Locations:

  • Financial → Students → Student "Name": Financial Aid Plan
  • Student "Name": Originate & Disburse Direct Loan


Users with the following permissions:

  • Financial → Edit


Case:

Financial Aid plan drafts are often created after the origination process is complete.


Problem:

The originations have to be updated and the data has to be sent to COD according to the Financial Aid Plan changes.


Solution:

Added the automatic originations update based on the changes in the Financial Aid Plan. The following field values are updated automatically:

  1. For Pell originations:
    • Enrollment Date
    • СPS Transaction #
    • EFC
    • Verification Status Code
    • Additional Eligibility Indicator
  2. For Direct Loan:
    • СPS Transaction #
    • Loan Period Dates
    • Dependency
    • Loan Amount Approved
    • Direct Loan Attendance Cost
    • Academic Year Dates
    • College Grade Level


When populating the Financial Aid Plan, you will see a notification if any of the origination records are to be updated after the population:



If Direct Loans were voided in the Financial Aid Plan, the user will be prompted to deactivate the corresponding Direct Loans provided the user has the Inactivate Direct Loan Records permission. Without the permission, the populating of the Financial Aid Plan will be restricted after voiding Direct Loans. 


After populating the Financial Aid plan, the corresponding fields in the origination records are updated and the record gets the Not Ready status. If all changes are successfully validated in the system, the records will be automatically set to Ready.


Available since 4.73.0 (view release notes).