My Borrowing
- Jennifer Flora Black
- Heather Smith
- Sharon Clough
- Jennifer Dewey
Overview
My Borrowing provides students with the ability to select a borrowing plan based on an informed decision. My Borrowing is configurable and extends from My Plan helping students borrow only the amount of financial aid they need. It provides visibility into alternate financial aid packaging options such as Direct Costs versus Maximum Borrowing so students understand the implications of each. In addition, it helps students understand overall debt management for the financial aid year or degree program, so they can make optimal borrowing decisions.
Accessing My Borrowing
The My Borrowing page is accessible via:
My Borrowing tile in the Financial Aid component
Financial Aid tile on the Dashboard landing page
Regent Plan tile on the Dashboard landing page
My Borrowing is not available if configured with a document that has “Block My Borrowing Tool” selected.
Instructional Message
Schools have the option to configure an Instructional Message with custom text that will display when a student accesses the My Borrowing page. The message will display at the top of the My Borrowing page. If the Instructional Message is not turned on, no message will be displayed.
Academic Year
An Academic Year section with the ‘Academic Year tile’ displays and is informational only.
The Academic Year tile displays:
Program Name
Academic Year, listing the Academic Year as the Term Display Name from Regent Award Term Setup for the Begin Date and End Date from Regent Award Term Setup, or if no Term Display Name is configured, the Term Name is used. Nonterm programs will always display the payment period start and end dates for the Academic Year range.
A dropdown that toggles between the Academic Years. This depends on the StudentX Financial Aid Academic year configuration for ‘Current AY and one Future AY’ or ‘All Academic Years’.
My Borrowing
A My Borrowing section will display with the ‘Select a Borrowing Plan’ tile. Only two Borrowing Plan options display from left to right based on the Packaging Philosophy configuration.
The Borrowing Plan option sub-tile will display as follows:
The Packaging Philosophy display name appears at the top of each of the Borrowing Plan options. (If the student has already selected a plan, an 'Active' indicator will display to the right of the name of the selected plan.)
Below the Packaging Philosophy display name, 'Costs and Awards' section title display with the following listed beneath:
'Estimated Direct Costs' and amount (only displayed for Direct Cost Packaging Philosophy)
'Less Other Financial Aid' and the amounts
'Amount Needed for Direct Costs' and the amount
'Plus Estimated Indirect Costs' and amounts (this will only display for Borrowing Plans where the Packaging Philosophy Sub, Unsub, and Grad PLUS are not all configured as 100% of Direct Costs)
'<Packaging Philosophy Display Name> Amount' and amount
Below the Costs and Awards section, 'Annual Borrowing' title displays with the following:
'Amount Accepted' and amount
‘Amount Remaining’ and amount
Borrowing Tile Costs and Awards configuration messaging displayed:
In Regent Award, under Institution Setup>Regent Plan tab>My Borrowing>Academic Year Settings section, the user has the ability to select ‘Static’ or ‘Dynamic’ messaging via the ‘Messaging Logic for 'Select a Borrowing Plan' Tiles’ field.
When ‘Dynamic' is selected, if the total (offered) award amount > Direct Costs for the plan, then the ‘Over Direct Costs for Academic Year Text’ field text in Institution Setup is displayed for the plan tile. If the total (offered) award amount <= Direct Costs for the plan, then the ‘Under Direct Costs for Academic Year Text’ field text in Institution Setup is displayed for the plan tile. Users can enter '{OverUnderDirectCost}' within the text to populate the dollar amount by which the award is over or under the Direct Costs amount.
Depending on configuration, Loan Fees may also be included in the OverUnderDirectCost value. Calculated loan fees are applied when the system is configured to ‘Package Using Actual Loan Fees' and AY Start Date is on or after the configured date in ‘AY Start Date for Packaging Using Actual Loan Fees.’
When 'Static' is selected, text entered in the 'My Borrowing Packaging Philosophy Display Order 1 Text' box in Institution Setup will display within the tile on the left (top for mobile). Text entered in the 'My Borrowing Packaging Philosophy, Display Order 2 Text' box in Institution Setup will display within the tile on the right (bottom for mobile).
View Details link displayed that opens up the details section
Select Plan button is displayed
Configurable text displays at the bottom of the screen below the Borrowing Plan option sub tiles.
The 'Decline Loans' link displays
In Regent Award, under Institution Setup > Regent Plan > My Borrowing > Decline Loan Settings, the user has the ability to configure the ‘Decline Loans Header Text’, ‘Decline Loans Display Text’ and ‘Display Decline Loans Box Above My Borrowing Options’.
Select Plan
When a user clicks the Select Plan button on one of the Borrowing Plan tiles, the Select Plan pop-up appears. The Select Plan pop-up screen allows the user to review or make changes to the loan amounts for the selected Borrowing Plan prior to accepting the plan and awards. The Select Plan pop-up will display as follows:
Borrowing Plans that are the current plan in effect for the Academic Year display ‘Active Plan’ at the top of the Select Plan Pop-up screen based on the default Packaging Philosophy configured or the Borrowing Plan previously selected by a user.
The name of the Borrowing Plan selected, which is the ‘Packaging Philosophy Display Name’ configured in Regent, displays in a shaded box across the top of the pop-up screen.
The configured messaging for the Borrowing Plan displays beneath the Borrowing Plan name.
