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Transfer Monitoring

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Application Processing

When your institution receives financial aid application data from the Central Processing system (CPS) or PROFILE data from the College Scholarship Service (CSS), there is a two-step process for entering the information into FINANCIER.

First, the ADD Import process, which creates entries in the year-specific ISIR table and the ADD table (Federal and/or CSS) to hold the application data. The application data can be reviewed and, if necessary, corrected, using the Federal ADD List and CSS ADD List pages.

Then, when you are ready to begin processing the applications, the data is loaded into FINANCIER’s application processing tables with the ADD Load.

Load processing performs the initial budget calculation and need analysis; activates the student for the award year (so that year-specific processing for that student may proceed); and evaluates the financial aid application status. If your institution made any changes during the ADD stage to federal data that must be reported to the CPS, the Load process stores correction data needed for later formatting and transmittal of the corresponding federal correction records.

Once an ADD record has been successfully loaded you can work with the student’s application data to monitor budget, need and application requirements, review academic progress and veterans’ benefits, and verify federal data.

Student Data

The student, of course, is the focal point of most financial aid business. Application tracking, award packaging and disbursement, CPS communications–all such activities, and the records that support them, are student-centered.

Your institution decides what student-system information is available to FINANCIER, and whether any of it can be updated in FINANCIER, when it customizes and implements the real time Student Interface.
* Demographic
* Academic
* NSLDS
* Aid History
* Event History
* Audit History
* Notes

Direct Loans

FINANCIER™ allows you to:

* Review a student’s loan history (including Perkins, FFELP, Direct, Health Profession, institutional, and other loans) by aid year online.
* Package loans online or through the automated packaging process.
* Automatically distribute loans across terms for recording as awards.
* Track loan entrance/exit interviews and promissory note signatures as disbursement requirements.
* Create and maintain multiple loan origination records online or through the packaging process for subsidized/unsubsidized direct loans, and for PLUS loans.
* Automatically calculate loan origination fees and adjust Cost of Attendance accordingly.
* Certify loans online or through a batch review process.
* Generate, track and manifest Direct loan promissory notes online.
* Export Direct Loan originations, promissory note manifests, corrections, and
disbursements to the servicer.
* Import origination, promissory note, correction and disbursement acknowledgments and reconciliation codes from the servicer.
* Disburse loans directly to student accounts and reconcile funds.

FFELP Loans

FINANCIER™ allows you to:

* Review a student’s loan history (including Perkins, FFELP, Direct, Health Profession, institutional, and other loans) by aid year online.
* Package loans online or through the automated packaging process.
* Automatically distribute loans across terms for recording as awards.
* Track loan entrance/exit interviews and promissory note signatures as disbursement requirements.
* Create and maintain multiple loan applications online or through the packaging process for subsidized/unsubsidized Stafford loans, for PLUS loans, and for alternative loan programs handled by Stafford loan processors.
* Automatically calculate loan origination fees and adjust Cost of Attendance accordingly.
* Certify loans online or through a batch review process.
* Export FFELP loan applications and corrections to the loan servicers or guarantor.
* Import application and correction acknowledgments from the servicers or guarantor.
* Import disbursements from servicer-provided or guarantor-provided EFT file.
* Track receipt of paper loan checks online.
* If appropriate, disburse loans directly to student accounts.

Disbursement

With FINANCIER™ you can:

* Post payment transactions to student accounts both online and in batch.
* Calculate a student’s disbursement status online.
* Produce custom-designed notifications regarding disbursement requirements.
* Automatically verify that all requirements are satisfied before disbursement.
* Define individual funds as disbursable or not.
* Post adjusting entries after initial term disbursements.
* Dynamically update fund management and student award information at disbursement.
* Automatically generate electronic Pell Grant payment records from disbursement activity.
* Participate in electronic funds transfer.

Fund Management

FINANCIER™ makes it easy to:

* Define attributes, awarding criteria, packaging restrictions and disbursement requirements for individual funds.
* Set minimum/maximum award amounts and annual/lifetime program maximums.
* “Freeze” offers or disbursements.
* Automatically replace funds.
* Review dynamically updated fund utilization figures, including unduplicated headcounts, online.
* Review dynamically updated fund recipient rosters online.
* “Roll up” related funds with different requirements to a master fund for reporting.
* Analyze fund usage over multiple fiscal years online.

Awarding / Packaging

With FINANCIER™ you can

  • Package awards based on student characteristics and user-defined criteria.
  • Define unlimited numbers of packaging formulas.
  • Create and update awards online.
  • Automatically distribute awards across terms and disbursement points. Automatically redistribute if changes are made.
  • Produce custom-designed letters to inform students of their eligibility.
  • Track a student’s packaging status online.
  • “Lock” an entire fund or a single student record to prevent further repackaging.

Verification

FINANCIER™ allows you to:

* Tailor the level of verification to your needs–just the federally mandated fields, or additional levels of detail.
* Verify data both online and in batch.
* Define acceptable tolerances for verification fields.
* Compare a student’s applicant and verification data side by side online.
* Overlay federal data with verification data.
* Automatically generate ISIR corrections resulting from verification overlay.

Need Analysis and Calculation

With FINANCIER™ you can:

* Use Federal and Institutional Methodologies.
* Calculate EFC automatically online and in batch.
* Perform unlimited calculation simulations without updating the applicant’s record.
* Automatically recalculate need whenever EFC or Cost of Attendance changes.
* Automatically generate ISIR corrections when changes are made to federal data.
* “Lock” applicant records to prevent further updates.

FINANCIER FUNCTIONALITY