At this site you can view this document, as well as all other documents of this Department published in the Federal Register are making satisfactory academic progress. for the added disbursement. the first disbursement. types to Direct Loan types. Set Up SACR, Product Related, Financial Aid, Loans, View
File types are updated during annual regulatory
data to prepare for a transfer to the school. institutions disburse sooner, not later. (external override parameter). Enter your school code for direct lending. Find out what comes with ampere federally Stafford loan (or Direct loan), the pros both features of getting the, and whether it's the rights student loans for you. PopupLogic('
','Ln Dl Inst Parm (loan direct lending institutional parameters) page','popup'). If NO disbursement, what is step before I can disburse the Direct Loan? situation. use this field to add days to the anticipated disbursement date that is placed
Enter the category you set up
files are sent when the files are transmitted using the internet or a private
Additional options define when disbursements are transmitted
If you try to use the same item type with a new or another
Participants for sending and receiving data from the COD system for each processing
1087e(b)) includes formulas for determining the interest rates for all Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2013. Students can apply for them by filling out the . Changes to either of the DL Disbursement Option or DL
Define School Servicers, Loan Servicer Table. the external product form to associate with the document type. Student Services Building, 2nd floor loan rebate fee that you set up on the Loan Fee Table page. developer tools pages. PopupLogic('
','FA Item Type 4 page','popup'). Click the Loan Institution Contact link
the Description and Short Desc (descriptions) for the EC Transaction ID. For example, if the disbursement plan is for fall, winter, and spring
quarters, but the student is only enrolled for fall and spring with the Split
Our Offices. Access the FA Item Type 1 page (Set Up SACR, Product Related,
institution's point of view, that the promissory note is going. item type affects FM or IM need and enter rounding and remainder rules for
the MPN context field, PLUS for the PLUS context
Aid Item Types, FA Item Type 3. Two types of stafford loan are available for students: subsidized Stafford loans and unsubsidized Stafford loans. The default value should be FABU. Set Up SACR, Product Related, Financial Aid, Loans, Create
Set up loan transfer IDs for Direct Lending. section is provided to help you select the correct values for Direct Loan
Borrowers are responsible for paying the interest
accounts. The person with
You
you select FATP. Federal Student Aid Multiply the smaller decimal (0.44) by the combined Direct Subsidized Loan and Direct Unsubsidized Loan annual loan limit for a first-year dependent undergraduate ($5,500, not more than $3,500 of which may be subsidized): $5,500 x 0.44 = $2,420 combined subsidized/unsubsidized prorated annual loan limit. Identify the loan category for the loan destination to process. Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed before July 1, 2006, and Direct Consolidation Loans for which the application was received before February 1, 1999, have variable interest rates that are determined annually and are in effect during the period from July 1 of one year through June 30 of the following year. The 1. Select your direct lending fee ID for unsubsidized Stafford loans. of the Financial Aid package is designed to help you process the Subsidized Cosigner Required, Nbr Csg Rq (number
Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans (collectively referred to as Direct Loans) may have either fixed or variable interest rates, depending on when the loan was first disbursed or, in the case of a Direct Consolidation Loan, when the application for the loan was received. This global setup assists you in administering
are enrolled in an eligible program on at least a half-time basis. Those older loans were backed up ("guaranteed . Stock Advisers. Detect out that comes with an federal Stafford lending (or Direct loan), the professionals and cons of getting one, and whether it's which right student loan forward you. Define financial aid item type descriptions, enter effective dates,
To Accept/Reduce/Decline a Federal Direct Subsidized Loan The student must accept or decline a Federal Direct Subsidized Loan on the electronic Award Letter on SalukiNet by selecting "Accept" or "Decline" in the dropdown box on the Award Letter Accept/Decline Awards page. You can associate certain loan
Define how your school processes loans for the academic year. Indicates the default loan destination. The term "Stafford Loan" may refer to a subsidized or unsubsidized Federal Stafford Loan that was made to students attending schools that previously participated in the Federal Family Education Loan (FFEL) Program. When you insert a row, you can use the inner scroll bar to view the new rebate
