Easy Loan Processing

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Easy Loan Processing

• Heather C. McDonnell
• Director of Financial Aid
• Sarah Lawrence College

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Simply put..

• Create a workflow that reduces paper
• Use PFaids as your Loan Mgt System
• Send it out neat and clean
• Get it back perfect!
• Moneys there and
• you have time for summer vacation!

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Do I have your attention?
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Before you start packing

• General Parameter Set up
• must meet Commonline requirements

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General Parameters
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Period Of Enrollments

• To BBAY or not?

• Dates for each term
• a beginning
• an end
• disbursement
• 1st timers

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About POEs
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You Need the Players

• Lenders
• Names
• OE codes

• Guarantors
• Names
• OE codes

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Major Course of Study

• Alternative loans need MCS
• Create a local data field called MCS using a user
  defined string
  
• Create a code table

• Enter these codes
• BUS business
• CPT computer
• CRM criminal justice
• EDU education
• HEA- health professions
• LIB liberal arts
• PAR parks recreation
• PHT physical therapy
• POL poly sci
• PSY psychology
• SOC- sociology
• OTH other disciplines

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Nearly Paperless Loan process
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Nearly Paperless contd
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Passive or Direct

• Loans can be requested, certified, and exported
• IN ONE FELL SWOOP!

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eSign

• Nothing wet
• Computer based
• Nothing in the mail

• No mismatch to the p-note
• Has a 10 year life

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MPN em all!

• Open note for Stafford and PLUS
• (psssst youve been doing it for years in the
  Perkins program)
  

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Banking Basics

• Schools still certify the same information that
  is currently required.
  
• No one can just borrow without the schools
  knowledge or intervention.
  
• Declining any loan can take place anywhere,
  anytime, with player involved.
  

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Rubber hits the road

• Where?
• Not in the FAO
• When the is applied on account THEN and ONLY
  then does a loan really become a loan.

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But before you even think about packing..

• PFaids must have
• Valid and clean ISIR plus
• Parent Info for PLUS
• Entrance interview for repeat borrowers

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Your Very Own Portal

• Share file should have
• Certifications (cl format)
• Responses
• Disbursements
• Change Transactions
• By academic year?

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Need Selection Criteria

• Loans to Go
• By type
• By combination
• By date

• Loans Approved
• By type
• By combination
• By date
• Status
• Guaranty

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Getting Ready to Send

• Exporting loans
• Set up calendar of activity
• Staff knows when to expect the loans to be sent
• Create work around this calendar

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Calendar
Monday draw response files Tuesday through Th
ursday certify Friday export all activity

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Getting Ready to Export

• Using EXACTLY the same selection set each time
• Run Loan Export as a simulation first.
• Correct any errors.
• Run Loan Export in real mode for export.

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Loan Transaction Holding Center
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Open Net
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OpenNet Home
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OpenNet Send
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OOPS!
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OOPS!
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OOPS!
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OpenNet Download
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Loan Transaction Holding Center
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Back into FAMS
Autoload Module Other Loads Response or Disbu
rsement
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Loan Management Screens
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More Loan Mgt
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Just in case you forget.
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Loan Transaction Holding Center
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Autoload Disbursement Load
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Looks like an EFT to me.
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Looked like an EFT to me.
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Back to Loan Mgt.
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Need to Make Changes?
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So Make Them!
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Export Them!
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Record of Changes
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Realized Benefits

• Loan counselor went from full-time to part-time
  from June through August
  
• (30,000 savings)
• Loans turn around in less than 6 hours
• Loan status in less than 24 hours
• 636 loans certified in 2 days
• But best of all

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Vacation!!!!

• 42 staff vacation days
• July - August

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College Benefits
None of this.

• Revenue is predictable
• Student Accounts can be cleared
• Opening Day is a breeze for FAO
• (psst we saw 3 people last year)

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The Partnership
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What are your waiting for?
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Questions
And thank you for your kind attention!