Fund Fees Setup

Owned by Katie Macpherson (Deactivated)
Last updated: Jul 14, 2023 by Heather Smith

See Fund Fee Setup Data Elements for an explanation of each of the items in Fund Fee Setup.

Reload RNA

After making changes to ANY section of the configuration setup, click on the Reload RNA button in order to apply and activate the changes in the system. 

Introduction

Fund fees are fixed amounts by which packaged awards are adjusted.  These include Direct Loan Origination Fees or interest rebates, as well as an additional option to enter loan Interest rates. 

To provide for maximum granularity in supporting fund fees, each fee for each fund for each program type at each campus is configured separately. 

In support of current Direct Loan Origination Fee requirements, a new fee amount can be configured to be effective for all awards with the first disbursement date falling on or after an October 1st date.  There are also options for a new fee to be effective for loan/award periods beginning on or after a certain date or by Federal Award Year.   

A fund can be configured for more than one type of fee (such as origination and interest rebate), as long as fees of the same type do not have conflicting start/end dates.

How to Configure Fund Fees

This is the process by which you setup fund fees and interest rates in the system for student loan funds.

  1. From the Administration bar, navigate down to the appropriate Campus. Expand the tree for the campus by clicking on the arrow to the left of the campus name, click on Fund Fee Setup, and then click on Add Fund Fee.














  1. Click “Add Fund Fee.”

3.  Enter the details for the fund fee:

    1. Fund Name:  Select from a dropdown list of all funds configured for the campus.
    2. Program Type: Select one from a dropdown list that includes:
      1. Undergraduate
      2. Graduate
      3. Post-Graduate
      4. Prep-Undergraduate
      5. Prep-Graduate
      6. Ed-Licensure
      7. Post-Bach Licensure
      8. CTP Programs
      9. Note: Ensure a fee is configured for the fund for each type of program at the campus that will utilize the fund for which the fee is being configured.
    3. Date Type:  Pick one from the dropdown list with the following choices:
      1. First Disbursement (fee will apply to awards with the date of the first disbursement falling within Effective Start/End Date range)
      2. Beginning of Loan Period (will apply to awards from the fund for which the award start date falls within the Effective Start/End Date range)
      3. Beginning of Federal Award Year (will link the fee to an award sourced to the FAY)
    4. Fee Type:  Select one from a dropdown list that includes:
      1. Origination Fee
      2. Interest Rebate (not currently in use for Direct Loans)
        1. Note: Schools are advised to setup an amount of “0” for all Direct Loans and program types with a start date prior to any active loan periods and with no expiration date.
      3. Interest % (May configure, but it is not currently being used in Regent Award)
    5. Amount:  Numeric percentage, allows up to three digits on either side of the decimal.
    6. Federal Award Year: Select “n/a” from the dropdown list unless the Date Type is “Beginning of the Federal Award Year”, in which case the applicable FAY should be selected from the dropdown list.
    7. Effective Start Date: 
      1. If using either the First Disbursement Date or Beginning of the Loan Period, use the first day for the Date Type for which the fee amount will be used.  
      2. Leave blank if using Federal Award Year.
    8. Effective End Date: 
      1. If using either the First Disbursement Date or Beginning of the Loan Period Date, the last day for the Date Type for which the fee amount will be used. 
      2. Leave blank if using Federal Award Year.
      3. Leave blank if the sunset date for the fee has not been determined.
    9. Active Checkbox:  If checked, the fee is active, and if unchecked, the fee is inactive.
      1. Note: If the fee is active for a period in the past, it should remain active. If repackaging should exclude it or if it was never used, then it can be marked as inactive. For additional details, please see "Edit/Inactivate Fund Fee Configuration Steps" below.
    4.  Click “Save.”

5. In order for the changes to become immediately effective, "Reload RNA Setup."

    1. Navigate to the Enterprise Setup screen:   Administration → Enterprise.
    2. Click on "Reload RNA Setup" button.

 

Edit/Inactivate Fund Fee Configuration

  1. Navigate to the Fund Fees Setup screen:
    1. Administration
    2. Enterprise
    3. Institution
    4. Campus
    5. Fund Fees Setup

  2. Select the fund fee from the grid (at the top of the page), and click the edit button on the General tab.
    1. Filters for each field can be used to sort or select particular funds, program types, fee types, amounts, date types, start/end dates, FAYs, and active/inactive.
    2. If there are more than 20 items, the forward/backward arrows at the bottom of the grid can be used to navigate through the list.

  3. If inactivating a fund fee configuration, simply uncheck the “Active” checkbox.
    1. Note: A fee should be inactivated only if it has never been and will not be used.

  4. To “sunset” a fee, such as the case below where the Direct Subsidized Loan Undergraduate Origination Fee of 1.066% stops applying for any loans with first disbursement date on or after 10/1/2018:
    1. Enter the End Date of 9/30/2018, the last day for which a first disbursement of a loan would trigger the 1.066% loan origination fee.
    2. Leave the “Active” checkbox checked, as the fee continues to apply to loans with first disbursement from 10/1/2017 to 9/30/2018.
    3. Note: The “new” fee of 1.062% became effective for loans first disbursed on 10/1/2018 or after.  For current active fees, the "End Date" be left blank until such time that the next year's fees are known and added to Regent Award.

  5. Click “Save.”

  6. “Reload RNA” as noted above for the change to be effective immediately.