Loan Processors

You can use the Loan Processors page to configure the information and fees for providers, servicers, and guarantors for student loans.

Prerequisites

You must have Financial Aid - Configuration - Manage authorization.

Access Method

Select the Configuration tile > expand Financial Aid > select Loan Processors.

Procedure to Add or Edit Items

1. Review the values of the records in the grid.

2. If you want to:

   • Add a new list item, select the New button on the toolbar

   • Add a new list item by copying and modifying an existing list item, select the row in the list and the Duplicate button on the toolbar

   • Edit an existing list item, select the Name in the list

3. Review, specify, or change the following values.

Active Specifies whether the associated record is active. City The name of the city. Code The alphanumeric code assigned to the item by your institution. In most cases, codes must be unique. CommonLine Recipient The recipient of the CommonLine file. Recipients are configured by your institution. Country The country of residence. If you are specifying a country, it defaults to the country for the campus. The country also determines the format of phone numbers. If you change the country, the phone numbers are automatically reformatted to the format for that country. Default Guarantor Code If you selected Lender in the Type list, specify the Guarantor Code for the default Guarantor that this lender uses. Default Servicer Code If you selected Lender in the Type list, specify the Servicer Code for the default Servicer that this lender uses. Direct Loan Select Yes to specify that this is the lender record for Direct loans. If you select Yes, the lender is the Department of Education (ED). The fees and interest rates are regulated by the Department of Education, current in Anthology Student, and cannot be configured. Guarantor Id If you selected Guarantor in the Type list, specify the unique 3-character identifier for the guarantor.

Lender/Servicer Number Unique number that identifies the servicer or lender. Name The descriptive name of the item. Non-ED Lender Branch Number If you selected Lender in the Type list, specify the unique 4-character identifier assigned to the lender's branch office. It must be assigned by an entity other than the Department of Education (ED). Send Refunds If you selected Yes in the CommonLine Recipient list, select the check box if the refunds should be sent using change transaction records. State If within the United States, the name of the state. Street Address The street address. For student addresses, if an address has more than 40 characters, the additional characters in the address line will not be extracted to be sent to COD but will be truncated. Type Select all types that apply. The values are Guarantor, Lender, and Servicer. The default for new records is Lender. The selected Type value determines which fields on the form are enabled or disabled. ZIP Code/Postal Code The postal code for the address. If you are specifying an address, you must specify a value for City or State. If you specify a city or state or both, the list contains the valid ZIP codes.

4. Under Payment Information, take the appropriate action. If you: 

   • Want to use the same address that you specified for the loan processor for payment information, select Copy Loan Processor Address

   • Do not want to use the same address, specify or change the values

     Payment City The name of the city. Payment Country The country of residence. If you are specifying a country, it defaults to the country for the campus. The country also determines the format of phone numbers. If you change the country, the phone numbers are automatically reformatted to the format for that country. Payment State If within the United States, the name of the state.

     Payment State If within the United States, the name of the state. Payment Street Address The street address. For student addresses, if an address has more than 40 characters, the additional characters in the address line will not be extracted to be sent to COD but will be truncated. Payment ZIP Code/Postal Code The postal code for the address. If you are specifying an address, you must specify a value for City or State. If you specify a city or state or both, the list contains the valid ZIP codes.

5. Under Payment Information, specify or change the remaining values.

   Default Return Method The return method for the refund. The return methods are Check, Master Check, EFT, and Net. Note Area that displays, or that you can use, to specify comments or additional information. Other Contact A secondary contact for the institution. Payment Customer Service Phone Number If different from the number you specified for Payment Phone Number, the phone number for the Customer Service office. Payment Email Address The email address. Payment Fax Number The number where a facsimile (fax) can be received.

   Payment Post-Claims Phone Number If different from the number you specified for Payment Phone Number, the phone number for the Post-Claims office. Payment Pre-Claims Phone Number If different from the number you specified for Payment Phone Number, the phone number for the Pre-Claims office. Payment Other Phone Number A secondary phone number for the institution. Payment Phone Number The phone number. The format depends on how your institution configured phone numbers (such as whether phone numbers use parentheses and hyphens). Primary Contact The primary contact at the institution.

6. Select the Save button.

   If you select Lender in the Type list and No in the Direct Loan list, Anthology Student enables Fees and Interest Rates. (If you did select Yes, the fees and interest rates are regulated by the Department of Education, current in Anthology Student, and cannot be configured.) 

7. Expand Fees and Interest Rates and specify or change the values.

   The Fees and Interest Rates section is enabled only when the Lender or Guarantor is selected in the Type list.

   Number of Monthly Payments The number of monthly payments required to repay a loan offered by this lender. Payment Interest Rate The interest rate the lender charges for loan repayment. The value in this field and the value in the Number of Monthly Payments field are used to calculate the estimated monthly payments in the Exit Interview report. Primary Fee Description of the primary fee charged by the institution for the loan. Primary Fee Amount For primary fees, specifies the amount. If you selected Percentage in the Primary Fee Type list, specify a percentage. If you selected Flat Amount in the Primary Fee Type list, specify an amount in the Primary Fee Amount field.

   Primary Fee Type For primary fees, specifies the type. Select Percentage to enter a fee based on a percentage of the gross loan amount and specify a percentage in Primary Fee Amount. Select Flat Amount if the value you entered is in dollars and applies to all loans equally and specify an amount in the Primary Fee Amount field. Secondary Fee Description of the secondary fees charged by the institution for the loan (if any). Secondary Fee Amount For secondary fees, specifies the amount. If you selected Percentage in the Secondary Fee Type list, specify a percentage. If you selected Flat Amount in the Secondary Fee Type list, specify an amount in the Primary Fee Amount field. If you specify a percentage or amount in this field, the borrower charged both fees. Secondary Fee Type For secondary fees, specifies the type. Select Percentage to enter a fee based on a percentage of the gross loan amount and specify a percentage in Secondary Fee Amount. Select Flat Amount if the value you entered is in dollars and applies to all loans equally and specify an amount in the Secondary Fee Amount field.

8. If you want to save and: 

   • Continue making changes, select the Save button

   • Continue to add another item to the list, select the Save & New button

   • Close, select the Save & Close button