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Release Notes: Item 2309-01

2023-24 Direct Loan Fees

This release upgrades FINANCIER to accommodate the loan fees for loans whose first disbursement occurs on or after October 1, 2023. The post-October 1 fee percentages are 1.057 for student subsidized and unsubsidized loans and 4.228 for PLUS loans. Although the rates have NOT CHANGED for this new effective date, we are still updating the software to show the new effective date and continued rates. The rates and effective dates are entered in WFLNFEEL. The conversion program WCDLFEEB examines existing loans to ensure that the fee, rebate and net loan amounts exported to COD are correct for the actual disbursement date but will NOT need to be run this year.

The conversion program will NOT need to be run, given that the rates will be same after October 1, 2023 as they are before.

Implementation Notes