Direct Loan Promissory Notes [5021]

 

 

          

 

Module Description

This module shall enable you to VIEW and PRINT Direct Loan Promissory Notes. Prom Notes are automatically created after a DL award is saved in FA Awarding and Packaging TRX 5012.

 

Tip: It is recommended to have the borrower sign the Prom Notes electronically rather than printing it and signing it from RGM.

 

Field

Description

Award Year

Refers to the Award Year for which the Direct Loan and Prom Note was awarded

For Print

Refers to the type of Prom Note paper used for printing

Mode

Refers to the Print Mode of the Prom Note. This is assigned in DL Application

Application #

Refers to the Loan Application Number to which the Prom Note links

Date

Refers to the origination Date of the loan

Student

Refers to the loan borrower

Type

Refers to Sub (S), Unsub (U) or PLUS (P) Loan

ID

Refers to the Loan ID number

Amount

Refers to the amount of the Loan

Stat

Refers to the status of the Prom Note. See below.

Remarks

Refers to the Prom Note status or errors

 

 

 

GENERATING AND PRINTING A DL PROM NOTE

 

1.Before a DL Prom Note is created, the DL Award must be saved in FA Awarding and Packaging TRX 5012.

          

2.Ensure the Promissory Note Status is set to “Ready to Print” in the Direct Loan Application/App. Updates Tab TRX 5015.

          

3.{Trx 5021} Enter the Award Year for which the Direct Loan was awarded, click the Search button. The DL Prom Notes with “Ready to Print” or “Reprint” status in the Application TRX 5015 will list down.

4.Select the Appropriate Type of Prom Note under “For Print” (Dropdown: With/Without Labels) If you have blank copies of DL Prom Notes with labels, select Without Labels. If you are printing on Prom Notes without labels, select With Labels.

          

5.Select the MODE of the Prom Note from the Dropdown. Following are Prom Note Mode descriptions.

 

Field

MPN MODE Description

N

Not Ready to Print

R

Ready to Print

P

Printed or request to print sent to servicer

S

Signed & returned

s

Signed note sent to servicer

A

Accepted by servicer

E

Prom note Error received from servicer

 

5.Select the Appropriate Prom Note (s) you wish to print.

6.Verify the Award Amounts.

7.Select Print (two copies will print, typically one for the student and one for ED.)

 

Once the student has signed the Prom Note, Refer back to Loan Application TRX 5015, select App. Updates Tab, select Signed and Returned in the Promissory Note Status (Dropdown box), and enter the date the Prom Note was signed. This must be manually entered prior to generating a DL Manifest.

 

 

 

 

REPRINTING A PROMISSORY NOTE

 

1.First you must refer back to the Direct Loan Application TRX 5015.

2.Select the Appropriate Loan Application from the List of DL Applications in TRX 5015.

3.Click App. Updates Tab.

4.Click MODIFY.

5.In the Promissory Note Status (Dropdown) Select Ready To Print.

6.Click SAVE.

7.Refer back to [5021] DL Promissory Notes and repeat the steps on Printing a Promissory Note.

          

NOTE: The procedure above must be performed on each loan application to enable reprinting.