1. Using Student Financial Planning
  2. Loan Fee Management

Loan Fee Management

Student Financial Planning determines the Disbursement Loan Fee and Interest Rebate Amountfor Direct Stafford Subsidized, Unsubsidized, and PLUS Loans. The Loan Fee amounts are included in the Cost of Attendance (COA) and the student's financial aid package.

What Student Financial Planning Does Automatically

Student Financial Planning automatically does the following things:

Determines Disbursement Loan Fee and Interest Rebate Amounts

Student Financial Planning determines the disbursement fee and interest rebate amounts for each loan period and each loan fund including Subsidized, Unsubsidized, Parent PLUS and Grad Plus. The following information is determined and saved to the student record:

  • The loan fee and interest rebate percentage that correspond to the first disbursement date of a loan.
  • The student's disbursement fee amount and interest rebate amount for each disbursement.
  • The total loan fee by subtracting the total interest rebate amount from the total disbursement fee amount.

If updates to the Direct Loan disbursement amounts are required due to Fund Acceptance or Disbursement Acceptance, Student Financial Planning updates the disbursement fee and interest rebate amounts accordingly.

Student Financial Planning also updates COD with the loan fee for academic year disbursements when the first disbursement date changes to a future loan fee period:

  • If not yet disbursed, Student Financial Planning cancels the loan and re-originates with the new fee and new first disbursement date in the new loan fee period.
  • If disbursed, Student Financial Planning returns the disbursed funds and re-originates with the new fee and new first disbursement date in the new loan fee period.

Updates Loan Fees and Interest Rebate Amounts due to Annual Regulatory Updates

Each Year the Department of Education (DOE) updates the loan fee for a borrower to receive a Direct Loan. The DOE communicates a loan fee percent that must coincide with the loan's first disbursement date for all Direct Loan types including Subsidized, Unsubsidized, and PLUS Loans. When the DOE communicates the dates for loan fees to be updated SFP is updated to use the new loan fees and the system automatically updates all existing awarded and originated Direct Loans and originates any new loans with the loan fee associated to loan's first disbursement date.

SFP automated updates that are determined and saved to the student record include the following:

  • Any required updates to loan fees and interest rebate percentages that correspond to the first disbursement date of a loan.
  • Any required updates required to update COD if a different loan fee has been previously communicated and accepted and is now changed after the DOE communication.
    • In order to do this, SFP first zeros out the existing loan with COD and once accepted sends the loan again with the updated, new loan fee.

To view the Loan Fees associated with a specific Award Year, see New Award Year Updates in the Product Release Notes. Choose the Award Year you want to review. See Doc ID 2613016.1 on My Oracle Support.

Includes Direct Loan Fees in the COA

Student Financial Planning determines the Total Direct Loan Fee and includes them in the Cost of Attendance (COA). Total Direct Loan Fees includes fees for, Subsidized, Unsubsidized, PLUS Loan Fee or Total Grad PLUS Loan Fee.

Determines Loan Period Award Year

Student Financial Planning determines the Loan Period Award Year based on the first disbursement date for the Direct Loan for the Academic Year being awarded for each Direct Loan.

Student Financial Planning repackages the fund if the current Loan Period Award Year does not equal the previous Loan Period Award Year or if there is no previous Loan Period Award Year and if the current Loan Period Award Year does not equal the Award Year from the Loan Period Information Table.

Configurable Attributes

This feature does not require any institutional configurations

Navigation to the Student Financial Planning User Interface Functionality

To View the Loan Fees Via the COA

Student Financial Planning User Interface > Student Record > Financial Information > Packaging > COA > View Details (button)

  1. Search for Student Record by IRN, First or Last Name
  2. Hover over the Financial Information tab
  3. Click Packaging
  4. Click the View Details button under the Package Summary
  5. Review the Loan Fees within the Cost of Attendance table

To View the Loan Fees Via the Disbursement

  1. Navigate to the Student Record
    1. Hover over Financial Information
    2. Click Disbursing
  2. Click the Sequence # for any applicable fund type
  3. Review the Loan Fee/Rebate Details Table