Processing an Award Change

The following steps represent the process for changing an award. For this example, you are canceling the borrower's unsubsidized loan after the loan was originated, transmitted, and acknowledged by the COD.

To process an award change:

  1. Make the change to the award on the Student Aid Package page (STDNT_AWARD_ENTRY3). If you canceled the Unsubsidized loan, for example, the offered and accepted amounts are now zero.

  2. Initiate the Loan Change process by running the Loan Origination process with the Adjustments check box selected.

  3. Review the Application Acknowledgment page to verify the Loan Change process completed successfully. See Step 4 under Processing a Bio/Demo Change. At this point, the Loan Process Status is In Service and the Loan Orig Trans Stat (loan origination transaction status) is Change Pending.

  4. Review the Direct Loan Orig Actions page (Financial Aid, and then Loans, and then Direct Lending Management, and then View Loan Processing Actions, and then Direct Loan Orig Actions) to ensure the change was processed The latest sequence number should reflect an Origination Change, with an action status of Pending.

  5. At this point, the change is complete and you would create the Direct Loan Change Processing outbound file to send to the COD. View this file using the Direct Loan Change Export nn/nn component. The COD must acknowledge the change by sending a Direct Loan Change Acknowledgement file.