Loan/ReceivableDefinitions - Add Edit Delete

Loan/ReceivableDefinitions

Add Edit Delete

Loan/ReceivableDefinitions Screen Samples

Description

This screen is displayed when clicking on the magnifying glass icon, or the Add icon in the Loan/ReceivableDefinitions List screen. This function is used to enter and maintain information pertaining to the various Loan/ReceivableDefinitions Types that are utilized within the CRC system. Before an Loan/Receivable can be originated or otherwise imported to the CRC system, it MUSThave a corresponding record in Loan/ReceivableDefinitions Types. The data contained in the Loan/ReceivableDefinitions Type record is used to establish provisions of the promissory note such as repayment terms and allowable Benefits/Allowances.

This function enables a user to Add, Edit, or Delete a Loan/ReceivableDefinitions Type record.

· To Add a new Loan/ReceivableDefinitions Type record or Edit an existing Loan/ReceivableDefinitions Type record, follow the Data Entry guidelines and then click on the Save icon in the function bar. Note: There can be Save Errors.

· To Delete a Loan/ReceivableDefinitions Type record follow the Save, Delete Reset, Cancel Guidelines. Note:A Loan/ReceivableDefinitions Type cannot be deleted if there are currently one or more Customer Loan/Receivables associated with the Loan/ReceivableDefinitions type. The associated Customer Loan/Receivables must be removed before the Loan/ReceivableDefinitions Type can be deleted, see Delete Error.

Data Entry

Note:Care should be taken when updating an existing Loan/ReceivableDefinitions Type that has Customer Loan/Receivables associated with it. The changes that are applied to the Loan/ReceivableDefinitions Type will be "applied" to any associated Loan/Receivables as well. This may result in unforeseen consequences when performing Loan/Receivable-based functions.

*Required Fields

Field Name

Purpose/Usage

General Data Section



Lender Name

Institution Name

*Loan/Receivable Name

If the Loan/Receivable Type is "F" (Federal) the Loan/Receivable name must be either "Perkins", "NDSL" or "Defense". This name will be displayed in CRC on the Account Grid and Reports. (Max 10 Characters)

Sub Name

Optional. 2-characters

Vintage

Options. Defines the year and month the Loan/ReceivableDefinitions became effective. (i.e. 201107)

*Display Name
The name by which the debt or Loan/Receivable is referred to by the student or Customer. This will be displayed in Customer Web Access.

*FAO Loan/Receivable Name

Required. This value will be used to match an Origination record (incoming file) to the corresponding Loan/Receivable Definition Type record. If the Origination record does not match to a Loan/ReceivableDefinitions Type record, it will be rejected. (Max 12 Characters)

Priority

Value is from drop-down list. This is used in: (1) sort order on Account grid - numeric then alpha within same group; (2) indicate the relative priority Loan/Receivables of in the Customer's portfolio, in terms of excess payment application when Priority method is selected.

*Loan/Receivable Type

Specific rules based on Loan/Receivable type reside within the CRC application.

F - Federal Loan/Receivables (U.S. Dept of Education)
I - Institutional Loan/Receivables, Short Term Loan/Receivables, Misc Accts Receivable, etc.
H - Health Profession Loan/Receivables (U.S. Dept of Health and Human Services.

Sub-Type Optional. Set to allow grouping of multiple Loan/Receivable Definitions.

Status on Origination

Value is from drop-down list. This value will determine what status Loan/Receivables of this type will be placed in when they are (successfully) originated. See Loan/Receivable Status Codes for more information.

Bill While Enrolled Flag

N/A

*Grace Months

The number of months before a Loan/Receivable enters repayment once it has been exited (no longer in Enrolled-status). Used in setting up the payment plan.

Benefit Extension Months

Used in Benefit processing. The number of months, if any, the base benefit period will be extended for Loan/Receivables of this Loan/Receivable Definition Type.

*Maximum
Repayment Months

Used when calculating the payment schedule for an Loan/Receivable during the exit process (E-status) or at origination (R-status).

Comments

N/A

Online Entrance Interview

N/A

Online Exit Interview

If the value is "Y", Loan/Receivables for this Loan/ReceivableDefinitions will be available for BWA on-line exit completion. The 'Exit an Loan/Receivable' must take place to prompt the process.

AOR

Health Profession Loan/Receivables (H-Type) ONLY. Select the applicable program for the Annual Operating Report.

Include in Clearinghouse

Include Loan/Receivables from this fund if reporting to National Student Clearinghouse.

