Processing alternative loans
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Processing Alternative Loans. Overview. Certifying alternative loans with Alec Making changes to certified records Refunding loans processed by AES Accessing reporting tools AES and Alec system access. Alec Features. Certify any AES-processed alternative loan

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Overview

  • Certifying alternative loans with Alec

  • Making changes to certified records

  • Refunding loans processed by AES

  • Accessing reporting tools

  • AES and Alec system access


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Alec Features

  • Certify any AES-processed alternative loan

  • Move between records without returning to the list

  • A withdraw option allowing for a simplified withdraw process  

  • Immediate loan processing results for submitted certifications and withdraws

  • ‘Certifications Processed’ list to view loans recently processed



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Certification Inbox

  • To process individual records from the queue list, click on the borrower’s name.

  • To process the full listing, select the “Process All” option.

  • To process several records, place a checkmark in the box and choose “Process Selected” from the toolbar.


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Loan Certification

  • Complete Alternative loan certifications from one display.

  • Easily move from one record to the next within the list.

  • View the borrower’s demographic information, as well as his or her other pending requests and those recently processed.


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Loan Withdraw

  • Withdraw applications quickly and easily with few keystrokes.


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Processing Results

  • For loan certifications and withdraws, you will receive instant processing results.

  • If there was an error on the record or something was inputted incorrectly, click “Update Submitted Data” to change any field which you have just submitted.



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Loan Changes

  • Select ‘Alternative Loan Cert.’

  • Input SSN and choose appropriate loan record.

  • You are able to update the loan period, grade level, enrollment status, etc.

  • View loan status, correctables and stop codes as well.


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Disbursement Changes

  • Select the type of change necessary from the loan change menu.

  • Input SSN and choose appropriate loan record.

  • You are able to update the loan’s hold/release status, disbursement date or amount, cancellation amount, or reinstate the disbursement.




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Loan Refunds

  • Identify the loan for which you are returning funds by verifying the Unique ID or Disbursement Date.

  • Provide the cancellation type, as well as the refund reason.

  • As you proceed, you will be asked to select your desired refund method.


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Standard Reports

  • Within the Alec Portal, under ‘Reports,’ click on the link for ‘Standard Reports.’ A new window will open which contains your school’s mailbox.


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Accessing Reports

  • Click on your school’s mailbox name to view your available folders.


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Available Reports

‘LOCOLG - LOAN ORIG RPTS FOR COLLEGES’ contains the following reports:

  • DISB DISCLOSURES PREVIOUS WEEK - Lists the alternative loans approved for the previous week.

  • DISB DENIALS PREVIOUS WEEK - Lists alternative loans denied the previous week.

  • EFT LOAN DISB DETAIL - Provides a list of students (on the day of the report), who had a loan disbursed electronically through AES.

  • EFT LOAN DISB SUMMARY - Provides a summary of all loans disbursed through AES broken down by loan type.

  • APPROVAL DISCLOSURE OUTSTANDING – This report will advise the school of any students who have not yet accepted their loan (Post School Certification). The report will provide a deadline date in which the Approval Disclosure must be accepted.

  • SCHOOL CERTIFICATION DAYS REMAINING - This report will summarize any alternative loans originated through AES that have yet to be certified. This report will provide a deadline by which the certification must be completed and updated on the AES Loan Origination system.

  • POST CERTIFICATION LOAN WITHDRAW – This report will advise a school of any student(s) that have declined their Approval Disclosure Form offer. The report will also list any loans that have been cancelled by the school and/or lender due to various eligibility reasons.


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Available Reports

LODISBCG - LO DISB RPTS FOR COLLEGES’ contains the following reports:

  • CANCEL DUE TO ENROLL STATUS - Lists pending disbursements that were cancelled due to change in enrollment status.

  • LOAN ORIG. PENDING DISB RPT - Lists students with disbursements that are scheduled to be disbursed within 61-180 days of the date the report was generated.

  • PRE-DISBURSEMENT RUN - Lists students with disbursements that are scheduled to be disbursed within 0-60 days of the date the report was generated.

  • SUSPENDED ACCOUNT NOTIFICATION - Lists students who have a disbursement that are currently in a suspension status. This report is broken down by the suspension reason.

  • WEEKLY DISB CANCELS W/REASON - List of disbursements from the AES loan origination system that were cancelled (partially or fully) the previous week. This report runs on a Saturday evening so that a new version is available in the school’s mailbox on Monday morning.


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Downloading Plug-ins

  • Select ‘Preferences’ in the black bar.

  • Select the ‘Browse’ tab.

  • Click and run both the ‘Install AFP Plug-in’ and ‘Install Print Plug-in’ link.


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AES and Alec System Access

  • Obtaining an AES ID

    • Remote Access Agreement

    • Request for Authoritative Source Status Form

  • Establishing an Authoritative Source










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Questions?

  • If you’d like more information about Alec or if you have any questions, please contact Automated Loan Services at:


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