Campus Solutions supports CommonLine as the standard protocol for processing Federal Family Education Loan Program (FFELP) and alternative loans. The system supports both versions of CommonLine; the newer Common Record CommonLine (CRC) and the older CommonLine 4 (CL 4). The CommonLine version you use depends on the version supported by your lenders, guarantors and loan servicers. Although most loan agencies will support processing loans under CRC to use improved features, some agencies may not yet be able to process loans under the newer protocol. Schools can process loans under CL 4 and CRC simultaneously.
Processing of CommonLine FFELP and alternative loans follows the same business process flow for both versions:
1. Student accepts the loan offer made on their financial aid package.
2. The Loan Origination process detects the student’s newly accepted loan and calculates application information such as total loan amount and period, disbursement amounts and dates, loan servicers, processing type, and whether to process as a CRC or CL 4 loan. The calculated information is stored on the loan origination application tables.
NOTE. If a Promissory Note is submitted to the school before the loan is originated, the information will be used during origination.
3. Loan Validation is run to check the loan application for data discrepancies. Loans failing validation will be reprocessed in subsequent runs until validation is reached.
4. Validated loans are processed into outbound staging tables using the CommonLine Loan Outbound process.
5. The Application File Creation process creates loan application files using the staging table information. CRC generates files in XML format while CL 4 uses ASCII files.
6. After you submit the application files to the loan servicers, they are processed and you are notified using receipt of response files for each loan processed.
Upon completion of this lesson, you will be able to:
• Enter CommonLine promissory note data.
• Originate a CommonLine loan.
• Review loan origination information.
• Validate CommonLine 4 loans.
• View a student's originated loans.
• Adjust CommonLine loan disbursements manually.
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