Defining Loan Counseling Types

Access the Define Loan Type page (Set Up SACR, and then Product Related, and then Financial Aid, and then Loans, and then Loan Counseling, and then Define Loan Counseling Options, and then Define Loan Type).

Use the Define Loan Type page to define types of loan counseling based on similar repayment options, interest rates, payment schedules, or other borrowing requirements.

This example illustrates the fields and controls on the Define Loan Type page. You can find definitions for the fields and controls later on this page.

Field or Control	Description
Loan Code	Enter a user-defined name and description for a group of loans that have the same loan counseling requirements.
Source	Select the funding source. If you select Federal, also select the Loan Type, such as Stafford, Perkins, Grad PLUS or PLUS. If you select Institutnl, Private, or State, also select the SetID and Item Type.
Loan Type	If you select Federal as a Source, select a Loan Type. Selection of a Loan Type of Stafford applies loan counseling requirements to financial aid item types with a Federal ID of Subsidized or Unsubsidized. This unifies Stafford loan counseling requirements for Subsidized and Unsubsidized Stafford awards.

Field or Control

Description

Loan Code

Enter a user-defined name and description for a group of loans that have the same loan counseling requirements.

Source

Select the funding source.

If you select Federal, also select the Loan Type, such as Stafford, Perkins, Grad PLUS or PLUS.

If you select Institutnl, Private, or State, also select the SetID and Item Type.

Loan Type

If you select Federal as a Source, select a Loan Type. Selection of a Loan Type of Stafford applies loan counseling requirements to financial aid item types with a Federal ID of Subsidized or Unsubsidized. This unifies Stafford loan counseling requirements for Subsidized and Unsubsidized Stafford awards.