Setting Up a Student Loan

When setting up a student loan using the New Loan – Setup tab, be sure to:

• Specify a payment frequency of term so that an early payment will not cause an adjustment in the next payment due date.
• Specify the loan principal balance as the loan payment amount.
• Set the next payment due date as the begin date in which the loan will enter the repayment period so that the loan will not prematurely appear as a delinquent loan.

When a student loan is created using the New Loan – Setup tab, the repayment status is automatically Enrollment and the Begin Repayment field coincides with the payment due date on the New Loan – Setup tab. When the begin date is reached, Portico automatically changes the repayment status to Repayment.