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Setting Up Financial Aid Item Types

You use the Financial Aid Item Types component to set up financial aid item types, as described in Setting up Packaging Basics; this section is provided to help you select the correct values for Direct Loan financial aid item types. Only information specific to direct lending setup is provided.

This section discusses how to:

Page Name

Definition Name

Navigation

Usage

FA Item Type 1

ITEM_TYPE_FA_1

select Set Up SACR, then select Product Related, then select Financial Aid, then select Awards, then select Financial Aid Item Types, then select FA Item Type 1

Define financial aid item type descriptions, enter effective dates, and enter other basic information for your financial aid item types.

FA Item Type 2

ITEM_TYPE_FA_6

select Set Up SACR, then select Product Related, then select Financial Aid, then select Awards, then select Financial Aid Item Types, then select FA Item Type 2

Define awarding and rounding rules. Establish how the financial aid item type affects FM or IM need and enter rounding and remainder rules for the financial aid item type.

FA Item Type 3

ITEM_TYPE_FA_3

select Set Up SACR, then select Product Related, then select Financial Aid, then select Awards, then select Financial Aid Item Types, then select FA Item Type 3

Define disbursement and anticipated aid rules. Update anticipated aid information, authorization for disbursement, and award letter information.

FA Item Type 4

ITEM_TYPE_FA_4

select Set Up SACR, then select Product Related, then select Financial Aid, then select Awards, then select Financial Aid Item Types, then select FA Item Type 4

Set minimum and maximum award limits by the type of term (term category) as required.

FA Item Type 5

ITEM_TYPE_FA_5

select Set Up SACR, then select Product Related, then select Financial Aid, then select Awards, then select Financial Aid Item Types, then select FA Item Type 5

Define default disbursement plans and split codes for each academic career, which enables you to enter data quickly on the award entry pages manually as well as for award rules on packaging plans.

FA Item Type 6 page

ITEM_TYP_FA_LN_FEE

select Set Up SACR, then select Product Related, then select Financial Aid, then select Awards, then select Financial Aid Item Types, then select FA Item Type 6

Attach loan fee codes for loan item types.

Access the FA Item Type 1 page (select Set Up SACR, then select Product Related, then select Financial Aid, then select Awards, then select Financial Aid Item Types, then select FA Item Type 1).

Image: FA Item Type 1 page

This example illustrates the fields and controls on the FA Item Type 1 page.

FA (financial aid) Item Type 1 page

This table describes how to enter field information for each type of direct lending loan.

Field

Subsidized Stafford

Unsubsidized Stafford

PLUS

Graduate PLUS

Description

Enter a descriptive statement indicating a Direct Subsidized Stafford loan.

Enter a descriptive statement indicating a Direct Unsubsidized Stafford loan.

Enter a descriptive statement indicating a PLUS loan.

Enter a descriptive statement indicating a Graduate PLUS loan.

Financial Aid Type

Loan

Loan

Loan

Loan

Source

Federal

Federal

Federal

Federal

Federal ID

Subsidized

Unsubsidized

PLUS

Grad PLUS

Aggregate Area

Name of the aggregate area you set up for this type of loan.

Name of the aggregate area you set up for this type of loan.

Leave this field blank.

Leave this field blank.

Access the FA Item Type 2 page (select Set Up SACR, then select Product Related, then select Financial Aid, then select Awards, then select Financial Aid Item Types, then select FA Item Type 2).

Image: FA Item Type 2 page

This example illustrates the fields and controls on the FA Item Type 2 page. You can find definitions for the fields and controls later on this page.

FA (financial aid) Item Type 2 page

The Rounding Rules entered on this page are the same for all Direct Loan types.

Field or Control

Definition
Rounding Option

Select Dollar.
Round Direction

Select Nearest.
Award Remainder Rule

Select Last-Dllrs (last dollars).
Fee Remainder Rule

Leave this field blank.
Truncate Fees

Select this check box.

Access the FA Item Type 3 page (select Set Up SACR, then select Product Related, then select Financial Aid, then select Awards, then select Financial Aid Item Types, then select FA Item Type 3).