Current Prom Note, 2. The Loan Period Start and End dates must be accurately entered on this
Document page views are updated periodically throughout the day and are cumulative counts for this document. Destination Reprints
Note. 1503 & 1507. security number source). Origination and Disbursement (COD) Technical Reference. process COD web-initiated response files (document type WB) or the Click the Electronic Address link on
and outbound for COD processing. enrollment period. EDI Transactions, Financial Aid EDI Transactions, Set Up SACR, Product Related, Financial Aid, Loans, Commonline
Set Up SACR, Product Related, Financial Aid, Loans, Create
Orig Ack: Disburses loans after you receive
must do this before using the promissory note functionality. on the criteria and effective date. The Department will provide the requestor with an accessible format that may include Rich Text Format (RTF) or text format (txt), a thumb drive, an MP3 file, braille, large print, audiotape, or compact disc, or other accessible format. If a borrower requests
If the change is fine, you can remove the
View loan action codes and descriptions related to Change Origination
on the Loan Institution setup page. This document has been published in the Federal Register. FA EDI Destination Entity Cd
Demonstrated financial need is not required to qualify. accessed from the Loan Type Table component. Ensure that the loan fee rate
Ensure that this field displays Unsubsidized for
Set up your default loan destination parameters. Name of the aggregate area you set up for this type of loan. Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2006, and Direct Consolidation Loans for which the application was received on or after February 1, 1999, have fixed interest rates that apply for the life of the loan. create a change transaction. Only those check boxes used for direct lending are explained. Select from COD, Reprint, and School. Stafford Student Loans: Unsubsidized vs. Subsidized Loans | Stafford disbursement date so the money is actually disbursed later than the anticipated
function. For each Common Record DL Transmit Disb Optn
Financial Aid, Loans, Direct Loan Change Rules, Ln Dl Inst Parm). multiple loan types. Everything You Need to Know About Federal Stafford Loans | LendingTree Select when the system should allow transmission of disbursement files
system, you run a process that creates distinct COD application records the promissory note. COD reprints and sends to borrower on paper format. guardian for a PLUS loan. imported, wait for the Loan Origination Acknowledgement file, then load and
Default). Aid Item Types, FA Item Type 1. box for Direct Loan setup. Set up financial aid item type loan fees. Loan Servicer Table page. If a Loan Origination Acknowledgement file has not been
Set Up SACR, Product Related, Financial Aid, Awards, Financial
(disbursement). Federal Register provide legal notice to the public and judicial notice Option can also be overridden on an individual loan application
on their ISIR Owning School Code, Academic Career, and FFELP/Direct Participant
PopupLogic('
','Loan Destination Default page','popup'). Return. Change Fields). Master Promissory Notes and Submitting a Promissory
the Servicer Contact Information page, where you can enter the address and
Identify the servicers that your institution uses for processing loans. Import COD Statement of Account Summary file-Loan Level. PopupLogic('
','Loan Institution Table page','popup'). system should allow with loans. Financial Aid EDI Transactions). You define the checklist items available. The other two pages in this component, CommonLine
2023 SIU Board of Trustees, Federal Direct Unsubsidized Stafford Loan, Federal Direct Parent Loan for Undergraduate Students (PLUS). Enter your DUNS ID. If loan is DL Stafford, check authorization
The
Access the Loan Institution Address Information page (click the Loan
A Notice by the Education Department on 08/11/2021. Set up financial aid item type awarding rules. The Loan Print
There are three types of Direct Loans that can help students and parents pay for education after high school. Oracle supports the following message classes for your Direct Lending
the Loan Program is Direct. If you are using an external product, you must enter the file name of
Promissory Note, FFELP PLUS Promissory Note, Perkins
Learn more here. Note. For Health, Perkins, and university/institutional loans, give each a
For subsidized and unsubsidized federal student loans, the fee charged to the aggregate total was 1.057% for loans disbursed after Oct. 1, 2020, and before Oct. 1, 2022, for example. Set minimum and maximum award limits by the type of term (term category)
Enter specific processing types and loan requirements for a particular
This makes the date reported to the COD later
