9.2 Update Student Loan Interest Rates on the College Financing Plan
Purpose: Use this document as a reference on how to update student loan interest rates on the College Financing Plan
Audience: Financial Aid Staff responsible for updating consumer information
You must have at least one of these local college managed security roles:
- ZC FA Local Configuration
- ZD FA Local Configuration
- ZD SACR Financial Aid Config
If you need assistance with the above security roles, please contact your local college supervisor or IT Admin to request role access.
Updating your College Financing Plan
Navigation: Nav Bar > Navigator > Set Up SACR > Product Related > Financial Aid > College Financing Plan
- At the College Financing Plan Search Criteria page, enter the:
- Academic Institution
- Aid Year
- Select the Search button.
- At the College Financing Plan page, select the forward arrow to toggle over to the Interest Rates and Work Hours tab.
- At the Interest Rates and Work Hours tab, in the CFP Interest Rates group box, enter in the new Interest rate in both the Fed Direct Subsidized Loan field, and the Fed Direct Unsubsidized Loan field.
- In the CFP Origination Fees group box, enter the current Fed Direct Loan Sub Loan Orig Fee, and the current Fed Direct Loan Unsub Loan Orig Fee into the fields.
- Select the Save button to accept your changes.
Note! The Fed Direct Sub Loan Orig Fee and Fed Direct Unsub Loan Orig Fee fields may prompt an error message when entering in the exact value for the Loan Orig Fee: "Number field format error. This field accepts unsigned number. Format: Up to 2 digit(s) before the decimal and 2 digit(s) after the decimal symbol."
Solution: Round up wherever possible. i.e., if the Loan Orig fee is 1.057%, enter 1.06
- End of procedure.
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