This release item contains the Direct Loan conversion program (WCDLFEEB) to be used in conjunction with release item 1310-01. To complete the loan conversion, follow the instructions in item 1310-01, using the version of WCDLFEEB from this release. (WCDLFEEB, which was originally included in 1310-01, has been corrected in response to client testing, and the errant version has been removed from 1310-01.)
The conversion process modifies FINANCIER to accommodate the change in loan fees for loans whose first disbursement occurs on or after December 1, 2013, ensuring that the fee, rebate and net loan amounts exported to COD are correct for the actual disbursement date. The post-December 1 fee percentages are 1.072 for student subsidized and unsubsidized loans and 4.288 for PLUS loans.
The conversion program excludes from processing any loan that has already been originated or has had an actual disbursement reported, or has canceled disbursements. That is, only loans that have not yet been reported to COD will be processed. You can also set a parameter to bypass an undisbursed loan if the student has other loans of the same type that have been disbursed (that is, has disburseements in the award data for the same fund). Students with loans bypassed for any of these reasons are reported in Student Loans Bypassed (print file 3), by aid year, Student ID and loan type. Processed loans are reported in Student Loans Converted (print file 2), also in order by aid year, SID and loan type.
Via input parameters, you can set an effective date to be used by WCDLFEEB for the date comparison: specify the effective date in the date parameter, and set a flag to indicate that this date should be used as the comparison date. To accommodate the new rate regulation, you will set the effective date to December 1, so that disbursements with dates before December 1 will retain the old rates, and disbursements dated December 1 or later will be converted using the new rates. For example:
2014,F,UG,TRIAL,12/1/2013,Y
The flag set to Y after the date instructs WCDLFEEB to use the parameter date 12/1/2013 as the pivotal date for the rate conversion. If the "use effective date" flag is not included, or is set to N, the current system date is used as the pivotal date.
However, if the conversion is run on or after December 1 -- that is, the system date of the run is the same as or later than the parameter date -- ALL loans that did not actually disburse before December 1 will be converted using the post-December 1 dates.
To set the requirement to check award data and bypass conversion of an undisbursed loan if the student has disbursed loans of the same type, set a flag at the end of the parameter string. For example:
2014,F,UG,TRIAL,12/1/2013,Y,Y