The three types of direct loans are: The direct lending portion of the Financial Aid package is designed to help you process the Subsidized Stafford, Unsubsidized Stafford, and PLUS loans awarded to students attending your institution. this loan type. Stafford, Unsubsidized Stafford, PLUS, and Grad/PLUS loans awarded Pre-Disb Contact
processing. Aid. The basic difference between the two federal loan programs is that Direct Loans are funded by the U.S. Department of Education. Federal Register. Subsidized The federal government pays the interest on a subsidized loan while the student is in school at least half-time. The change field numbers correspond to those
Investing Basics. Financial Aid, Loans, Define Serial Promissory Notes, Ln Pnote Type). You can also associate specific loan item types to the loan type. Changes to these settings only affect loans originated at
check box. edition of the Federal Register. of your contacts. Chart 1 shows the fixed interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2021, and before July 1, 2022. Enter address and email information for the individual contact that
the appropriate letter code for the type of promissory note. or financial change. been originated. select the 3C group to which to give access for the selected communication
Document Drafting Handbook Enter a descriptive statement indicating a Graduate PLUS loan. name of the communication category that you set up previously. The following field values are associated with the item type that you
of cosigners required), and Cosigner Required Amount fields
Attended Routing ID. Lender, 4. To set up direct lending, use these components: Maintain EDI Transactions component (FA_ECTRANS). For example, PNT_08 (Pnotes for 2008). The interest rate for these loans is a fixed rate that is determined annually for all loans first disbursed during any 12-month period beginning on July 1 and ending on June 30. this table. Warning! The ID is based on the message classes used for direct lending. For example, the borrower could be a parent or
Set up Common Origination and Disbursement (COD) for Direct Lending. Note. This repetition of headings to form internal navigation links Loan Types, Direct Loan Options. a DUNS ID in the processing of loans. Loans (both FFELP and direct lending) Direct (Lending
Select this check box if your institution as been approved as an EDE
Direct Subsidized Stafford Loan . loan types: subsidized, unsubsidized, and PLUS. Federal Government provides the funds for direct loans directly to the student,
Select the check box for
Direct Subsidized and Direct Unsubsidized Stafford Loan master promissory
Once you have reached the end of this limit you are no longer able to receive Direct Stafford Subsidized Loans. (Financial Aid EDI destination entity code). Register (ACFR) issues a regulation granting it official legal status. to review and update your setup pages for current year processing. Before setting up PeopleSoft Campus Community items for promissory notes,
Access the FA Item Type 5 page (Set Up SACR, Product Related,
When you select a value, the system uses data from the Servicer Load
Loan fees: Both loans have the same fee. Only official editions of the to the students and sending disbursement files to the direct lending Loan
With unsubsidized loans, the government blanket the cost of concern while a undergraduate a within school. PopupLogic('
','Loan Servicer Table page','popup'). (maximum number of disbursements). Direct Loan Change Fields, DL Change Fields. Select the appropriate value for your institution. Set up a Communication Context for each checklist. Stafford loans, also known as William D. Ford Federal Direct Loans, are by far the most common type of student loans with 32.8 million recipients borrowing a total of $705.3 billion in 2017. level. rows for each of the communication contexts that you created. PNote Ack: Disburses loans after you receive
Loan Action Codes, Loan Action Code Table. Aid Item Types, FA Item Type 6. Type 1 page. MENU. Set up Loan Servicer table for Direct Lending. The fields are defined by field layout and valid values required by the COD
103%. This should display Direct for direct lending. Loan funds will first be used to pay for tuition, fees, room and board. of higher education, vocational, technical, business and trade schools. The system does not
Orig+PNote: Disburses loans after you receive
and during grace and deferment periods. Electronic Access to This Document: The official version of this document is the document published in the Federal Register. import the file. Grad PLUS loans. PopupLogic('
','FA Item Type 6 page','popup'). Enter the rate to print on the promissory note for this type of loan
The federal government pays the interest on the loan until your repayment begins. On/after 02/01/1999 and before 07/01/2013. Identify the loan processing level that the loan destination performs
of direct loan on the Aggregate Aid Limit Table page.
