re: direct consolidation loan process - sallie mae · re: direct consolidation loan process sallie...
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Re: Direct Consolidation Loan Process Sallie Mae is pleased to be one of four consolidation servicers for the new Direct Consolidation Loan process that began January 2, 2014. We welcome the opportunity to partner with you to help guide students toward financial success. Schools, lenders, guarantors, or third-party servicers acting as their agents, are encouraged to receive Loan Verification Certificates (LVCs) and payoff manifests electronically. These files are used in the loan consolidation process for Federal Perkins Loans and/or eligible health profession loans. We’ve revised our Quick Reference Guide to OpenNet® File Management System (FMS) Consolidation Processing to provide guidance on how to view, download, or process LVCs and payoff manifests electronically. You’re welcome to contact us if you have any questions. Sallie Mae–Department of Education Loan Services Direct Consolidation Loan Originations Team P.O. Box 6180 Indianapolis, IN 46206
Phone: (317) 578-6176
Email: [email protected] Need access to OpenNet or help with logging in to the system?
Electronic Services Phone: 1-800-348-4606 Email: [email protected]
For additional information regarding the new Direct Consolidation Loan Process, please refer to Federal Student Aid’s Electronic Announcement dated March 21, 2014.
Contact information for the Department of Education’s four consolidation servicers is available on the IFAP website’s Loan Consolidation for Loan Holders and Servicers page.
General information about Direct Consolidation Loans is available at http://studentaid.ed.gov/repay-loans/consolidation.
We look forward to working with you. Sincerely, Sallie Mae–Department of Education Loan Services Direct Consolidation Loan Originations Team
Quick Reference: OpenNet FMS Consolidation Processing
Need assistance? Contact Electronic Services: (800) 348-4606 Issued: 04/21/2014 Copyright 2014 Sallie Mae, Inc. – All Rights Reserved
With OpenNet® File Management System
SM (FMS) Consolidation Processing, loan holders (schools, lenders, guarantors, and
servicers) can view, download, and certify Loan Verification Certificates (LVC) and view, download, and make payoff adjustments (Payment Manifest) for newly disbursed Direct Loan Consolidation loans. If you need assistance please contact one of the following groups: User Access/Login Problems Electronic Services – 1-800-348-4606 or [email protected] Navigation/LVC Certification Questions Sallie Mae Consolidation Department – 317-578-6176 or [email protected] To get started, click on the link in the email notification you received to go directly to the OpenNet FMS New Files Ready for Download page, or type the following URL into your Web browser’s Address field: www.opennet.salliemae.com/fms. The OpenNet FMS Main Menu displays. Click the Download Files From OpenNet button.
How to view the available file list: 1. Log in to OpenNet FMS by entering your Sallie Mae user ID and password and then clicking on the Log In button.
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View the List of Available Files
OpenNet FMS Consolidation Processing Overview
Type your user ID and password.
Click on the Log In button.
Quick Reference: OpenNet FMS Consolidation Processing
Need assistance? Contact Electronic Services: (800) 348-4606 Issued: 04/21/2014 Copyright 2014 Sallie Mae, Inc. – All Rights Reserved
The New Files Ready for Download page displays.
NOTE: If you are a new user, before you see this page you will be asked to accept the Web Site Terms of Use and to reset your account, including resetting your temporary password and setting up a set of Challenge Questions.
2. Click on the View Report link next to the type of file that you want to view. The file you will most likely need to view is the
EVC REQ FILE. The EVC REQ FILE contains LVCs awaiting certification.
NOTE: Other file types are included on this download page, for example, DISB RSTR CL4 and RESP CL4 files. These file types are used by the Financial Aid Office for private credit loan origination and disbursement. Leave these files in the download queue for the appropriate staff member to process.
Select an EVC Request File or select a Payoff Manifest File.
Click on the View Report link.
Quick Reference: OpenNet FMS Consolidation Processing
Need assistance? Contact Electronic Services: (800) 348-4606 Issued: 04/21/2014 Copyright 2014 Sallie Mae, Inc. – All Rights Reserved
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How to certify an EVC Request online:
1. Click on the View Report link next to an EVC Request file.
The View Loan Verification Certification (LVC) Report page displays.
2. Click on the Certify Online button.
On this page you can also:
Download the information to an Excel file via the Export to Excel button.
Download the information to a PDF file via the Export to PDF button.
The Electronic Verification Certification (EVC) page displays.
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Certify EVC Requests Online
Click on the Certify Online button.