Full-time required for auto-deferment

N/A

NSLDS Loan/Receivable Type

Applicable to Dept of Education Loan/Receivables (F-Type) ONLY. Select appropriate type.

Exclude from Student System Holds

Used with interface with Banner Student System. Parameters to include are found in Administration/SysConfig/Student System Interface

Credit Bureau Feed

Are these Loan/Receivables to be included in Credit Bureau Reporting process.

Term Schedule (Button) Loan/ReceivableDefinitions may be established and assigned to a specific term. The Term Schedule allows the user to establish a designated ‘Due Date’ for all debt recorded to against the Loan/Receivable Definition and attached to the desired term. Additionally, the Begin and End dates of the term will be attached to the debtor’s record. Multiple Terms may be assigned to a single Loan/ReceivableDefinitions. (See Entry screen below)

To Select a Term- Make selection from drop down.
To Enter Due Date- Enter mm/dd/yyyy

Disburse when

Set the status(es) for when additions and reductions to existing Loan/Receivables are allowed.

Bill Installment less Partial Payment

Determines whether to invoice for full installment or reduced installment if partial payment is received prior to invoice cycle. (Not applicable to Federal Loan/Receivables - must be set to No)

Enable Partial Payments

Value is from the drop down list

Include in BWA

Option to include or exclude Loan/Receivables in this fund in Customer Web Access.

Exit Interview Form in BWA

Select the appropriate exit questionnaire type for on-line exit when the option to include in BWA is Yes.

Automatically Set GL Posted Date Determines whether or not to include Disbursements to this Loan/Receivable fund in Accounting Feed. The presence of a posted date will indicate to the system that this transaction has been previously considered in the financial system through some other process.

Benefits/Allowances Value Section



Cancellation Options

Deferment Options

Postponement Options

Benefit values are maintained in Administration/Benefit Table Maintenance. The values selected here will indicate the Benefits/Allowances that can be applied to Loan/Receivables of this Loan/ReceivableDefinitions Type.

Payment Application Priorities



Priority 1

Priority 2

Priority 3

Priority 4

These values will be used in Payment Processing. A Loan/Receivable payment will be applied to the components of the total amount due in the specified order, until either all monies are exhausted, or the due amount is paid in full.

Typical order of Payment Priority is 1)-Collection Costs, 2)- Late Fees, 3)- Interest, 4)- Principal

Value is from Coded Data Values Pay_Ledger. Selected value cannot be reused for another Payment Application Priority for the same Loan/Receivable Definition Type.

Frequency

Invoice Select from the drop-down list, the frequency of invoicing.

Interest

Interest is assessed on a daily basis. The Interest Frequency represents the assessment rate of a stated flat fee or percentage rate.

Late Charge

Annualized (Daily) is based on the stated Annual Percentage Rate (APR) and assessed on a daily basis. Per Installment and Per Month assess based on a stated flat fee amount once a month.

Method

Invoice

Selection determines the type of notification for invoice... Monthly Bill, Coupon, or ACH.Value is from

Interest
Select from No Interest, Percentage, Flat Dollar Amount, or One Time Fee.

Late Charge
No Late Charge, Percentage, Flat Dollar Amount, Older NDSL/HPSL LC Meth, Suspended by Collections %, Suspended by Collections, $, Suspended by Collections, N.

Amount

Invoice

Amount represents the minimum amount required under the terms of the Promissory Note and is used in the amortization process in conjunction with the Invoice Terms. May be 0.00 or blank for terms of Bal Due in Full.

Interest
Enter the dollar amount of interest when Method is set to Flat Dollar or One-Time Fee

Late Charge

Enter the dollar amount of late charge when Method is set to Flat Dollar or One-Time Fee

Percentage

Interest

Enter the Annual Percentage Rate of Interest when Method is set to Percentage.

Late Charge

Enter the Annual Percentage Rate of Late Charge when Method is set to Percentage.

External Collections Maximum Percentage State the Maximum external collection agency fee assessment percentage allowed under the terms of the Promissory Note (if any). May be blank.

Terms

Invoice

Selection determines the repayment terms of the Loan/Receivable..... Accelerated, Balance Due In Full, Installment, Interest-Only Payments or Thirty Day Net.

Interest Assesment Starts
Select option to define the start point for interest assessment.

Interest Adjusts
Select an event in the life cycle of the debt at which point a new interest rate should go into effect.