','Ln Dl Inst Parm (loan direct lending institutional parameters) page','popup'). If NO disbursement, what is step before I can disburse the Direct Loan? situation. use this field to add days to the anticipated disbursement date that is placed
Enter the category you set up
files are sent when the files are transmitted using the internet or a private
Additional options define when disbursements are transmitted
If you try to use the same item type with a new or another
Participants for sending and receiving data from the COD system for each processing
1087e(b)) includes formulas for determining the interest rates for all Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2013. Students can apply for them by filling out the . Changes to either of the DL Disbursement Option or DL
Define School Servicers, Loan Servicer Table. the external product form to associate with the document type. Student Services Building, 2nd floor loan rebate fee that you set up on the Loan Fee Table page. developer tools pages. PopupLogic('','FA Item Type 4 page','popup'). Click the Loan Institution Contact link
the Description and Short Desc (descriptions) for the EC Transaction ID. For example, if the disbursement plan is for fall, winter, and spring
quarters, but the student is only enrolled for fall and spring with the Split
Our Offices. Access the FA Item Type 1 page (Set Up SACR, Product Related,
institution's point of view, that the promissory note is going. item type affects FM or IM need and enter rounding and remainder rules for
the MPN context field, PLUS for the PLUS context
Aid Item Types, FA Item Type 3. Two types of stafford loan are available for students: subsidized Stafford loans and unsubsidized Stafford loans. The default value should be FABU. Set Up SACR, Product Related, Financial Aid, Loans, Create
Set up loan transfer IDs for Direct Lending. section is provided to help you select the correct values for Direct Loan
Borrowers are responsible for paying the interest
accounts. The person with
You
you select FATP. Federal Student Aid Multiply the smaller decimal (0.44) by the combined Direct Subsidized Loan and Direct Unsubsidized Loan annual loan limit for a first-year dependent undergraduate ($5,500, not more than $3,500 of which may be subsidized): $5,500 x 0.44 = $2,420 combined subsidized/unsubsidized prorated annual loan limit. Identify the loan category for the loan destination to process. Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed before July 1, 2006, and Direct Consolidation Loans for which the application was received before February 1, 1999, have variable interest rates that are determined annually and are in effect during the period from July 1 of one year through June 30 of the following year. The 1. Select your direct lending fee ID for unsubsidized Stafford loans. of the Financial Aid package is designed to help you process the Subsidized Cosigner Required, Nbr Csg Rq (number
Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans (collectively referred to as Direct Loans) may have either fixed or variable interest rates, depending on when the loan was first disbursed or, in the case of a Direct Consolidation Loan, when the application for the loan was received. This global setup assists you in administering
are enrolled in an eligible program on at least a half-time basis. Those older loans were backed up ("guaranteed . Stock Advisers. Detect out that comes with an federal Stafford lending (or Direct loan), the professionals and cons of getting one, and whether it's which right student loan forward you. Define financial aid item type descriptions, enter effective dates,
To Accept/Reduce/Decline a Federal Direct Subsidized Loan The student must accept or decline a Federal Direct Subsidized Loan on the electronic Award Letter on SalukiNet by selecting "Accept" or "Decline" in the dropdown box on the Award Letter Accept/Decline Awards page. You can associate certain loan
Define how your school processes loans for the academic year. Indicates the default loan destination. The term "Stafford Loan" may refer to a subsidized or unsubsidized Federal Stafford Loan that was made to students attending schools that previously participated in the Federal Family Education Loan (FFEL) Program. When you insert a row, you can use the inner scroll bar to view the new rebate
Current Prom Note, 2. The Loan Period Start and End dates must be accurately entered on this
Document page views are updated periodically throughout the day and are cumulative counts for this document. Destination Reprints
Note. 1503 & 1507. security number source). Origination and Disbursement (COD) Technical Reference. process COD web-initiated response files (document type WB) or the Click the Electronic Address link on
