Overview
Students are able to easily specify the desired amount to increase or decrease borrowing amounts by within the My Borrowing tool if the 'Change My Borrowing Amounts' configuration is turned on. When this configuration is enabled, the student does not see the 'Select My Borrowing Plan 'option after selecting their plan unless specific conditions exist and the 'Re-require' configuration is turned on (see the My Borrowing 'Re-require' configuration).
Accessing 'Change My Borrowing Amounts' tool:
The 'Change My Borrowing Amount' screen is accessible via the 'Change My Borrowing Amount' link on:
- the Financial Aid tile in the Dashboard component,
- the My Borrowing tile in the Financial Aid component, and
- the Regent Plan tile in the Dashboard component, if configured.
Financial Aid tile in the Dashboard component:
The 'Change My Borrowing Amounts' link is only accessible on the Financial Aid tile in the Dashboard component once a Borrowing Plan is selected. If the 'Re-require' configuration is turned on and My Borrowing is re-required, the link does not display until the student confirms their Borrowing Plan.
My Borrowing tile in the Financial Aid component:
The 'Change My Borrowing Amounts' link is only accessible on the My Borrowing tile in the Financial Aid component once a Borrowing Plan is selected. If the 'Re-require' configuration is turned on and My Borrowing is re-required, the My Borrowing tile displays, 'No Plan' and the link is not available until the student confirms their Borrowing Plan.
Regent Plan tile in the Dashboard component:
The 'Change My Borrowing Amounts' link is only accessible on the Regent Plan tile in the Dashboard component once a Borrowing Plan is selected. If the 'Re-require' configuration is turned on and My Borrowing is re-required, the link does not display until the student confirms their Borrowing Plan.
Change My Borrowing Amount Confirm Window
Upon clicking on the 'Change My Borrowing Amount' links from one of the accessible areas listed above, the system displays the 'Change My Borrowing Amount' window. A message displays at the top of the window encouraging a student to review their eligibility prior to making changes to their borrowing amounts. The message displays dynamically in the order and conditions listed below:
| # | Condition | Message Displayed |
|---|---|---|
| 1. | If one or both of the Borrowing Plan options have Remaining Eligibility Available amount greater than $0. | If you would like to increase your borrowing amount listed, please review your eligibility below and enter the amount by which you would like to increase it up to the Remaining Eligibility Available. |
| 2. | If both of the Borrowing Plan options have Remaining Eligibility Available amounts less than or equal to $0. | You do not have any remaining eligibility to increase your current borrowing amount. |
| 3. | If the Total Current Loan accepted amount has not been fully disbursed. | If you would like to reduce your Current Borrowing amount listed, please review your Current Borrowing below and enter the amount by which you would like to reduce it up to the total amount that has not yet been disbursed (Accepted amount minus the Disbursed amount). |
4. | If the Total Current Loan accepted amount is fully disbursed. | Your loans have been fully disbursed and you are no longer able to reduce the borrowing amount for your current loans. |
The selected Academic Year's loan amounts and borrowing eligibility for each Borrowing Plan option display to allow students to easily review current borrowing amounts and make an informed decision.
The following borrowing information is listed:
- Each loan award's Accepted and Disbursed amount
- Total Current Loans Accepted and Disbursed amount
- Remaining Eligibility Available for each Borrowing Plan option
Note: The Remaining Eligibility Available amount is equal to the total eligibility for the Subsidized, Unsubsidized, and Grad PLUS awards minus the Subsidized, Unsubsidized, and Grad PLUS award amounts already accepted.
Two radio buttons are available to make changes to the borrowing amounts.
- Increase Borrowing by this amount
- Reduce Borrowing by this amount
The gross amount of the loan being requested to increase or decrease is entered as a whole dollar amount and the Total Loan Amount is recalculated to include the updated amount. If the 'Increase Borrowing by this amount' is selected and an amount is entered that exceeds the maximum eligibility, a validation message is displayed. If the 'Decrease Borrowing by this amount' is selected and an amount is entered that exceeds the Accepted amount minus the Disbursed amount, a validation message is displayed. The radio buttons are only available if the amount entered meets the validation.