Interest Adjusts %

Enter the new interest rate which will go into effect as established on the Interest Adjusts parameter. Numeric/decimal value greater than 0; Ex: 5, 5.25

Late Charge Delay
Specify the number of days delay after the due date for the assessment of a late charge. (Due 1st of month; 0-day delay = assessed on 2nd; 3-day delay assessed on 5th; etc)

Late Charge Limit
Maximum number of late charges that will be assesed over the life of the Loan/Receivable.

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Term Schedule
Loan/Receivable Definitions may be established and assigned to a specific term. The Term Schedule allows the user to establish a designated ‘Due Date’ for all debt recorded to against the Loan/Receivable Definition and attached to the desired term. Additionally, the Begin and End dates of the term will be attached to the debtor’s record. Multiple Terms may be assigned to a single Loan/Receivable Definition.

When clicking the 'Term Schedule' button the user will be presented with the entry screen below.

Successful Term Scheule Update

When the record is updated successfully the user will see the screen below.

Save, Delete Reset, Cancel Guidelines

Save Error

Clicking the Save icon will trigger an edit process that validates the user-entered data. If there are any errors, they will be displayed in a pop-up dialog box as shown in this example:

Click on the OK button to acknowledge the errors and return to the entry form. Modify the field(s) in error and again click the Save button. If there are not any edit errors, the new Loan/ReceivableDefinitions Type information will be written to the database.

Description

Data Entry

When clicking the 'Term Schedule' button the user will be presented with the entry screen below.

