private loan certification

Private Loan Certification

Claim Worklist Item

Go to “Pending Worklist” screen and “claim next item” for Private Loan Certifications

Review Worklist Item Detail Screen

. ▪ Review loan period

dates▪ SAP Status▪ Enrollment ▪ Account Balances

Note: After the term has begun, a student must be enrolled in order to certify a private education loan. If a student is enrolled less than half time, we must verify if the Lender will allow us to certify the loan.

Review Worklist Item Detail Screen

▪ If the worklist item detail screen is blank and shows all zeros, email Crystal or Kerry to create ticket for a new lender destination code.

▪ Place item on hold until destination code is created. In the email provide the Lenders Name, Lender Program, Lender Code and Guarantor Code. You can fine this information on ELMOne (www.elmone.com).

http://www.elmone.com/

Private Lender Info Chart

▪ The private lender info chart is saved to our Google Docs.

▪ It has all of the stipulations for certifying private loans for every lender.

▪ It is updated every quarter.

https://docs.google.com/a/asu.edu/spreadsheets/d/1kTwUvTJzaiYqcXFKh-g1Ya2TD36BoFKnoSaC6ufr2PE/edit?usp=sharing

Review Financial Aid Status

▪ On “View Financial Aid Status” screen, review the following sections: – Comments - review for comments regarding private loans. – Financial Aid Awarded - If the student already has a current term

private loan, verify that the new certification request does not have a duplicate “Commonline Unique ID” in the “Maintain Originated Award” screen.

– If certifying in the spring term, verify if student has a fall bill in “View Customer Accounts” – determine if loan must be certified for fall/spring to cover past due amount

Certify Private Education Loan

▪ Go to “Assign Awards to a Student” screen

▪ Enter the ASU Employee ID▪ Click on the “Need Summary” tab ▪ Verify available “Unmet COA (Fed)” –

do not certify loan for under $1000.00 due to lender preferences.

▪ The loan may certified up to the COA minus any other aid

▪ If the loan request is fall only, review term summary for fall COA. Loan may be certified up to fall COA minus fall aid.

Certify Private Education Loan

▪ Go to the “Student Aid Package” tab:

▪ Add a new line and select appropriate item type for either Private Education Loan or Summer Private Loan (if student has more than one private loan, use subsequent item type)

▪ Process private loan based on loan period requested. (AP, FP, SP or UP)

▪ Click on “Validate” button. Review disbursements and Click on “Post” button

Unable to Certify Private Loan Scenarios

Based on the Private Lender Info chart, if the lender will not allow us to certify a private loan we will have to take extra steps to resolve

Not Meeting SAP

▪ Place worklist item on hold and send email blurb: Private Loan – Not Meeting SAP.

▪ Leave comment: Private education loan certification request for $ thru LENDER not processed; Student does not meet SAP. Lender does not allow for students in this status. Sent e-mail for clarification.

▪ Go to “View CL4 Response Record”. Enter “Queue Inst” obtained from the Worklist Item Detail and search

▪ Select Application Detail tab and find “Dtl LnNbr” and changed load status to unprocessed.

▪ Complete worklist item.

Unaccepted Federal Direct Sub or Unsub

▪ Create a Sales Force Case and send email blurb to student: Private Loan Unaccepted DL.

▪ Leave comment: Private Education Loan for $ thru LENDER Unprocessed; student will need to either accept or decline federal aid before we can certify loan. Created SalesForce Case #XXXXX. Will await response from student.




Loan period overlaps spring/summer or summer/fall/spring terms

▪ Place worklist item on hold and email blurb: Private Loan – Overlapping Clarification.

▪ Add FLNOVL checklist item to watch.

▪ Leave comment: Private education loan certification request for $ thru LENDER ON HOLD; not sure whether loan is intended for summer 17 or fall/spring. Std will need to submit overlapping loan clarification form.

No Remaining COA

▪ Place worklist item on hold and send email blurb: Private Loan – No Unmet COA.

▪ Leave comment: Private education loan certification request for $ thru LENDER not processed; no remaining eligibility.




Student Not Admitted or Enrolled after term begins

▪ Place worklist item on hold and send email blurb: Private Loan – Not Enrolled.

▪ Leave comment: Private education loan certification request for $ thru LENDER not processed; std not yet admitted/enrolled.




Origination Steps

▪ Loan origination occurs hourly. After the origination of the private loan, we must ensure that the lender info is attached to the loan for it to transmit to ELM properly.

▪ Go back to your pending worklist and select student from your claimed items.

▪ If additional data has no longer has information under private loan certification, the system has completed the origination step for us and the worklist can be completed.

Maintain Originated Loans

▪ If the loan information is still in the additional data section, go to “Maintain Originated Loans” and enter the student id. Select the private loan that was most recently certified.

▪ Select “Loan Origination 1” tab– In “Loan Destination Nbr”

box, enter 3-digit Private Lender Destination Code

Maintain Originated Loans

▪ Select “Loan Origination 2” tab:– Click on the “Update ID” link– In the “Loan Application ID”

box, enter the 17-digit Loan Unique ID (copy and paste from worklist item detail)

– Verify Commonline Unique ID is correct – numbers and letters in proper sequence

– Click on “OK” button– Click on “Save” button

Update CL4 Response Record

▪ Go to “View CL4 Response Record” screen

▪ Identify the “Queue Inst” number from the work list item detail screen

▪ In the “Queue Instance” field, enter the “Queue Inst” number from the certification report and search.

Update CL4 Response Record

▪ Select “Application Detail” tab

▪ Click on “View All” link▪ Identify each “Dtl LnNbr”

from the worklist item detail screen

▪ Change “Load Status” from “Error” to “Processed”

▪ Click on “Save” button▪ Complete the worklist