OpenNet Implements Option to Print Notice of Loan Guarantee, New Security Procedures
USA Funds®’ school- and lender-customers will have the option to print a Notice of Loan Guarantee for individual borrowers in OpenNet, starting Oct. 22.
The Notice of Loan Guarantee serves as the notice to the school, lender and borrower that the loan is guaranteed and outlines the terms of the loan to the borrower. The NOLG print service in OpenNet is applicable only for loans that are part of the Federal Family Education Loan Program.
To access and print the NOLG, follow these steps:
- From the “Application Loan Summary” screen, click on the “Print NOLG Documents” button that appears for each loan held by the borrower.
- OpenNet will navigate to a new screen, titled “Print Notice of Loan Guarantee.”
- From this screen the user can choose to “Print Notice of Loan Guarantee” or “View/Print Loan History.” The “View/Print Loan History” option displays the loan activity and history from the time the application was received until the NOLG is generated. Both options will display in a PDF format that will require Adobe Reader to view and print.
Exceptions to the rule
The “Print NOLG Documents” button will appear for most loan records, regardless of whether a NOLG is available to print. If a NOLG is not available to print, a “No Documents Available to View/Print” screen will display with the common reasons why the NOLG cannot be printed at that time.
If OpenNet is disbursing the loan, the first disbursement must have been sent before the NOLG will be available to print.
Security procedures
OpenNet also will be enhanced to use a multi-factor authentication process to verify a user’s identity. The security enhancements affect the following components of the OpenNet loan-delivery system:
- Login.
- Registration.
- Forgot password.
- Forgot user ID.
- Change password.
- Change challenge questions.
For more information about the NOLG print capability in OpenNet or the new security features, contact your USA Funds Services account executive.
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