Mass Changes Available for Pre-Guarantee Corrections

USA Funds^® school-customers will have a more flexibility in OpenNet when submitting corrections for pre-guarantee loans. Effective Oct. 23, 2006, OpenNet’s Pre-Guarantee Disbursements screen will permit users to search and submit mass changes to multiple pre-guarantee records.

In addition to pre-guarantee changes to individual records, approved school-users will be able to make changes to multiple pre-guarantee records for the following fields:

• Disbursement date.
• Loan period.
• Hold-and-release indicator.

After submitting a query to find all records that need updating, school-customers can use an “exclude” feature within the results report to eliminate specific loan records from the Update All (Mass Changes) Review Changes screen.

Once all changes are submitted, users can choose to print a report of the changes or export the data using the Export to File feature. They can export the data in an Excel or a Comma Separated Value file.

By submitting changes to multiple records in one transaction, school users can reduce the amount of time required to send changes.

Using the pre-guarantee corrections tool
Approved school users for this feature can access Pre-Guarantee Corrections using the following steps:

1. Choose “Query and Reporting” from the main menu.

2. Choose “View/Change Pre-Guarantee Disbursements.”

3. Enter the search criteria on the Pre-Guarantee Disbursement selection screen.

4. Once the Pre-Guarantee Results screen displays, choose “Update All (Mass Changes)” in the upper right.

5. Enter the data for the mass change on the criteria screen.

6. Click the Review Changes button at the bottom of the screen.

7. Once the user completes the review, choose “Submit” to send the changes.

To learn more about OpenNet or to find out if your school is eligible to access the pre-guarantee-corrections tool in OpenNet, contact your USA Funds Services account executive.