Direct Loan Applications [5015]

 

 

          

 

Module Description

This module shall enable you to View, Modify (selected fields) and Print Direct Loan Applications created for a student while attending your institution. Direct Loan Applications are created automatically after Direct Loan amounts are awarded in Awarding and Packaging/Aid Awards and Needs Tab/ TRX 5012. The Loan Amounts can’t be modified or increased in this module.

 

·After the Loan Application is automatically created (by awarding loan amounts in Awarding and Packaging), the following fields should be manually entered and modified: Promissory Note Status and Date P- Note was signed by student before a Prom Note or Manifest is printed.

 

· A Direct Loan Application must be originated before Direct Loan Funds are received.

 

·To Cancel a Direct Loan Application, change the status of “Loan Cancelled” (dropdown) from NO to YES and enter the Date Cancelled in the APP Updates Tab.

 

·To Reprint the Prom Note in 5021, change the “Prom Note Status” (dropdown) to “Ready to Print” in the APP Updates Tab of this Module.

 

· Prom Note status must be manually changed to “Signed and Returned” in order to print the Direct Loan Manifest.

 

 

VIEWING AND MODIFYING A DIRECT LOAN APPLICATION

 

1.First a Direct Loan Award must be entered in Awarding and Packaging/Aid Awards and Needs Tab/TRX 5012. Once this is SAVED a Direct Loan Application will automatically be created.

 

          

 

2.{TRX 5015} The screen to display will list down each Direct Loan Application automatically created for this student during the selected enrollment. In the Loan Type field, the Applications are identified by Sub (S) and Unsub (U).

3.To VIEW a Direct Loan Application, select the record by clicking the corresponding radio button of the record you wish to view and select the Detailed Info Tab.

          

4.Most fields on the Direct Loan Application are populated automatically from information entered in FA Packaging and the ISIR. Fields that require entry by the user are “Promissory Note Status” and “Date Signed by Student” only if the Prom Note was not signed electronically. After the Prom Note is printed in TRX 5021, select the App Updates Tab.

5.Click MODIFY.

6.If the Note was not signed electronically, then change the status of the Prom Note to “Signed and Returned” and enter the date the student signed the Prom Note in the “Date Signed by Student” field. Note, it is recommended to skip this step and have a prom note signed electronically.

7.Click SAVE. This enables printing of the Manifest in TRX 5024.

          

 

MODIFYING A DIRECT LOAN AMOUNT

1.Direct Loan amounts are NOT modified in Direct Loan Applications TRX 5015. To modify a Loan Amount, go back to Financial Aid Packaging/Aid Awards and Needs Tab/ TRX 5012.

2.Modify the Loan Award in TRX 5012.

3.Click SAVE.

4.Proceed to generating Prom Notes in TRX 5021.

   TIP: If both disbursements from the original loan were already disbursed, the system creates a new application. In the Award Letter, you will see one instance of the loan with the adjusted amount, but if you go to DL Applications, you will see two applications; the second application will have the additional amount.

          

 

 

 

CANCELING A DIRECT LOAN

1.{TRX 5015} App. Updates Tab, Change the Status of “Loan Cancelled” from NO to YES.

2.Enter the effective date when the loan was cancelled in the “Date Cancelled” field.

3.Click SAVE.