Loan Refresher Training Agenda
- Direct Loan process – beginning to end- Loan Counseling o Checklist status
o How to determine if we have received the record - Loan Originations
o Origination Status
o What does the origination status mean - Master Promissory Note
o MPN Status
o What does the MPN status mean - PLUS Info Sheet
o Summary chart
- PLUS Loan process – beginning to end - PLUS credit decisions
o Credit decision status
o What does the decision mean
- Graduate PLUS Loan process – beginning to end - Private Loans
o Overview
o Process – beginning to end o Reminders
- B-On-Time Loans
o Process – beginning to end o Priority reminder
- College Access Loans o Process
Direct Loan Process Chart
Student is offered loans
through Mass Packaging
FDLEyy/FDLCyy sets to
Initiated
Student accepts loans on
myUNT
Loans are transmitted to COD
- 1-2 business days after
acceptance
FDLS (Student MPN) checklist
sets to Initiated
- 1-2 business days after
acceptance
Accepted loan origination
received from COD
- Timeframe varies
- See Loan Origination Status
chart for more info
Student MPN is available at
www.studentloans.gov
- once acceptance is received
- See Loan Origination Status
chart for more info
Funds can be disbursed once
FDLEyy/FDLCyy and FDLS are
completed and enrollment is
Loan Counseling
Important Notes:
- ** If student entered SSN incorrectly at studentloans.gov or Mapping Your Future, then data will not load into EIS. Student must complete the process again.**
- If a checklist was set manually by staff, checklist will NOT update automatically. If a checklist is set to Cancelled, the checklist will NOT update automatically to Completed.
Loan Counseling Checklist
FDLEyy: Direct Loan
Entrance Counseling (First-time borrowers)
Checklist Status: Initiated or Cancelled
Go to: UNTS Financial Aid >
Loans > NTFA Process Loans > Use > NTFA DL Entrance
Counseling; Search by ID
and/or SSN
DL Entrance Counseling Response Records found
FDLEyy can be moved from Initiated/Cancelled
to Completed - Do NOT set a new checklist.
No DL Entrance
Counseling Response Records found
Entrance Counseling has not been received at UNT or student has not completed
it
- see Notes ** below
FDLCyy: Loan
Management Counseling (Continuing borrowers)
Checklist Status: Initiated
Go to: UNTS Financial Aid >
Loans > NTFA Process Loans > Use > NTFA MYF Display;
Search by ID and/or SSN
MYF records found for Aid Year yyyy
FDLCyy can be moved from Initiated to
Completed - Do NOT set a
new checklist.
No MYF records found for
Aid Year yyyy
Management Counseling has not been received at UNT or student has not
completed it - see Notes ** below
Loan Origination Status Chart
Loan Orig Trans Stat: Indicates the current status of the loan origination. The possible values are:
- Accepted: Indicates COD has accepted the loan.
- Change Pending Transmission: Indicates an adjustment generated a CT that has not been sent to COD. Any further changes entered
alter the change record until the transmission occurs.
- Error: Represents an acknowledgement from COD indicating a rejection of an origination or origination change record.
- Origination Pending Transmission: Indicates an Origination that was not transmitted to the COD.
- Transmitted: Indicates that an acknowledgement from COD is due regarding an origination or an origination change record. The
system suspends all loan change activity until the acknowledgement arrives.
To check loan origination status, go to:
Financial Aid > Loans > Direct Lending Management > View Loan Processing Actions
Loan Orig Trans Stat: Trans
Loan has been transmitted to COD, MPN checklist will set outstanding but it is not
available yet.
Loan Orig Trans Stat: Accepted
Accepted origination received. MPN is available for
completion.
