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Version 4.8 of Regent award extends automation for R2T4 and loan aggregate calculation financial aid processes.
FREMONT, CA: Regent Education announced the release of Award Version 4.8 that extends potent automation for R2T4 processes across all enrollment types. The platform also increases automation for Loan Aggregate Calculations, an ability that helps make individual institutions do not over the award.
Extended R2T4 Automation
Automated R2T4 Post Withdrawal Disbursements: The organization’s previous release supported R2T4 in cases when the pupil’s financial aid for the R2T4 period was entirely earned and fully distributed. The new version extends the automation to support R2T4s that effects in Post Withdrawal Disbursements (PWDs). Currently, for any enrollment model, Regent Award will automatically process the full R2T4 and decide which PWD disbursements are qualified to be disbursed or presented to the learner. Following the process, the platform will either generate an offer communication or disburse them.
Latest PWD’s Do Not Offer, and Cancellation Attributes:
The improvement will eliminate the hours that organizations spend checking to see if PWDs can be presented to pupils. Besides, the advancement also tracks offered loans to make sure that they are canceled when not accepted. In addition, the new version lets institutions to organize different offset dates at which point any unaccepted PWD offers will automatically be withdrawn. The configuration preference accommodates organizations to process disbursements to borrowers who respond after the official PWD deadline.
Extended Aggregate Loan Computation Automation:
With the announcement of 4.8, the enterprise has moreover reduced the manual research required to avoid under and over awarding in unique loan aggregate cases. Regent Award has restructured the treatment of the National Student Loan Data System (NSLDS) aggregate data to house any disbursements. The expenses include open loan periods broadcasted to the US Department of Education’s Common Origination and Disbursement (COD) system. Additionally, the system contains spending that is not processed from COD to NSLDS in time that needs to be incorporated in the Financial Aid History file or ISIR. The release also includes a new task notification to consumers when new NSLDS data includes a loan with awaiting disbursements processed by another organization.
See Also: Financial Services Review