Re-awarding Direct Loans with New Disbursement Plans

The Packaging process does not allow you to change the disbursement plan for direct lending loans, even if the loan has not been originated. If you award a direct lending loan for two terms and then find that the student should only be awarded for one term, you must change disbursement plans. There are two ways to change disbursement plans for non-originated direct lending loans:

Option 1

Cancel the original loan (with the original disbursement plan and split code) on the Student Aid Package page.
Insert a row on the Student Aid Package page below the row for the canceled loan in Step 1.
Using the same financial aid item type as the original loan, award the loan with the new disbursement plan and split code.

Note: If you use professional judgement to override an award amount, ensure that your loan disbursements (amounts, fees, and rebates) are split correctly among your item types. Refer to the common origination and disbursement technical data for details.

Option 2

Using the original loan that you awarded (with the original disbursement plan), create a custom split so the money is allocated only to the new terms.
Originate the loan.
Access the Application Financial page (select Financial Aid, then select Loans, then select Direct Lending Management, then select Manage Direct Loan Application) and select the Override Loan Dates check box. Change the Loan Period Start, Loan Period End, and Antc Date (anticipated disbursement date) to match the new period for which the loan is awarded.