Loan Default Values

You can use the Loan Default Values tab on the CommonLine page to configure borrower and loan information for specific fund source types.

Prerequisites

You must have Financial Aid - Settings - Manage authorization.

You should be familiar with the Background for Other Loans.

Access Method

Select the Settings tile > expand Financial Aid > select CommonLine.

Procedure to Configure Loan Default Values

  1. Select the Loan Default Values tab.

  2. Specify the following values:

    CommonLine System IDClosed Indicates the CommonLine System identification number. The CommonLine System ID will be created for each loan that is extracted by the process that creates the Application Send file. This ID cannot be edited here. If a new loan is added or the contents of the CommonLine Loan ID is null, Anthology Student displays NOT CREATED.

    Fund Source TypeClosed Specify the type of fund sources.

  3. Under Borrower Information, specify the following options.

    Borrower Default/Ref CodeClosed Indicates the code assigned to the borrower. The options are Yes or No. This field is enabled only if the borrower is not the student.

    Borrower Interest IndicatorClosed Indicates the status of the interest indicator for the student. The options are Yes or No.

    Borrower Reference CodeClosed Indicates the status of the reference information on the application. The options are Yes which specifies that reference information on the application is complete or No which specifies that it is not complete.

    Borrower US Citizen CodeClosed Indicates the citizenship status of the borrower. This field is enabled only if the fund source type for the loan is configured as LOANNB or LOANNNB and the borrower is not the student, or the fund source type is PLUS. The options are US Citizen, US National, Permanent Resident of Palau, or Eligible Non-Citizen.

    Deferment Request CodeClosed Indicates whether there is a deferment request code. This field is enabled only if the fund source type configured for the loan is LOANNB, LOANNNB, PERKINS, or PLUS.

    Student Default on LoansClosed If the student is not the borrower, specifies whether the student is in default on loans. The options are Yes or No.

  4. Under Loan Information, specify the following options.

    Default Process TypeClosed Select the default process type that will be performed by the recipient when receiving applications. The options are School certification request, Guarantee loan only, Guarantee loan (prior to receipt of a promissory note) and print application/promissory note, Print application/promissory note and guarantee loan (after receipt of a promissory note) and Print application only. If a loan is being added, this field reverts to the default processing code specified for the recipient of this loan record.

    Default Prom Note Delivery CodeClosed Indicates the preferred method of delivering the promissory note to the borrower. The values are Email, Paper, and Web.

    EFT Authorization Closed Specifies whether electronic funds transfer (EFT) has been authorized. This field is enabled only if the fund source type configured for the loan is LOANNB, LOANNNB, PERKINS, or PLUS.

    Serial Loan CodeClosed Indicates how the school intends to use the Master Promissory Note. This field is enabled only if the fund source type is SUB, UNSUB, or PLUS. The options are Use a New MPN or Renew Existing MPN.

    Valid Promissory NoteClosed Indicates whether your loan has a valid, signed promissory note. The values are Yes or No.

  1. Select Save to save the changes.