Locations: 

  • Student "Name": Financial → Payment Plan → Budget Calculations page
  • Group "Name": Payment Plan Templates page
  • Admin → Financial Aid → Payment Plan Templates


Users with the following permissions:

  • Financial: Edit
  • Group Details (Payment Plan & Enrollment Agreement): Edit PP Templates
  • Admin → Financial: Edit Payment Plan Template

 

Case:

PLUS Loan gross amount is inputted manually in the payment plan, and the net amount is calculated automatically. This entails possible errors in the calculations and required a lot of time. 

 

Problem:

How to reduce time to input PLUS loands and reduce chances of errors. 


Solution:

Added an ability to choose either gross or net amounts to be calculated automatically.


The PLUS Loan panel was added below the Non-Direct Expenses panel on the Edit Payment Plan and Edit Payment Plan Template pages:


This panel contains the following fields:
  • Automatically Calculated determines which of the amounts, gross or net, are calculated automatically and which are entered manually. By default, a Gross Based on NET option is selected in the new and already existing templates.
  • Rate of Interest is the percent that the student has to pay on the loan. It is used in the Monthly Payments calculations. 
On the Student "Name": Financial - Payment Plan - Budget Calculations, Group "Name": Payment Plan Templates and Payment Plan Templates pages in this panel the following fields are also displayed:
  • PLUS Loans is the sum of all PLUS loans amounts in the payment plan.
  • Monthly Payments is the amount of monthly payments, calculated on the PLUS Loan and Rate of Interest basis:



Also in the PDF version of the payment plan the following changes were made:
  • The values of the rates of interests and monthly payments are bold.
  • The origination fees are displayed in a table like the loans amounts.
  • Rates of interest and monthly payments are displayed in a one line. PLUS loans are displayed separately from the subsidized and unsubsidized loans: 


     


Available since GEGI v4.7.0 (view release notes) Available since GEGI v4.7.0 (view release notes)