Save, Delete Reset, Cancel Guidelines

Save Error

Delete Error

Loan/ReceivableDefinitions Add Screen Sample

Loan/ReceivableDefinitions Edit-Delete Screen Sample

Field Name	Purpose/Usage
General Data Section
Lender Name	Institution Name
*Loan/Receivable Name	If the Loan/Receivable Type is "F" (Federal) the Loan/Receivable name must be either "Perkins", "NDSL" or "Defense". This name will be displayed in CRC on the Account Grid and Reports. (Max 10 Characters)
Sub Name	Optional. 2-characters
Vintage	Options. Defines the year and month the Loan/ReceivableDefinitions became effective. (i.e. 201107)
*Display Name	The name by which the debt or Loan/Receivable is referred to by the student or Customer. This will be displayed in Customer Web Access.
*FAO Loan/Receivable Name	Required. This value will be used to match an Origination record (incoming file) to the corresponding Loan/Receivable Definition Type record. If the Origination record does not match to a Loan/ReceivableDefinitions Type record, it will be rejected. (Max 12 Characters)
Priority	Value is from drop-down list. This is used in: (1) sort order on Account grid - numeric then alpha within same group; (2) indicate the relative priority Loan/Receivables of in the Customer's portfolio, in terms of excess payment application when Priority method is selected.
*Loan/Receivable Type	Specific rules based on Loan/Receivable type reside within the CRC application. F - Federal Loan/Receivables (U.S. Dept of Education) I - Institutional Loan/Receivables, Short Term Loan/Receivables, Misc Accts Receivable, etc. H - Health Profession Loan/Receivables (U.S. Dept of Health and Human Services.
Sub-Type	Optional. Set to allow grouping of multiple Loan/Receivable Definitions.
Status on Origination	Value is from drop-down list. This value will determine what status Loan/Receivables of this type will be placed in when they are (successfully) originated. See Loan/Receivable Status Codes for more information.
Bill While Enrolled Flag	N/A
*Grace Months	The number of months before a Loan/Receivable enters repayment once it has been exited (no longer in Enrolled-status). Used in setting up the payment plan.
Benefit Extension Months	Used in Benefit processing. The number of months, if any, the base benefit period will be extended for Loan/Receivables of this Loan/Receivable Definition Type.
*Maximum Repayment Months	Used when calculating the payment schedule for an Loan/Receivable during the exit process (E-status) or at origination (R-status).
Comments	N/A
Online Entrance Interview	N/A
Online Exit Interview	If the value is "Y", Loan/Receivables for this Loan/ReceivableDefinitions will be available for BWA on-line exit completion. The 'Exit an Loan/Receivable' must take place to prompt the process.
AOR	Health Profession Loan/Receivables (H-Type) ONLY. Select the applicable program for the Annual Operating Report.
Include in Clearinghouse	Include Loan/Receivables from this fund if reporting to National Student Clearinghouse.
Full-time required for auto-deferment	N/A
NSLDS Loan/Receivable Type	Applicable to Dept of Education Loan/Receivables (F-Type) ONLY. Select appropriate type.
Exclude from Student System Holds	Used with interface with Banner Student System. Parameters to include are found in Administration/SysConfig/Student System Interface
Credit Bureau Feed	Are these Loan/Receivables to be included in Credit Bureau Reporting process.
Term Schedule (Button)	Loan/ReceivableDefinitions may be established and assigned to a specific term. The Term Schedule allows the user to establish a designated ‘Due Date’ for all debt recorded to against the Loan/Receivable Definition and attached to the desired term. Additionally, the Begin and End dates of the term will be attached to the debtor’s record. Multiple Terms may be assigned to a single Loan/ReceivableDefinitions. (See Entry screen below) To Select a Term- Make selection from drop down. To Enter Due Date- Enter mm/dd/yyyy
Disburse when	Set the status(es) for when additions and reductions to existing Loan/Receivables are allowed.
Bill Installment less Partial Payment	Determines whether to invoice for full installment or reduced installment if partial payment is received prior to invoice cycle. (Not applicable to Federal Loan/Receivables - must be set to No)
Enable Partial Payments	Value is from the drop down list
Include in BWA	Option to include or exclude Loan/Receivables in this fund in Customer Web Access.
Exit Interview Form in BWA	Select the appropriate exit questionnaire type for on-line exit when the option to include in BWA is Yes.
Automatically Set GL Posted Date	Determines whether or not to include Disbursements to this Loan/Receivable fund in Accounting Feed. The presence of a posted date will indicate to the system that this transaction has been previously considered in the financial system through some other process.
Benefits/Allowances Value Section
Cancellation Options Deferment Options Postponement Options	Benefit values are maintained in Administration/Benefit Table Maintenance. The values selected here will indicate the Benefits/Allowances that can be applied to Loan/Receivables of this Loan/ReceivableDefinitions Type.
Payment Application Priorities
Priority 1 Priority 2 Priority 3 Priority 4	These values will be used in Payment Processing. A Loan/Receivable payment will be applied to the components of the total amount due in the specified order, until either all monies are exhausted, or the due amount is paid in full. Typical order of Payment Priority is 1)-Collection Costs, 2)- Late Fees, 3)- Interest, 4)- Principal Value is from Coded Data Values Pay_Ledger. Selected value cannot be reused for another Payment Application Priority for the same Loan/Receivable Definition Type.
Frequency
Invoice	Select from the drop-down list, the frequency of invoicing.
Interest	Interest is assessed on a daily basis. The Interest Frequency represents the assessment rate of a stated flat fee or percentage rate.
Late Charge	Annualized (Daily) is based on the stated Annual Percentage Rate (APR) and assessed on a daily basis. Per Installment and Per Month assess based on a stated flat fee amount once a month.
Method
Invoice	Selection determines the type of notification for invoice... Monthly Bill, Coupon, or ACH.Value is from
Interest	Select from No Interest, Percentage, Flat Dollar Amount, or One Time Fee.
Late Charge	No Late Charge, Percentage, Flat Dollar Amount, Older NDSL/HPSL LC Meth, Suspended by Collections %, Suspended by Collections, $, Suspended by Collections, N.
Amount
Invoice	Amount represents the minimum amount required under the terms of the Promissory Note and is used in the amortization process in conjunction with the Invoice Terms. May be 0.00 or blank for terms of Bal Due in Full.
Interest	Enter the dollar amount of interest when Method is set to Flat Dollar or One-Time Fee
Late Charge	Enter the dollar amount of late charge when Method is set to Flat Dollar or One-Time Fee
Percentage
Interest	Enter the Annual Percentage Rate of Interest when Method is set to Percentage.
Late Charge	Enter the Annual Percentage Rate of Late Charge when Method is set to Percentage.
External Collections Maximum Percentage	State the Maximum external collection agency fee assessment percentage allowed under the terms of the Promissory Note (if any). May be blank.
Terms
Invoice	Selection determines the repayment terms of the Loan/Receivable..... Accelerated, Balance Due In Full, Installment, Interest-Only Payments or Thirty Day Net.
Interest Assesment Starts	Select option to define the start point for interest assessment.
Interest Adjusts	Select an event in the life cycle of the debt at which point a new interest rate should go into effect.
Interest Adjusts %	Enter the *new interest rate* which will go into effect as established on the Interest Adjusts parameter. Numeric/decimal value greater than 0; Ex: 5, 5.25
Late Charge Delay	Specify the number of days delay *after the due date* for the assessment of a late charge. (Due 1st of month; 0-day delay = assessed on 2nd; 3-day delay assessed on 5th; etc)
Late Charge Limit	Maximum number of late charges that will be assesed over the life of the Loan/Receivable.