Master Promissory Note (MPN)
The system setup process supports the ability to establish Master Promissory Note as a one-time-only document requirement during the awarding process for loans. This document can be set to prevent disbursement of funds until such time as the document status is set to "Satisfied". The document can be automatically satisfied through the import of PN files from COD.
Reprocess EC and PN Files
The system will match PN and EC records to students who did not exist in the system at the time the COD PN and EC files were imported. Once the student is created in the system, the EC and PN records will be reprocessed via a scheduled process which will match the records to the student. These reprocess Processes can also be initiated from the Processes Menu under "Reprocess Process." The process log will have an entry 'Import COD - Reprocess EC' and details such as the number of processed records.
Linking of the Master Promissory Note (MPN)
The system should, in most cases, automatically link the MPN to a Direct Loan via the COD import process. However, in instances where this has not occurred, you can manually link an MPN to a loan by going to the Loans tab and clicking on the row containing the loan. The details of that loan will be displayed in a series of tabs at the bottom of the page.
To edit the loan, click on the MPN Info tab and then click on the Select MPN icon. If there are existing MPNs for the student in the system you can select from the listing of MPNs or add an MPN. 
Mid-Year Grade Level Increase
Through Institution Setup, the school can configure the system to automatically award an increase in the loan amount based upon grade level progress by setting "Automatically Award Grade Level Progression" to "Yes". If this is done, the system will automatically repackage the student with the grade level increase if transfer credits are submitted and the loan period is still open. Please note, this will not automatically occur in the middle of a loan period for non-transfer credits if the program is configured as "non-term" academic program.
Origination Fee
Loan origination fees are configured in Fund Fee setup. Under the current sequestration rules, the origination fee can change if the first disbursement of the loan occurs before or on/after October 1st. If the loan was originated and originally scheduled to be disbursed prior to October 1st but the disbursement is delayed until on/after October 1st, the system will cancel the original loan and then create a new loan with the appropriate origination fee.
Aggregate Loan Limit
In determining if a student is approaching their aggregate limit in the awarding process, the system utilizes the most recent information from the History tab.
If the ISIR column contains the most recent information, the system utilizes the Aggregate Outstanding Principal Balance amounts from the ISIR. The system will use the Active ISIR in all cases unless the Active ISIR has an NSLDS Database Results Flag Value of "5" in which case Regent Award will use the most recent ISIR that does not have "5" in this field. If the NSLDS FA History File information in Regent is more recent than the most recent ISIR without the "5" flag, the same data will be pulled from the NSLDS file rather than the ISIR. Once the source of the data is determined, "paid" amounts for Regent loans in open academic years are subtracted from the Aggregate Outstanding Principal Balance and replaced with the most current "paid" amounts for those loans within Regent. This is to ensure Regent begins awarding from the most current OPB base.
When the manual option is used on the History tab, the system will take the manual amount entered and add amounts paid since the manual date before calculating remaining eligibility for unpaid disbursements on current loans and for future loans. If the "Always Use Manual' box is selected, the system will always use the values entered to determine the remaining eligibility. If ED reports any changes to the information subsequent to the flag being set, a task to Review Aggregate Limits will be generated.
Loan Proration
In determining if an undergraduate student loan is to be prorated, the system checks to see the remaining portion of the student's program of study contains less than an academic year of units (nonterm), or if the student is not enrolled for a full academic year in terms, or if the academic program itself is shorter than a full academic year in length.
If the remaining portion of the student's program of study contains less than an academic year of units or a term-based student is not enrolled for a full academic year at the end of the program, the system divides the remaining number of units by the number of units in the academic year and rounds this fraction to a two-digit decimal (as shown in the examples in the FSA Handbook). The system then multiplies the annual loan limit by this decimal.
If the academic program is shorter than a full academic year in length, the system then divides the remaining number of units by the number of units in the academic year and rounds this fraction to a two-digit decimal (as shown in the examples in the FSA Handbook) the system. Secondly, it divides the remaining number of weeks by the number of weeks in the academic year and rounds this fraction to a two-digit decimal. The system then multiplies the applicable annual loan limit by lesser of these two decimals.
When a nonterm student does not have full course registration in a Short Program or Remaining Period of Study (RPS) AY, the system anticipates a proportional number of weeks in the final RPS AY based on the anticipated remaining units. When the student registers for courses, the system adjusts the units, weeks, and Payment Period dates based on the student's course registration.
Based on guidance received from the Department of Education, if the student's final nonterm RPS AY on the Academic Plan is one-half of the program's defined Academic Year length (or less) in either units or weeks, the system will create only one Payment Period in that final RPS Academic Plan Year. If the nonterm student's RPS is greater than half of an AY, in both units and weeks, the system divides that RPS AY on the Academic Plan into two Payment Periods. Unless the user has overridden the number of PPs (see below), the system will automatically adjust the number of Payment Periods. Whenever the number of Payment Periods changes for a final Academic Year on the Academic Plan, the system records the change in the student's Activity Log. Note: Only the Academic Year length on the Academic Plan changes when a student is not enrolled for a full Academic Year. The Academic Year as defined for the student's program does not change.
The system allows schools to choose either 1 or 2 Payment Periods in a Non-Term student's RPS Academic Year. This feature is helpful for schools who need to adjust a student's Academic Plan when the student's data does not match external system data. The option only changes the number of Payment Periods when a student has less than a full AY in units or weeks in their final Remaining Period of Study. The calculated AY length remains the same; only the number of Payment Periods changes. If the AY is not the final AY in the student's program, the setting has no effect.