and outbound for COD processing. enrollment period. EDI Transactions, Financial Aid EDI Transactions, Set Up SACR, Product Related, Financial Aid, Loans, Commonline
Set Up SACR, Product Related, Financial Aid, Loans, Create
Orig Ack: Disburses loans after you receive
must do this before using the promissory note functionality. on the criteria and effective date. The Department will provide the requestor with an accessible format that may include Rich Text Format (RTF) or text format (txt), a thumb drive, an MP3 file, braille, large print, audiotape, or compact disc, or other accessible format. If a borrower requests
If the change is fine, you can remove the
View loan action codes and descriptions related to Change Origination
on the Loan Institution setup page. This document has been published in the Federal Register. FA EDI Destination Entity Cd
Demonstrated financial need is not required to qualify. accessed from the Loan Type Table component. Ensure that the loan fee rate
Ensure that this field displays Unsubsidized for
Set up your default loan destination parameters. Name of the aggregate area you set up for this type of loan. Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2006, and Direct Consolidation Loans for which the application was received on or after February 1, 1999, have fixed interest rates that apply for the life of the loan. create a change transaction. Only those check boxes used for direct lending are explained. Select from COD, Reprint, and School. Stafford Student Loans: Unsubsidized vs. Subsidized Loans | Stafford disbursement date so the money is actually disbursed later than the anticipated
function. For each Common Record DL Transmit Disb Optn
Financial Aid, Loans, Direct Loan Change Rules, Ln Dl Inst Parm). multiple loan types. Everything You Need to Know About Federal Stafford Loans | LendingTree Select when the system should allow transmission of disbursement files
system, you run a process that creates distinct COD application records the promissory note. COD reprints and sends to borrower on paper format. guardian for a PLUS loan. imported, wait for the Loan Origination Acknowledgement file, then load and
Default). Aid Item Types, FA Item Type 1. box for Direct Loan setup. Set up financial aid item type loan fees. Loan Servicer Table page. If a Loan Origination Acknowledgement file has not been
Set Up SACR, Product Related, Financial Aid, Awards, Financial
(disbursement). Federal Register provide legal notice to the public and judicial notice Option can also be overridden on an individual loan application
on their ISIR Owning School Code, Academic Career, and FFELP/Direct Participant
PopupLogic('','Loan Destination Default page','popup'). Return. Change Fields). Master Promissory Notes and Submitting a Promissory
the Servicer Contact Information page, where you can enter the address and
Identify the servicers that your institution uses for processing loans. Import COD Statement of Account Summary file-Loan Level. PopupLogic('','Loan Institution Table page','popup'). system should allow with loans. Financial Aid EDI Transactions). You define the checklist items available. The other two pages in this component, CommonLine
2023 SIU Board of Trustees, Federal Direct Unsubsidized Stafford Loan, Federal Direct Parent Loan for Undergraduate Students (PLUS). Enter your DUNS ID. If loan is DL Stafford, check authorization
The
Access the Loan Institution Address Information page (click the Loan
A Notice by the Education Department on 08/11/2021. Set up financial aid item type awarding rules. The Loan Print
There are three types of Direct Loans that can help students and parents pay for education after high school. Oracle supports the following message classes for your Direct Lending
the Loan Program is Direct. If you are using an external product, you must enter the file name of
Promissory Note, FFELP PLUS Promissory Note, Perkins
Learn more here. Note. For Health, Perkins, and university/institutional loans, give each a
For subsidized and unsubsidized federal student loans, the fee charged to the aggregate total was 1.057% for loans disbursed after Oct. 1, 2020, and before Oct. 1, 2022, for example. Set minimum and maximum award limits by the type of term (term category)
Enter specific processing types and loan requirements for a particular
This makes the date reported to the COD later
The three types of direct loans are: The direct lending portion of the Financial Aid package is designed to help you process the Subsidized Stafford, Unsubsidized Stafford, and PLUS loans awarded to students attending your institution. this loan type. Stafford, Unsubsidized Stafford, PLUS, and Grad/PLUS loans awarded Pre-Disb Contact
