School-Tracking-Lender-Approval Query Helps Schools Manage Loan Transactions

Through its school-tracking-lender-approval query, OpenNet Web Loan Delivery can keep you up to date on the progress of your Web-initiated change transactions. School-tracking-lender-approval query offers an option permitting financial-aid administrators to view the status of pending transactions on loans to be disbursed by a lender or lender-servicer outside of the Sallie Mae disbursing system. As schools review the query results, they can work with the lender or lender-servicer to resolve the pending transactions.

Generating a Track Lender Approvals report

1. Choose “Track Lender Approvals” from the main menu.
2. On the Track Lender Approvals Selection page, enter the criteria on which you want to report. The following options are available:
   • Date range for when the lender should have received the transactions.
   • Types of transactions:
     • All transactions (default).
     • Add a disbursement.
     • Cancel disbursement.
     • Disbursement-date change.
     • Disbursement decrease.
     • Disbursement increase.
     • Reinstate disbursement.
     • Subsidized/unsubsidized reallocation.
   • Process types to filter the status of your change transactions:
     • All process types (default).
     • Approved.
     • Modified.
     • Rejected.
     • Not processed.
   • Multi-campus schools will need to select the specific campuses to include in the report.
3. Click “Submit” for the Track Lender Approvals Results page to display.

You can export the data from the query results into a Microsoft Excel or Comma Separated Value file.

Track Lender Approvals report setup
If your school currently is not set up for Track Lender Approvals, the OpenNet administrator in your financial-aid office can subscribe in the School Administrator section by taking the following steps:

1. Select “Administration” on the main menu.
2. Click on “Enable/Disable Service Components” to display the Service Components screen.
3. Click the “Enable” box in Query and Reporting for Track Lender Approvals.
4. OpenNet generates an e-mail to USA Funds®’ guarantor-servicer to complete the setup.

USA Funds supports OpenNet as part of USA Funds’ commitment to providing postsecondary institutions with a choice of the leading loan-delivery tools. To find out more about OpenNet, contact your USA Funds Services account executive.