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Administrator Guide
Last Updated: 2025-03-14
Initiate Alternative Loan Application Changes

Initiate Alternative Loan Application Changes

  • Configure the
    Alternative Loan Application Change Send Outbound
     integration template.
  • Security:
    Manage Student Loan Application
     domain in the Financial Aid functional area.
You can initiate changes to alternative loan awards that you've already certified and transmitted to your loan servicer. Initiating changes enables you to keep your adjustments aligned with the data that your lender and loan servicer has about the award.
You can make changes before and after disbursement to alternative loan awards. Ensure that you:
  • Make all your changes on the alternative loan application that's linked to the award, before and after disbursement.
  • Configure all other alternative loan integrations so that you can process your alternative loans after you change them.
  1. Access the
    Find Alternative Loan Applications
     report.
  2. From the
    Alternative Loan Status
     prompt, select any of these options to view alternative loans that you can change:
    • Accepted
    • Awaiting Disbursement Roster
    • Cancelled
    • Change: Ready to Transmit
  3. From the related actions menu of the alternative loan application you want to change, select
    Student Alternative Loan Application
    Initiate Change
    .
  4. As you complete the task consider:
    Option Description
    Change Loan Periods
    You can't change the loan periods of a loan with a status of
    Cancelled
    .
    Cancel Loan
    You can only cancel a loan that:
    • Has a status of
      Accepted
       or
      Awaiting Disbursement Roster
      .
    • Workday hasn't disbursed any portion thereof for the financial aid award year.
    Once the loan servicer accepts the change, Workday updates the status of the award to
    Cancelled
     on the
    Total Financial Assistance
     report for the relevant academic periods.
    Reinstate Loan
    You can only reinstate a loan if:
    • It has a status of
      Cancelled
      .
    • Workday hasn't disbursed any portion of the loan for the financial aid award year.
    When you reinstate a loan, Workday updates the status of the award to
    Accepted
     once the loan servicer sends a response accepting the change.
    Change Disbursements
    You can't make disbursement changes to a loan with a status of
    Cancelled
    .
    Cancel Unsent Changes
    Workday:
    • Clears all saved changes not yet transmitted to the loan servicer.
    • Reverts the
      Alternative Loan Status
       back to what it was before your changes.
    • No longer displays the
      Change Information
       tab on the student's alternative loan application.
Workday updates the status of the alternative loan application to
Change: Ready to Transmit
, indicating that your changes are ready to transmit to the loan servicer through the
Alternative Loan Application Change Send Outbound
 integration. Workday doesn't process or reflect your changes on any reports until receiving a response file from the loan servicer.
Once you transmit your changes and Workday receives a response file from the loan servicer with their decision, Workday updates:
  • Any changed fields on the loan application and processes it based on the responses of the loan servicer.
  • The status of the alternative loan application.
  • These reports on the
    Financial Aid
     profile group of the student profile:
    • Disbursement
    • Total Financial Assistance
Workday clears the values that you entered on the
Change Information
 tab and removes the tab from the loan application.
If you need to:
  • Correct an alternative loan application when you've already transmitted your changes to the servicer, select
    Student Alternative Loan Application
    Correct Transmitted Loan Application
     from its related actions menu. See Correct a Transmitted Alternative Loan Application.
  • Change the academic periods or anticipated disbursements of a loan application before disbursement, select
    Student Alternative Loan Application
    Change Academic Periods for Award
     from its related actions menu.