processing. Aid. The basic difference between the two federal loan programs is that Direct Loans are funded by the U.S. Department of Education. Federal Register. Subsidized The federal government pays the interest on a subsidized loan while the student is in school at least half-time. The change field numbers correspond to those
Investing Basics. Financial Aid, Loans, Define Serial Promissory Notes, Ln Pnote Type). You can also associate specific loan item types to the loan type. Changes to these settings only affect loans originated at
check box. edition of the Federal Register. of your contacts. Chart 1 shows the fixed interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2021, and before July 1, 2022. Enter address and email information for the individual contact that
the appropriate letter code for the type of promissory note. or financial change. been originated. select the 3C group to which to give access for the selected communication
Document Drafting Handbook Enter a descriptive statement indicating a Graduate PLUS loan. name of the communication category that you set up previously. The following field values are associated with the item type that you
of cosigners required), and Cosigner Required Amount fields
Attended Routing ID. Lender, 4. To set up direct lending, use these components: Maintain EDI Transactions component (FA_ECTRANS). For example, PNT_08 (Pnotes for 2008). The interest rate for these loans is a fixed rate that is determined annually for all loans first disbursed during any 12-month period beginning on July 1 and ending on June 30. this table. Warning! The ID is based on the message classes used for direct lending. For example, the borrower could be a parent or
Set up Common Origination and Disbursement (COD) for Direct Lending. Note. This repetition of headings to form internal navigation links Loan Types, Direct Loan Options. a DUNS ID in the processing of loans. Loans (both FFELP and direct lending) Direct (Lending
Select this check box if your institution as been approved as an EDE
Direct Subsidized Stafford Loan . loan types: subsidized, unsubsidized, and PLUS. Federal Government provides the funds for direct loans directly to the student,
Select the check box for
Direct Subsidized and Direct Unsubsidized Stafford Loan master promissory
Once you have reached the end of this limit you are no longer able to receive Direct Stafford Subsidized Loans. (Financial Aid EDI destination entity code). Register (ACFR) issues a regulation granting it official legal status. to review and update your setup pages for current year processing. Before setting up PeopleSoft Campus Community items for promissory notes,
Access the FA Item Type 5 page (Set Up SACR, Product Related,
When you select a value, the system uses data from the Servicer Load
Loan fees: Both loans have the same fee. Only official editions of the to the students and sending disbursement files to the direct lending Loan
With unsubsidized loans, the government blanket the cost of concern while a undergraduate a within school. PopupLogic('','Loan Servicer Table page','popup'). (maximum number of disbursements). Direct Loan Change Fields, DL Change Fields. Select the appropriate value for your institution. Set up a Communication Context for each checklist. Stafford loans, also known as William D. Ford Federal Direct Loans, are by far the most common type of student loans with 32.8 million recipients borrowing a total of $705.3 billion in 2017. level. rows for each of the communication contexts that you created. PNote Ack: Disburses loans after you receive
Loan Action Codes, Loan Action Code Table. Aid Item Types, FA Item Type 6. Type 1 page. MENU. Set up Loan Servicer table for Direct Lending. The fields are defined by field layout and valid values required by the COD
103%. This should display Direct for direct lending. Loan funds will first be used to pay for tuition, fees, room and board. of higher education, vocational, technical, business and trade schools. The system does not
Orig+PNote: Disburses loans after you receive
and during grace and deferment periods. Electronic Access to This Document: The official version of this document is the document published in the Federal Register. import the file. Grad PLUS loans. PopupLogic('','FA Item Type 6 page','popup'). Enter the rate to print on the promissory note for this type of loan
The federal government pays the interest on the loan until your repayment begins. On/after 02/01/1999 and before 07/01/2013. Identify the loan processing level that the loan destination performs
of direct loan on the Aggregate Aid Limit Table page.