The following message displays at the bottom of the window:
Changes made to your borrowing amount will result in the recalculation of the Total Current Loan amount and the Remaining Eligibility Available. It may also result in a change in eligibility of other awards.
A student is able to confirm the amount by selecting the 'Confirm' button. If a student no longer wishes to change their borrowing amount, the 'Cancel' button can be selected and the student is returned to the component (e.g. Dashboard) from which the link was accessed. If neither the increase or decrease radio button is displayed (does not meet the validation), the 'Cancel' button and 'Confirm' buttons are not displayed.
When the student clicks the 'Confirm' button, the system determines if there is a need to change the borrowing plan by first determining if the active borrowing plan is configured to use 100% of Direct Cost and if the increased award amount entered exceeds the Remaining Eligibility Available for that plan and if the increased award amount entered an eligible amount under the other borrowing plan. The borrowing plan is only changed if an increase is requested that exceeds the maximum eligibility amount under the current borrowing plan and the other plan has eligibility. Reductions to loan amounts do not require a change to the borrowing plan.
The 'Change My Borrowing Amount' loan acceptance window is displayed upon confirming the change. If the increased amount requires a change to the borrowing plan, 'Change of Plan' is displayed above the new borrowing plan name and the following message displays beneath the borrowing plan name:
You have requested an amount that exceeds your current borrowing plan. Your borrowing plan will be updated to the <Packaging Philosophy Display Name> Borrowing plan for the requested amount.
Note: The <Packaging Philosophy Display Name> is the Packaging Philosophy Display Name configured under the Packaging Philosophy.
Change My Borrowing Amount Acceptance Window
If the requested amount does not require a change to the borrowing plan, 'Active' is displayed above the current borrowing plan name.
The system automatically applies requests to increase the borrowing amount using the current packaging rules to increase the accepted award amounts up to the maximum eligible amount for each of the awards (i.e. Subsidized, Unsubsidized and Grad PLUS) in the order specified for the borrowing plan (a.k.a. packaging philosophy).
Example: If the student requested an additional $2,000 and the Subsidized loan has an additional $50, Unsubsidized Loan $1,000, and Grad PLUS $2,000, $50 will first be applied to the Subsidized loan, $1,000 to the Unsubsidized loan and the remaining $950 to the Grad PLUS (assuming the packaging philosophy is configured with Subsidized, Unsubsidized and Grad PLUS order).
The system automatically applies requests to decrease the borrowing amount using the current packaging rules to decrease the accepted amounts up to the current gross disbursement amount for each of the awards (i.e. Subsidized, Unsubsidized and Grad PLUS) in the reverse order specified or the borrowing plan (a.k.a. packaging philosophy).
Example: If the student requested to reduce borrowing by $4,000 and the Subsidized loan has an accepted amount of $3500 (no amounts disbursed), Unsubsidized Loan has $1,000, and Grad PLUS $2,000, $2,000 will first be applied to reduce/cancel the Grad PLUS, $1,000 to reduce/cancel the Unsubsidized loan and the remaining $1,000 to reduce the Subsidized loan (assuming the packaging philosophy is configured with Subsidized, Unsubsidized and Grad PLUS order).
The increased or decreased amount specified is applied to each loan award and displayed in the packaging order along with the Total Loan Amount for the student to review prior to acceptance.
The following message will display beneath the Total Loan Amount:
Note: By clicking ACCEPT you are accepting the total loan amount(s) listed above.
When the student selects the Accept button, the accepted amounts determined above are updated in Regent Award. If a change to the packaging philosophy was required, the packaging philosophy is also updated. The Reject button provides the ability for the student to reject the requested changes. If the student selects the Reject button, the student is returned to the component (e.g. Dashboard) from which the link was accessed.
Notes:
- If a change to the Packaging Philosophy is made, the Changes History log is also updated on the Regent Plan Landing page. See Regent Plan Landing Page.
- For awards created in an initial award status of Accepted (passive acceptance), the Fund Setup configuration must be 'Yes' for Allow Students to Accept Lower Amounts or Decline Awards from the Student Portal. See Fund Setup Data Elements.
