: September 1, 20XX – December 31, 20XX
Award Amount: $5,000
Default Schedule - 1st  Payment : August 15th Percentage: 50% Amt: $ 2,500 Payment Method: A/R
Default Schedule - 2nd Payment: August 15th   Percentage: 50% Amt: $ 2,500 Payment Method: A/P
Option # 4 - Disbursement schedule paid to the Fee Account (Accounts Receivable) and directly to the student (Accounts Payable - A/P) for Fall/Winter
Aid Fund Code: M123456CXX
Payment Frequency: Custom by Term
Award Span: September 1, 20XX – August 31, 20YY
Award Amount: $10,000
Default Schedule - 1st  Payment : August 15th Percentage: 25% Amt: $ 2,500 Payment Method: A/R
Default Schedule - 2nd Payment: August 15th   Percentage: 25% Amt: $ 2,500 Payment Method: A/P
Default Schedule - 3rd  Payment : January 1st Percentage: 25% Amt: $ 2,500 Payment Method: A/R
Default Schedule - 4th Payment: January 1st  Percentage: 25% Amt: $ 2,500 Payment Method: A/P

Disbursement schedules will carry forward from year to year. Any changes must be communicated to student.funding [at] mcgill.ca (Student Funding). It should also be noted that changes cannot be made during the year until/unless all pending awards have been paid out in full to the recipients. NB: On an exceptional basis and with written Fund Administrator approval, Stipends and Research Awards may also be considered for a default disbursement schedule. Keep in mind that most Granting Agencies stipulate that funds must be paid directly to the student (Accounts Payable) so Accounts Receivable will not be an option for those Aid Fund Codes.

PROCESS:

The Aid Fund Codes that have been identified per unit along with the preferred default schedule for each code should be emailed to student.funding [at] mcgill.ca. The email subject line should be: Request Default Disbursement Schedule. Once the schedules are in place, a confirmation will be sent to the email recipient.

Create a Schedule

Enter the disbursement schedule for awards with no default disbursement schedule.

  • Click the Required link at the right-most column of the row.
  • Select the Frequency of payments (Monthly, Semi-Monthly).
  • The date range will automatically populate
  • Click “Exclude summer term” checkbox (if required)
  • Click on Generate
  • Once satisfied, click Apply. If any errors were detected, they are displayed on the Disbursement Schedule page, with a red icon.

To make a change before accepting the schedule. You can adjust individual payment amounts, but the total must add up to 100% of your award amount.

  • Click on X to remove a record
  • Click on Customize to add a new record
  • Once satisfied, click Apply. If any errors were detected, they are displayed on the Disbursement Schedule page, with a red icon. 

Note: For one-time lump sum payments or other custom schedule, instead of choosing a Frequency, click the Customize button and specify the Date and Amount for each payment.

The award is now ready for Submission.

  • Click on Submit for Processing
  • Click OK to the confirmation prompt.
  • Result: If the submission is successful, a checkmark is displayed at the top of the page and beside the appropriate row in the Preview table at the bottom of the screen.

Note: Once it is submitted, you will not be able to return to the record to make modifications without getting in touch with Student Funding.

Modify a Schedule

A disbursement schedule can only be modified if the award has not been disbursed. Awards that have not been disbursed can be identified by a status of "Forecast" in the Award/Summary Search Award details

  • These awards are visible to the student in Minerva ==> Financial Aid & Awards
  • Request to modify the disbursement schedule by sending an email to student.funding [at] mcgill.ca  
  • Include:
    • Student ID
    • Student name
    • Aid Fund Code
    • Amount
    • Student Level - Graduate/Undergraduate
    • Create date
    • Aid Year
  • The Central Aid office will set the status on the award to "ACIS" to modify the award yourself
  • The Modify button becomes available
    • Click on the Modify button
    • Select the Pay Frequency
    • Modify the Start date and/or End date as required
    • Click on the Generate button
  • A new schedule will be displayed
  • Click on Save
  • You will return to the Award Summary screen with the new disbursement schedule displayed
  • Click on Submit for Processing to finalize the changes
  • The student will be able to view the new disbursement schedule in Minerva - Financial Aid & Awards

 

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