When all of the required information is complete, it is time to originate the loan.
Select Process, Originate on the menu bar.
When originating a subsidized loan, EDExpress prompts you to create an unsubsidized loan if you selected that option in COD setup.
For more information, see the DL lesson DL Setup - Required.
Select Yes.
The loan has successfully been created in EDExpress.
Select OK.
The subsidized loan has been originated. You will be able to originate the unsubsidized loan later. It is important to remember that the loans are considered "originated" in the EDExpress software only. You still must export the origination record from EDExpress and the loan data must be sent to COD and accepted at COD to originate a loan.
Select OK.
The last of the three sections is the Loan Information section. This section is populated after the loan record has been originated and updated after the origination record has been sent to, and a response received from, COD.
After the loan is originated, the Origination Date is populated, the Status is set to R, and Export to COD is set to Y, meaning it is ready to send to the processor. This information will be sent out in a batch of data once the export process is performed.
Since you chose Yes in the Create Unsubsidized Loan dialog box, another loan was created in EDExpress. The unsubsidized loan has its own record on the Direct Loan tab, but is only partially complete. You must enter the missing data.
Select Record, Next on the menu bar to navigate to the unsubsidized loan record.
The unsubsidized loan has the same loan period as the subsidized loan, and the Loan ID has a "U" in it, indicating that it is an unsubsidized loan.
Enter 5000 in the Loan Amount Approved field.
The CPS Transaction # needs to be entered before the record can be originated.
Enter 01 in the CPS Transaction # field.
The Add'l Unsub Eligibility for Dependent Student? check box allows you to indicate if a dependent student is eligible for additional Direct Unsubsidized loan funds. This field is displayed only if the student's Dependency Status is D, Dependent.Like the subsidized loan, the unsubsidized loan needs to be originated.
Select Process, Originate on the menu bar.
Again, remember that the loan is considered "originated" in the EDExpress software only. Once the transaction is sent to COD and accepted at COD, it will be originated.
Select OK.
Select File, Close on the menu bar.
|
|
|
|
|
|
|
|