Image: FA Item Type 3 page

This example illustrates the fields and controls on the FA Item Type 3 page.

FA (financial aid) Item Type 3 page

The fields on this page are used to set up disbursement information. Set up these fields according to your institution's requirements. No specific Direct Loan requirements exist.

Access the FA Item Type 4 page (select Set Up SACR, then select Product Related, then select Financial Aid, then select Awards, then select Financial Aid Item Types, then select FA Item Type 4).

Image: FA Item Type 4 page

This example illustrates the fields and controls on the FA Item Type 4 page.

FA (financial aid) Item Type 4 page

The fields on this page are used to set up your award limits by term category. Your institution defines the limits. No specific Direct Loan requirements exist.

Access the FA Item Type 5 page (select Set Up SACR, then select Product Related, then select Financial Aid, then select Awards, then select Financial Aid Item Types, then select FA Item Type 5).

Image: FA Item Type 5 page

This example illustrates the fields and controls on the FA Item Type 5 page. You can find definitions for the fields and controls later on this page.

FA (financial aid) Item Type 5 page

The field values entered on this page are the same for all Direct Loan types.

Field or Control

Definition
Missing Term Enrollment

Select the Split evenly across valid term check box for Direct Loan setup. Disbursement plans determine the disbursements across terms, but students might not attend all terms defined for the disbursement plan. The Missing Term Enrollment rule allows you to specify whether to split disbursements evenly among the remaining terms for which the student is actually enrolled.

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 evenly across valid term check box selected, the award amount is split evenly between the fall and spring terms.

Access the FA Item Type 6 page (select Set Up SACR, then select Product Related, then select Financial Aid, then select Awards, then select Financial Aid Item Types, then select FA Item Type 6).

Image: FA Item Type 6 page

This example illustrates the fields and controls on the FA Item Type 6 page.

FA (financial aid) Item Type 6 page

Before you set up this page for your direct lending item types, you must create a loan fee type for your Stafford subsidized, Stafford unsubsidized, and PLUS loan types. You must also create a loan fee type for the rebate.

Field

Subsidized Stafford

Unsubsidized Stafford

PLUS or Graduate PLUS

Loan Program

Ensure that this field displays Direct Lending. The value comes from the aggregate area that you select on the Financial Aid Item Type 1 page.

Direct Lending

Direct Lending

Loan Interest Attribute

Ensure that this field displays Subsidized for subsidized Stafford loans. The value comes from the aggregate area you select on the Financial Aid Item Type 1 page.

Ensure that this field displays Unsubsidized for subsidized Stafford loans.

Ensure that this field displays Unsubsidized for PLUS or Graduate PLUS loans.

Loan Fees

Select your direct lending fee ID for subsidized Stafford loans.

Select your direct lending fee ID for unsubsidized Stafford loans.

Select your direct lending fee ID for PLUS or Graduate PLUS loans.

Loan Fees (interest rebate)

Insert a row to add interest rebate for the loan. Select the direct loan rebate fee that you set up on the Loan Fee Table page. The rebate amount is added after the loan fee percent is subtracted from the gross disbursement amount.

Same as for subsidized Stafford.

Same as for subsidized Stafford.

Fee Percentage

The loan fee values are derived from the Loan Fee Table.

The loan fee values are derived from the Loan Fee Table.

The loan fee values are derived from the Loan Fee Table.

Example of How the Direct Loan Rebate Works

A student receives a Direct Loan of 1,000.00 USD for the fall 2008 term. The net disbursed amount is 985.00 USD because the 3 percent loan fee of 30.00 USD is deducted from the gross amount of the loan, and the 1.5 percent rebate of 15.00 USD is added back.

Note: Refer to the COD Technical Reference guide regarding loan and rebate fees and their criteria when a new fee goes into effect. Separate financial aid item types and associated fees may be required based on the criteria and effective date.

All Direct Loan item types must have a “Loan Fee Type” (interest rebate), even if the fee rebate is equal to 0%. This attribute is necessary to support required COD reporting.