Date post: | 13-Apr-2017 |
Category: |
Education |
Upload: | mrsccarle3 |
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Direct Loan Over Aggregate
Claim Worklist Item
Go to “Pending Worklist” screen and select “claim next item” for Open FOVAGG Chklst Item.
NSLDS
▪ Log into NSLDS ▪ Enter SSN, DOB and
student name from the work list item detail screen.
Save NSLDS Sheet as PDF
Place student’s ASU ID in the SSN field of the NSLDS Loan History PageRight click to open dialog boxSelect Print and change the printer destination to “Save as PDF”Save to S drive in the NSLDS Aggregates Folder for the correct aid year with the student’s ASU ID as the file name (S:\loans\NSLDS Aggregate sheets)
Review File
▪ Go to the “View Financial Aid Status” screen. ▪ Enter the student’s 10-digit Employee ID in the “ID”
field and applicable aid year. ▪ Review the “Comments” field for any pertinent
information regarding previously completed DL Over Limit Review/Warnings.
Calculate Aggregates
▪ Calculate aggregate totals based on dependency status and grade level.
▪ On the NSLDS loan history screen, review the loan totals.▪ Note if the student has
undergraduate and graduate loans▪ Note the totals showing however,
they may be inaccurate. You will need to add the totals for individual loans for both subsidized and unsubsidized in Loan Detail to get an accurate accounting of aggregate loan amounts.
Over Aggregate Resolution
Use the guidelines to calculate the total amount of subsidized and unsubsidized loans as described in the DL Limit Warning Training to determine if the student is actually over their aggregate total or if they have resolved the overage.Possible Resolutions: Reaffirmation
Student may reaffirm the overage through their lender to regain Title IV eligibility Consolidation
Student may consolidate the loan(s) that placed them over their sub and/or total aggregate limit▪ Make a payment to the principal balance of the loan that placed them over
We must be able to see the update on NSLDS If ASU placed them over their aggregate total in current aid year, we can reduce aid to clear
over award If prior institution placed them over the student will need to contact prior institution to
determine their options. Note: Student may not be over their aggregate due to capitalized interest (we would need to determine)
Capitalized Interest
NOTE: When determining if student has capitalized interest you will need to review prior data with the current data which can be viewed in imaged documents under the student’s file as archived NSLDS sheets or through the NSLDS Data in PeopleSoft.
Note the difference of $2 in the subsidized aggregate total. For this student no sub loans had disbursed within the time period that we viewed the previous data; therefore, we must determine what loan has capitalized interest in order to clear.
Prior Data Current Data
Capitalized Interest
NOTE: When determining if student has capitalized interest you will need to review prior data with the current data which can be viewed in imaged documents under the student’s file as archived NSLDS sheets or through the NSLDS Data in PeopleSoft.
Note the difference of $2 in the subsidized aggregate total. For this student no sub loans had disbursed within the time period that we viewed the previous data; therefore, we must determine what loan has capitalized interest in order to clear.
Prior Data
Current Data
Update Incoming Aggregates
Go to the “Update Incoming Aggregates” screen in PeopleSoft. Select the override box to make changes. Include any overage in the student’s aggregate totals so that we don’t award them over their undergraduate or lifetime aggregate limits.
Dependency Status/Career
Calculated Totals to Include
Dependent UndergradSubsidized and Unsubsidized. Do not include unsub denial funds in unsubsidized totals.
Independent UndergradAll Subsidized and Unsubsidized.
GraduateAll Undergraduate and Graduate Subsidized and Unsubsidized.
Post Bac
Undergraduate Subsidized and Unsubsidized. Do not include grad loans in totals.
Review Awards
▪ Go to “Assign Awards” screen in PeopleSoft. ▪ Ensure that the current awards will not place the
student over their aggregate limit. ▪ Validate and Post awards.
Comments
Direct Over Limit
Direct Loan Over Limit Review: Over undergraduate subsidized or total aggregate limit by $ thru ASU, AY. Undergraduate subsidized aggregate limit is $ and the unsubsidized is $. These totals do not include this years loans. Student has remaining $ unsub undergraduate loan eligibility. Sent reaffirmation request to manager.
Direct Loan Over Limit Review: Over undergraduate subsidized limit by $ thru SCHOOL, AY. Undergraduate subsidized aggregate limit is $ and the unsubsidized is $. These totals do or do not (whichever is applicable) include these years loans. Student will need to contact school to resolve overage. Emailed student.
Aggregate limit warning - Student is over their total subsidized aggregate limit by $ thru (school & AY). Current borrowing: $ subsidized, $ unsubsidized. The subsidized and unsubsidized current totals do not include this years loans.
Undergraduate subsidized overage of $ has been reaffirmed through consolidation. Undergraduate aggregate subsidized is $ ; Undergraduate aggregate unsubsidized is $ . Student is only eligible for $ in undergraduate unsubsidized loan monies before reaching their total undergraduate limit.
Completed Direct Loan Over Limit Review; previous comment dated still valid