Quick Reference: OpenNet FMS Consolidation Processing
Need assistance? Contact Electronic Services: (800) 348-4606 Issued: 04/21/2014 Copyright 2014 Sallie Mae, Inc. – All Rights Reserved
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Quick Reference: OpenNet FMS Consolidation Processing
Need assistance? Contact Electronic Services: (800) 348-4606 Issued: 04/21/2014 Copyright 2014 Sallie Mae, Inc. – All Rights Reserved
3. Enter the data for the borrower’s first loan.
4. Click on the Add Loan button.
5. If the borrower has additional loans, repeat steps 2 and 3 as needed.
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Click on the Add Loan button.
Enter loan data.
Quick Reference: OpenNet FMS Consolidation Processing
Need assistance? Contact Electronic Services: (800) 348-4606 Issued: 04/21/2014 Copyright 2014 Sallie Mae, Inc. – All Rights Reserved
6. Once you have finished entering the information for all of a borrower’s loans, click on the Next link to go to the next borrower.
7. Once you have finished entering all of the loan information for all of the borrowers, click on the Submit Certification button.
NOTE: If you have to stop in the middle of a file, click on the Submit Certification button. When you return to the file later, only the remaining borrowers will display.
On this page you can also:
Remove the updates made on the page via the Remove All Updates button.
Validate that the formatting of the updates made on the page are correct via the Validate Updates button.
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Click on the Next link.
Click on the Submit Certification button.
Quick Reference: OpenNet FMS Consolidation Processing
Need assistance? Contact Electronic Services: (800) 348-4606 Issued: 04/21/2014 Copyright 2014 Sallie Mae, Inc. – All Rights Reserved
The file is submitted and the Send Files – Transmission Summary page displays.
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How to locate LVCs that do not display in your Download Queue:
Occasionally, LVC files might be inadvertently downloaded by school users in the Financial Aid Office when they are downloading other files. These LVC files will then no longer display in your download queue. However, you can still find these files.
1. Click on the Find Files in OpenNet link on the FMS Main Menu.
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Locate LVCs that do not Display
Quick Reference: OpenNet FMS Consolidation Processing
Need assistance? Contact Electronic Services: (800) 348-4606 Issued: 04/21/2014 Copyright 2014 Sallie Mae, Inc. – All Rights Reserved
The Find Files page displays.
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Click on the Find Files in OpenNet link.
Select EVC REQ FILE.
Enter the date range.
Click on the Submit button.
Quick Reference: OpenNet FMS Consolidation Processing
Need assistance? Contact Electronic Services: (800) 348-4606 Issued: 04/21/2014 Copyright 2014 Sallie Mae, Inc. – All Rights Reserved
2. Enter the date range and select the file type EVC REQ FILE.
3. Click on the Submit button.
The EVC files display.
4. Click on the View Report link next to the file.
If the LVC has not been certified yet, the file displays for certification. If the LVC has already been certified, a red message displays.
Click on the View Report link.
Quick Reference: OpenNet FMS Consolidation Processing
Need assistance? Contact Electronic Services: (800) 348-4606 Issued: 04/21/2014 Copyright 2014 Sallie Mae, Inc. – All Rights Reserved
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How to adjust a Payoff Manifest online:
1. Click on the View Report link next to a Payoff Manifest file.
The Payoff Manifest Report page displays.
2. Click on the Make Adjustments button.
On this page you can also:
Download the information to an Excel file via the Export to Excel button.
Download the information to a PDF file via the Export to PDF button.
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Adjust Payoff Manifests Online
Click on the Make Adjustments button.
Quick Reference: OpenNet FMS Consolidation Processing
Need assistance? Contact Electronic Services: (800) 348-4606 Issued: 04/21/2014 Copyright 2014 Sallie Mae, Inc. – All Rights Reserved
The Payoff Manifest Report page re-displays, allowing adjustments to be made to it.
3. Select the loan you would like to adjust.
Fields display beneath the loan you selected.
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Select the loan to adjust.
Quick Reference: OpenNet FMS Consolidation Processing
Need assistance? Contact Electronic Services: (800) 348-4606 Issued: 04/21/2014 Copyright 2014 Sallie Mae, Inc. – All Rights Reserved
4. Make your adjustments.
5. When you have finished entering all adjustments for all borrowers, click on the Submit Adjustments button.
On this page you can also:
Remove the updates made on the page via the Remove All Updates button.
Validate that the formatting of the updates made on the page are correct via the Validate Updates button.
Add additional, original disbursements via the Add Adjustment button that can then be adjusted on the Payoff Manifest page.
The file is submitted and the Send Files – Transmission Summary page displays.
Make your adjustments. Then click on the Submit Adjustments button.