Loan Orig Trans Stat: Orig Pending or Change Pending
Loan Process Status: Hold
- Description: Rejected Orig - Hold reason listed in Msg
MPN not available
Loan Process Status: Orig
Pending - Description: Failed
- Pending reason listed in
Msg MPN not available
Loan Orig Trans Stat: Error
Loan Process Status: Hold - Action Status: Rejected - Error reason listed in Msg
Master Promissory Note (MPN) Status
Loan Orig Ack Pnote Status: Accepted
Loan Orig Ack Pnote Status: Print
Loan Orig Ack Pnote Status: Ack Pending
MPN Checklist Status:
Initiated
Go to: Financial Aid > Loans >
Direct Lending Management > Manage Direct Loan Application, tab: Application
Misc Data
Loan Orig Ack Pnote Status: Accepted
MPN checklist can be completed
Loan Orig Ack Pnote Status: Print
MPN has not been received at UNT or has not
been completed by student
See Loan Origination Process to verify if MPN
is available for completion
Loan Orig Ack Pnote Status: Ack Pending
MPN has not been received at UNT or has not
been completed by student
See Loan Origination Process to verify if MPN
is available for completion
PLUS Info Sheet Summary Chart
PLUS Info Sheet Update Needed *Always Include History* * Always Notify Loan Area*
Parent cannot accept online
See PLUS Info Sheet Procedures - Section I,
pages 1-5
Parent data exists
Include History
Verify data online is for the parent who wants to be the
borrower
If a different parent would like to be the borrower, follow process under Change
parent borrowers
If current data is for parent borrower, does it need to be
updated?
Info is correct - Notify Loan Area - include why Info Sheet was submitted in
message Info is wrong - See
Address/Email/Phone Number Update or
DOB/SSN/Name Discrepancy processes
No parent data exists
Add a New Value --> complete all *required* fields except Process Info
box --> Save
Notify Loan Area - include why Info Sheet was submitted in message
Change parent borrowers
See PLUS Info Sheet Procedures - Section I,
pages 1-5
Parent data exists
Include History
Add a New Row --> complete all *required* fields except Process Info
box --> Save
Notify Loan Area - include why Info Sheet was submitted in message
No parent data exists cannot accept online - No See process under Parent parent data exists
Address/Email/Phone Number Update
See PLUS Info Sheet Procedures - Section II,
pages 5-6
Verify data online is for the parent who wants
to be the borrower
If current data is for parent borrower, Correct History --> Update information --> Save
Notify Loan Area - include why Info Sheet was submitted in message
If a different parent would like to be the borrower, follow process under Change
parent borrowers
If a different parent would like to be the borrower, follow process under Change
parent borrowers DOB/SSN/Name
Discrepancy
See PLUS Info Sheet Procedures - Section III,
pages 6-7
Parent data exists
Do NOT make any changes - Documentation
required.
No parent data exists
Documentation required.
Add a New Value --> complete all *required* fields except Process Info
box --> Save
Notify Loan Area - include why Info Sheet was submitted in message
PLUS Loan Process
PLUS estimate offered
manually or in Mass
Packaging.
PLUS estimate accepted on
myUNT
- PLUS Info Sheet completed
by student/parent
PLUS Application checklist set
on To Do List
- PLUS Application sent to
parent on Info Sheet
PLUS Application received at
UNT
PLUS Application processed
- PLUS loan moved from
estimated item type to actual
item type
PLUS loan is tranmitted to COD
- PLUS MPN checklist sets on
Fridays
- See Loan Origination Status
Chart to determine if MPN is
available
Credit check run by DOE
Credit decision received in
1-3 business days
Credit decision determines
final action
- See PLUS Credit Decision
chart for additional
PLUS Credit Decisions
PLUS Credit Decisions
- Go to: Financial Aid > Loans >
Direct Lending Management > Manage Direct Loan Application,
tab: Application Misc Data
Credit approved
Credit approved, without special considerations
PLUS MPN required - previously completed MPNs
may link to loan (valid for 10 year)
Credit approved, with special considerations(credit override)
C - C O New Info
- Parent submitted appeal with additional info to DOE
- Loan now approved
PLUS MPN required - previously completed MPNs
may link to loan (valid for 10 year)
Once credit override received, additional unsub funds will be
cancelled and PLUS loan reoffered.
E - C O Endorser OK
- Endorser applied and was approved by DOE as a cosigner
for PLUS
PLUS MPN required - previous MPN will not link
- once received, new MPN status will show as Inactive (to
protect endorser) Once credit override received, additional unsub funds will be
cancelled and PLUS loan reoffered. Credit denied
Student will be awarded additional unsubsidized funds
within 7 business days of receiving credit denial.
Credit pending
Credit decision not received - Go to Financial Aid > Loans >
Direct Lending Management > View Loan Processing Actions
Pending reasons - Origination in Trans sstatus
- Origination has failed - Origination on Hold
Graduate PLUS Loan Process
Student awarded to grade
level max/lifetime max in
Stafford loans
- Student can request Grad
PLUS
Staff sends Grad PLUS loan
request to Loan Area
- include term(s),
requested amount, and
email address
Grad PLUS estimate offered manually to COA/requested amount - Grad PLUS Application, MPN, and
Entrance Counseling checklists set manually
Grad PLUS application
emailed to student
Grad PLUS estimate accepted
on myUNT by student.
