Grant and Loan Tracking
The Loan Tracking menu option becomes available when an application reaches the Qualification stage. The corresponding Edit Loan Tracking screen allows you to view the status information for an application loan and set up the repayment of that loan.
Tip
If the program is grant-based with no repayment required, then create a Forgiveness Schedule that is immediately forgiven in the full amount.
Main Tab
View an overview of the status about an individual loan, including high-level information about approved and disbursed loan amounts and a summary of the forgiveness schedule.
Note
Before the application can advance to the Disbursement stage, the forgiveness schedule must be selected.
The Program Manager or other admin user with appropriate security privileges sets up the types of Forgiveness Schedules in the system.
If the program is associated to only one type of Forgiveness Schedule, then the Forgiveness Schedule is populated on the Loan Tracking screen for the program.
The screen shows two views of the Loan Forgiveness Schedule:
Original—Shows the schedule as it would apply to the original approved loan amount.
Current—Shows the schedule for the Projected Disbursement Amount (the amount projected to be disbursed given based on current paid and pending disbursements).
The calculated information on this screen is populated based on the Total Approved Amount on the Program Qualification screen as well as disbursement statuses.
Section/Field | Description |
|---|---|
Disbursement Information | Summary of disbursements once the application is in the Disbursement stage |
Forgivable Loan Information | The Original Loan Amount (Total Approved Amount from Program Qualification) and the balance once the forgiveness schedule is in effect |
Actual Close Date | Populated once the application is in the Disbursement stage The Anniversary Date applied to the loan forgiveness schedule |
Repayment Instructions | Populated from the Admin>Edit Program screen |
Repayment Info
The Repayment Info tab allows you to set up repayment information for applicants whose actions have triggered repayment of the loan. This tab is available once the program reaches the Disbursement stage.
Section/Field | Description |
|---|---|
Repayment Reason | Selected on the Change Status in Application Stages when the application is moved to a Repayment status |
Loan Balance Due | Current amount owed the agency in case of breach of contract Disbursed Amount - Forgiven Amount |
Approved Repayment Amount | The agreed amount the applicant will repay the agency |
Repayment Instructions | Populated from the Admin>Edit Program screen |
Actual Repayment Information | The actual amount and date repayment is received You cannot move the application to Completed status until the actual information has been filled in. |