IVY TECH COMMUNITY COLLEGE LOAN PROCESSING PROCEDURE JULY 2008

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1 IVY TECH COMMUNITY COLLEGE LOAN PROCESSING PROCEDURE JULY 2008 [NOTE: Lenders using Great Lakes as guarantor (755) include National City, Wachovia, and EdAmerica/EdFinancial.] For non-autopackaged loans, perform all steps. For autopackaged loans, perform steps 1 & 3. Using whatever process you have defined, student will indicate interest in a loan at your institution. Step #1 Review of Student Data RSISTDN SHACRSE RSIHIST ROASTAT RNIAPPL RNANAXX ROAENRL make sure student is degree-seeking in an eligible program at your region review expected graduation date to determine whether or not a fall only loan may need to be prorated review number of credit hours completed to determine loan level freshman or sophomore enter UG in the key block and then next block; check for cumulative hours and GPA information verify that the student has been placed in eligible tracking, budgeting, and packaging groups if student was selected for verification, is verification complete? if so, proceed to ROAENRL line; otherwise complete verification before proceeding if student was not selected for verification, an ISIR review is needed check the Eligibility tab for SAP check to see that you are working with the HIGHEST loaded transaction; if not, make change (see verification work aid for assistance) perform cursory review to set expectations and look for conflicting information DEMOGRAPHIC TAB: check responses to current marital status and 1st bachelor s degree by 01-JUL PLANS & EDUCATIONAL BACKGROUND TAB: verify Banner year in college update student response as needed in order to correct Banner year in college; also verify VA benefit eligibility (if any) and make adjustments to benefit amount if needed STATUS TAB: review responses to dependency questions INCOME & ASSETS TAB: review for anything that may not make sense INFORMATION RELEASE: make sure regional school code is on the FAFSA in any of the college code boxes (does not have to be in the first box!!) if you determine more documentation may be needed to complete the student s file, post additional document requests on RRAAREQ and/or ROAMESG; if everything looks OK, lock the current record (DEMOGRAPHIC tab), and proceed to processing the loan check student s enrollment status; if student s enrollment level is less than full-time, you are STRONGLY ENCOURAGED to perform a paper (hand) loan calculation, especially if you have not yet adjusted budgets (RBAABUD) and awards () to reflect the student s eligibility at that enrollment status

2 Step #2 Processing the Loan (non-autopackage loans only) ROAUSDF enter Y in the desired user-defined fields either sub and unsub both or sub only; remember to use a capital letter OPTION #1: using information provided by student and/or found on loan calculation, using status of O (OFFER) or A (ACCEPT), depending on regional preference, enter award(s) OPTION #2: make sure all auto-package funds are locked, and choose automatic packaging from the OPTIONS menu (NOTE: Pell is not considered an auto-package fund) make any necessary adjustment(s) to amount(s) leave as OFFER only or ACCEPT amounts, depending on regional preference ACCEPTED LOANS ONLY: go to Options Create Loan Applications Step #3 Completing the Loan Application: (RPAELAP) REMINDER: Banner will generate a loan application for loan awards with accepted amounts only RPAELAP for students enrolled less than full time, go to the Fund Awards by Term tab, Options tab and change the load to match the enrollment NOTE: Loans will not MEMO (become spendable) unless the packaging load and the disbursement load codes match!! if known, add lender code to each loan application; if not known, the loan will be sent to USAF with the dummy lender code of and guarantor code of 800 change the loan period for the student (see key below); loan period start and end dates, TERM SCHEDULE and DISBURSEMENT SCHEDULE will automatically update for the specified loan period; if student has sub and unsub, remember to change both! review certified amounts and disbursement dates for accuracy; make any necessary corrections; if student has sub and unsub, remember to change both! if a graduation date and/or grade level override is necessary, make appropriate change on Certification tab for each loan application change status of loan to R (Ready) Loan Period Coding (Key) 1st 2 characters represent the award year 09 in this case 3rd character is the region remaining characters represent the period of the loan; i.e., FS = fall/spring, F = fall only, S = spring only, and SU = summer page 2

3 Updating Loans for Students Selecting a Great Lakes Lender after Sending the Loan Certification Pull requests for certification from Transaction Manager (found in File Manager) to determine when a student has chosen a Great Lakes lender. Cancel the loan sitting in OpenNet and Record Remove all Stafford loan applications on RPAELAP. A new loan application will then need to be created and updated with the correct lender/guarantor combination. If you are interested, you can export the listing of loan applications to Excel. page 3

4 Making Changes to Loan Applications Prior to Sending to Guarantor RPAELAP Record Remove only the specific application that needs to be re-created. For example, if only the unsubsidized loan amount is being changed, only remove that record. If both subsidized and unsubsidized loan amounts will change, remove both applications. DO NOT record remove loan applications that have been marked as Sent Changes made due to request by student: Update offer and accept amounts. Changes made due to calculation error: Update offer amount and send new award notification to student. The next time the create loan application process is run, new applications will be created for loans with accepted amounts. Awarding Additional Unsub to Dependent Students You can do the override necessary to allow a dependent student to receive additional unsub loan due to parent being denied PLUS on any one of the following 3 forms: /Packaging Options/Additional Stafford = Yes RPAAPMT/Packaging Group/Additional Stafford = Yes ROARMAN go to Options and click on Toggle topackaging Group Information/Additional Stafford = Yes Document the override on RHACOMM!! RPRLNDR Lender Base Data Current contact information will be maintained on this form for ready access. page 4

5 VA Chapter 30 or AmeriCorps Award Recipients 1. Go to and next block into the award maintenance section. 2. Click on the Packaging Group tab in the bottom third of the form. 3. Enter the TOTAL amount of Chapter 30 VA benefits reported on the FAFSA (multiply # months by amount) or the amount of the AmeriCorps award posted on RPAARSC. REMINDER: If the amount of VA benefits reported is incorrect, update RNANAXX first. This correction does NOT change EFC and will therefore not send to CPS to be reprocessed. 4. If a loan was offered and has already been accepted by student, but the loan application has not yet been sent, perform steps found in Making Changes to Loan Applications Prior to Sending section. page 5