Grad PLUS Application
received and processed
- Grad PLUS loan moved from
estimated item type to actual
item type
Grad PLUS loan is tranmitted to
COD
- See Loan Origination Status
Chart to determine if MPN is
available
Credit check run by DOE
- Credit decision received in
1-3 business days
Credit decision determines
final action
- See PLUS Credit Decision
chart for additional
Private Loan Overview
FALMD checklist1: Missing documents. If no FAFSA on file, explain advantages of federal aid over private loans,
possibility for grants/work-study (EFC contingent). Even if student’s parent doesn’t want to give info for FAFSA, student can still receive an unsubsidized loan. If other documents are missing, have the student turn in
documents in order to be evaluated for federal aid first.
FALCOA checklist2: Student has been awarded to COA through federal aid/scholarships. Student can either
accept federal aid or decline all/part of aid to make room in COA to certify private loan. Be sure to explain the advantages of federal loans over private loans.
FALR checklist3: Application Received. Allow normal time for processing.
FALSAP checklist4: Some private loan lenders require SAP. Students not meeting SAP may check with their
lender for other loan options or look into other lenders who do not require SAP.
** No checklist? Application has either not been received yet or was recently received and has not been reviewed yet. Check Imaging to see if application is received. If not in Imaging, but student says they were approved for private loan more than 3-5 days ago, please refer student to their lender for status check.** Private loan Requests and Inquiries: submit Private Loan Information Request form online. Private loan emails sent to Loan Area will not be worked.
Self-Certification Forms: student can find EFC/COA at: myUNT > Student Center/Register > View Financial Aid > 20yy > Financial Aid Summary.
Reminder: Funds will not be sent to UNT until all of the following have occured: 1) student has completed lender’s MPN, self-certification form, terms & conditions, etc., 2) student has accepted their Loan Approval and Disclosure with their lender, 3) lender has sent the final disclosure to the student, and 4) the right-to-cancel waiting period has expired.
FAFSA on file? YES FAN Assigned? YES Awarded to COA? YES FALCOA checklist2 NO FALR checklist3 NO Missing documents? YES FALMD checklist1 NO FALSAP checklist4 FALR checklist3 NO FALMD checklist1
Private Loan Reminders
Private Loan Quick Guide
- 2 locations: S:\Reference Library\10-11\LOANS\Private Loans\Private loan quick guide S:\Reference Library\11-12\LOANS\Private Loans\Private loan quick guide - The quick guide provides information on lender requirements such as enrollment, degree
requirements, SAP, minimum hours and prior terms.
- This guide is updated whenever we receive updated information from individual lenders. Recommending a lender
- Under no circumstances should staff recommend a lender. For example, if a student asks what lender does not require SAP, you would be recommending a lender by telling the student that Citibank does not require SAP. The student needs to do their own research and make the private lender decision independent of UNT.
- Advising students that CAL/BOT loans are available as a private loan option is recommending a lender. THECB is the lender of both loans.
Have funds arrived?
- Go to: Financial Aid > Loans > Commonline Management > Maintain CL Disbursements
- If CL Disbursement Maintenance does not show that “EFT Disbursement Received,” then funds have not arrived at UNT.
o Student should be referred to their lender with questions regarding when their funds will be sent to UNT
UNT receives Private loan application from lender
(through ELM)
Loan application is put into Imaging.
Application is reviewed to determine if student is eligible
- Checklists are populated accordingly. - See Private Loan Overview
Loan is certified by UNT if student is eligible.
- Student must accept loan
before certification will be sent to lender.
Once lender receives UNT certification through ELM, student will be sent the Loan
Approval and Disclosure terms 1-2 business days later.
Student accepts these terms via their lender account or by
returning letter in the mail.
1-2 business days after lender
receives accepted Loan Approval and Disclosure terms, the Final Loan Disclosure terms will be sent.
No action is needed.
10-12 business days after
Final Loan Disclosure terms are sent, funds will be
released to UNT.
Once funds are received, they will be disbursed if student is
meeting enrollment and has no outstanding checklists.