To apply the 1-or-2-PP override, an option is available by adding or editing a Manual Academic Year in the Program Management Wizard (PMW). In the Modify Student Academic Year –Non-term section of the PMW is a field called, "Number of Payment Periods in the Final Academic Year." The available options are: "managed by the system," "1 Payment Period," or "2 Payment Periods." Normally, the system manages the number of payment periods in the student's final Academic Year ("managed by the system"). If the "1 Payment Period" option is chosen, then the final RPS AY will have only one Payment Period. If the "2 Payment Periods" option is chosen, then the final RPS AY will have two Payment Periods. The system will also note the override in the student's Activity Log.
When the system determines an RPS Academic Year has 1 or 2 PPs, and no override exists, the system will apply the same 1-or-2-PP logic regardless of whether the Academic Year has a Manual Academic Year (also known as a Student BBAY Modification or SBM). the system does not use the Manual Academic Year units and weeks for allocating the number of Payment Periods in the final Academic Plan Year.
Term-based payment periods are determined, as usual, by the terms in the loan period.
Loan proration does not apply to Graduate students.
Closed Loan Periods
When a payment period other than the first payment period in a loan period becomes ineligible for Direct Loans (Sub, Unsub, Parent PLUS and GradPLUS) for any reason, the loan period is truncated to just the eligible period(s). Once a loan period has been truncated to end in the past, that loan period is now over and increases cannot be originated for that period. In other words, the eligibility that once existed in subsequent payment periods cannot be shifted to the closed loan period once the subsequent payment period becomes ineligible. This functionality applies for both term-based and nonterm payment periods.
Additional Unsubsidized Eligibility
A school will make a determination that the Parent was denied a PLUS Loan, was not able to obtain an endorser and the student would like to have an Unsubsidized Loan. Once this is done, the school would cancel the PLUS award using the Modify Award Wizard from the Award Tab and then go the student's Loan tab and check the Additional Eligibility Indicator on the Unsubsidized Loan record for the appropriate loan period. The system will then package the student with the additional Unsubsidized Loan eligibility.
Changing a Loan Period or Academic Year
The ability to change the loan period for a loan, adjust the loan period or to create two single term loans is accessed through the Program Management wizard on the Academic Plan tab. For the Action Type, select Manage Academic Years/Loan Periods.
The wizard then displays the information related to the student's current awards, program, and academic years. 
Abbreviated Loan Periods
In order to support financial aid for nonterm external transfer students who received aid at their prior school, or who are transferring from a term program into a nonterm program at the same school, the open or overlapping AY for the prior program is accounted for using an "Abbreviated Period." Abbreviated Periods maintain aid for open/overlapping Academic Years (short BBAYs) allowing the students to finish their remaining AY aid eligibility at this institution.
The Program Management Wizard (PMW) allows for the manual creation of the abbreviated period. If the "Has Abbreviated Period" checkbox is selected, you will see a grid containing "NSLDS Awards from Other Institutions" in the 'Add/Modify Academic Year' modal window within the PMW. If FAH or TSM files from NSLDS were imported, the grid will display award data for DL Subsidized and DL Unsubsidized awards whose academic year start and end dates contain the program start date (anticipated program start date if the actual program start date is not available) of the program selected on the "Add Academic Year" Modal window. The grid displays the total amount that the student was awarded for this fund during the AY, based on NSLDS FAH data in the Total Used column. The grid also enables the user to override the amount for the award. If no FAH or TSM files from NSLDS were imported, the grid will display DL Subsidized and DL Unsubsidized awards names only and the ability to enter the "Override Amount" of each fund for the academic year. The override amount entered is used to reduce the student's eligibility during the AY. The system uses this amount when entered, otherwise, the system will use the 'Total Used' amount from NSLDS to reduce the student's eligibility for the AY. A new activity log entry is generated for the student when the "Override Amount" value is edited on the "Add Academic Year" modal window in the Program Management Wizard. The "Program Start / Re-entry Date" field is editable to allow you to override the date. If you change the date value, a "recalculate" button will appear to the right of the field. Upon selecting the "recalculate" button, the system will re-query the NSLDS data based on the new date value entered.
The system can alert the school to the overlapping of prior AYs in different ways. When data is imported from NSLDS (the FAH or TSM file), the system will generate the "Review Overlapping Academic Year from NSLDS" task when it detects that the student's Academic Year start date in the system falls within the academic year start date and the academic year end date of an award on the NSLDS history file. Alternatively, you may be alerted to this scenario as a result of the import of a new ISIR via the "Review Overlapping Loan Period from ISIR" task.
Once the task has been triggered, the school will use the Program Management Wizard to manually modify the student's Academic Year in the system, and designate that SBM (Student BBAY Modification record, or manually adjusted Academic Year) as an "Abbreviated Period."
When "Has Abbreviated Period" is checked, the marked Academic Year is flagged as an "Abbreviated Period." You must adjust the Academic Year start and end dates to align with the open AY on the student's NSLDS record at the student's prior institution.
Schools have the ability to set up separate disbursement schedules for these abbreviated periods. The disbursement schedule supports Abbreviated Periods greater than four months in length, or Abbreviated Periods less than or equal to four months in length. The Disbursement Schedule options allow a school to disburse based weeks.