In the event an award is subject to a closed loan period or has a disbursement set by an R2T4 in the Academic Year, a dynamic section with an informational icon and message displays beneath the configured messaging as follows:
If an Accepted award is listed: The accepted award(s) below cannot be updated at this time.
If an Offered award is listed: The offered award(s) below may no longer be available. Please contact your <office name> for assistance.
Each of the award(s) that are subject to a closed loan period or set by an R2T4 display with the award status and accepted amount in the dynamic section beneath the messaging.
Each loan award available for acceptance is listed in the order of the selected packaging philosophy (a.k.a. Borrowing Plan). Only Federal Direct Subsidized Loans, Federal Direct Unsubsidized Loans, and Federal Direct Graduate PLUS loans in an 'Offered' or 'Accepted' status are listed. All loans display with the configured ‘Fund Display Name’ or ‘Fund Name’ in Fund Setup.
A Maximum Amount and a Specify Lesser Amount radio button are available for each loan award listed. The screen will default to the Maximum Amount and list the maximum eligibility of the loan award for the selected Borrowing Plan. A lesser amount may be entered for an award by selecting the Specify Lesser Amount and entering in a $0 amount or a minimum whole dollar amount equal to $1 per term (e.g. A Fall/Spring Academic Year requires a minimum of $2). Note: The user is required to accept the full amount of a Federal Direct Subsidized Loan being offered prior to accepting any portion of a Federal Direct Unsubsidized Loan.
The Total Loan amount is equal to the sum of all loan award amounts selected or entered as well as awards listed that are unable to be accepted at this time. For example, if the user selects the Maximum Amount for the Federal Direct Subsidized Loan of $3,500.00 and Specify Lesser Amount of $500.00 for the Federal Direct Unsubsidized Loan and a Federal Direct Unsubsidized Loan that is unable to be accepted is displayed in the amount of $500.00, the Total Loan Amount displayed will be $4,500.00.
The following messaging displays above the CANCEL and ACCEPT buttons: NOTE: By clicking ACCEPT you are accepting the total loan amount(s) listed above.
The CANCEL button allows the user to cancel out of the selected Borrowing Plan and returns the user to the My Borrowing main page.
The ACCEPT button accepts the Borrowing Plan and each loan award amount listed. Upon acceptance, the selected Borrowing Plan is tracked for visibility in the Changes History log on the Regent Plan Landing page. All accepted awards and updates to award amounts are visible within the Financial Aid component and Regent Award. Award amounts are not updated for awards that are unable to be accepted due to a closed loan period or having a disbursement set by R2T4.
Example of My Borrowing Acceptance for awards in an 'Offered' status with a closed Loan Period:
Example of My Borrowing Acceptance for standard awards that are able to be accepted:
Details
The '<Packaging Philosophy Display Name> Details' section displays with the following subsections:
Estimated Direct Costs
Header Row displays:
Estimated Direct Costs
Each Payment Period/Term
Start and End Date are listed for non-term programs
Term Display Names (if configured, otherwise Term Names) are listed for term-based programs
Total
Each Cost Item configured as a 'Direct Cost' is listed
Each Cost Item is broken out by PP/Term amount and total amount
Estimated Loan Fees
A separate line item will display fees for each direct Subsidized, Unsubsidized, or PLUS loan packaged within the selected academic year.
Total Estimated Direct Costs
Total Direct Costs are broken out by PP/Term amount and total amount
Depending on configuration, the calculated Loan Fees are also included in the ‘Amount Needed to Cover Direct Costs' and ‘Amount In Excess of Direct Costs.' These fees apply to Direct Costs when the system is configured to ‘Package Using Actual Loan Fees' and AY Start Date is on or after the configured date in ‘AY Start Date for Packaging Using Actual Loan Fees.’
Estimated Indirect Costs
Header Row displays:
Estimated Indirect Costs
Each Cost Item not configured as a 'Direct Cost' is listed
Total Estimated Indirect Costs
Total Indirect Costs are broken out by PP/Term amount and total amount
Estimated Total Costs to be covered
Total Direct Costs and Indirect Costs are broken out by PP/Term amount and total amount
Other Financial Aid
Header Row displays:
Other Financial Aid
Each Payment Period/Term
Start and End Date are listed for non-term programs
Term Display Names (if configured, otherwise Term Names) are listed for term-based programs
Total
Each Award that is not a Sub, Unsub, or Grad PLUS is listed in the following order:
Gift Aid
Work-Study
Loans (except Sub, Unsub or Grad PLUS)
Other
Each Award is broken out by PP/Term amount and total amount
Total Other Financial Aid
Each Award is broken out by PP/Term amount and total amount
Student Loans
Header Row displays
Student Loans
Each Subsidized, Unsubsidized or Grad PLUS Loan is listed.
Each Loan is broken out by PP/Term amount and total amount
Total Financial Aid line displays
All Awards are broken out by PP/Term amount and total amount listed
Over/Under Direct Cost line displays based on the configured text
The amount in excess of Direct Costs or the amount under Direct Costs is broken out by PP/Term amount and total amount.
Depending on configuration, the calculated Loan Fees are also included in the ‘Amount Needed to Cover Direct Costs' and ‘Amount In Excess of Direct Costs.' These fees only apply to Direct Costs when the system is configured to ‘Package to the Net Loan Amount for Direct Costs’ and the Academic Year’s Packaging Philosophy is set to package to ‘% Amount of Direct Costs.’