Private Loan Counseling required – FALC12
- Private loan counseling must be completed before funds will disburse – no exceptions.
- During standard daily processing, we are allowed to keep EFT funds for 3 business days. Funds that cannot disburse by the 3rd day must be returned. If FALC12 checklist is outstanding, it may require us to return funds.
- This requirement applies to Private, BOT, and CAL funds. Private Loan Student Inquiry Form – aka Private Loan Info Request
- This must be submitted for any student-specific private loan inquiry.
o This includes requests for certification and submitting information to complete a student’s file.
o Cannot be submitted for BOT/CAL
- Loan Area will no longer work requests sent via email. They will be forwarded back to you with a request that you submit the Private Loan Form; to complete it may require you to contact the student again.
Texas B-On-Time (BOT)
ELIGIBILITY REQUIREMENTS -- Applicants must:
• Have completed a FAFSA and be eligible to receive federal financial aid
• Be enrolled full time in an undergraduate degree or certificate program at an eligible institution and
• Be a Texas resident or be entitled to pay resident tuition rates as a dependent child of a member of the U.S. armed forces and
• 1) Have graduated in the 2002-2003 academic year or later from a high school operated by the U.S. Department of Defense or from a public or private high school in Texas under the
recommended high school program, or its equivalent or 2) Have earned an associate's degree from an eligible institution no earlier than May 1, 2005
ANNUAL LOAN AMOUNTS FOR 2011-2012
• 4-year public and private institutions: $3,550/semester ($7,100/year) • a 3% origination fee will be deducted from the loan proceeds. RENEWAL ELIGIBILITY
To maintain eligibility for future disbursements, the student must:
• complete at least 75% of the semester credit hours attempted in the most recent academic year and have a cumulative GPA of at least a 2.5 on a 4.0 scale (or the equivalent) on all course work previously attempted at institutions of higher education.
• A student may not receive B-On-Time loans for more than 150 hours. UNT determines student's
BOT eligibility. If funding is available, student is awarded BOT.
Student accepts BOT.
BOT certification report is run once a week. - Only students who have accepted BOT, are enrolled FT,
and have no outstanding checklists show up on this
report.
Once BOT is certified with THECB and completes the application, student will be sent
the Loan Approval and Disclosure terms 1-2 business
days later.
Student accepts these terms via their hhloans.com account or by returning letter in the mail.
1-2 business days after THECB receives accepted Loan Approval and Disclosure
terms, the Final Loan Disclosure terms will be sent.
No action is needed.
10-12 business days after Final Loan Disclosure terms
are sent, funds will be released to UNT.
Important Note: students can check the status of their loan by logging into their hhloans.com account
or calling 800-242-3062
Once funds are received, they will be disbursed if
student is meeting enrollment and has no outstanding checklists.
College Access Loan (CAL)
Who can apply? Students must:
• Be a Texas resident; • Be enrolled in:
o a course of study leading to an associate's or higher degree at least half-time • Meet the satisfactory academic progress requirements set by the institution; and
• Receive a favorable credit evaluation or provide a cosigner who has good credit standing and meets other requirements.
How much can be awarded?
Students may borrow up to the cost of attendance minus any other financial aid. Sub/unsub loan eligibility must be considered when determining award amount.
The following fee will be deducted from each College Access Loan:
• A 3% origination fee if both the borrower and cosigner have a good credit standing, or
• A 5% origination fee if either the borrower or cosigner, but not both has a good credit standing. Interest Rate
• 2011 - 2012: A fixed annual rate of 5.25% • 2010 - 2011: A fixed annual rate of 6.00%
Student applies for CAL
at www.hhloans.com
If THECB determines that the student is eligible, they will send UNT a request for
certification.
UNT awards CAL and certifies at THECB in the
date order received. - student must be awarded
federal aid at UNT first
Once CAL is certified, student will be sent the
Loan Approval and Disclosure terms 1-2
business days later.
Student accepts these terms via their hhloans.com account or by returning letter in the mail.
1-2 business days after THECB receives accepted
Loan Approval and Disclosure terms, the Final Loan Disclosure terms will
be sent. No action is needed.
10-12 business days
after Final Loan
Disclosure terms are
sent, funds will be
released to UNT.
Important Note: students can check the status of their loan by logging into their hhloans.com account
or calling 800-242-3062
Once funds are received, they will be disbursed if
student is meeting enrollment and has no outstanding checklists.
