Borrowers and PLUS Applications

Borrowers

The Borrowers section within the Borrowers and PLUS Application page captures all information about a borrower. You can manually create and update borrowers on this page in the student record, or they can also be created or updated by a PLUS Application Acknowledgment response file imported from Common Origination and Disbursement (COD). Borrowers must be created on this page before you can associate the borrower with any federal or private loans. The student is automatically added as a borrower when awarded a Federal Graduate PLUS Loan - you'll just need to link them to the loan. The student does not need to be added as a borrower to process a private loan where they are the borrower.

The borrowers feature in PowerFAIDS makes many aspects of the financial aid process easier. Some key features of managing borrowers in PowerFAIDS include:

  • Import and Manual options: With the option to import or manually input borrower data, there is greater flexibility. If a student suddenly has a parent borrow a private loan in the middle of the semester, you can add a borrower using the create a borrower option and then associate with the new loan. And, the borrower is automatically created upon import of a PLUS Application Acknowledgment response file, saving you from manual entry.

  • Single Location Storing: By storing all borrowers within the Borrowers and PLUS Application page, you can easily review which borrowers are already associated with the student record. Whether you import borrower data or manually enter it, all borrowers associated with the student are in the same location.

Once you've created the borrower, you can then associate it with the loan. See Private Loans or Federal Loans for more information.

PLUS Applications

This section within the Borrowers and PLUS Applications page captures all information for Federal PLUS Loan applications. Applications are created upon the import of a PLUS Application Acknowledgment response file, or you can manually add and update applications on this page.

The PLUS Applications feature in PowerFAIDS organizes information and streamlines processes. Some key features of managing PLUS applications in PowerFAIDS include:

  • Import and Manual options: Having the option to import or manually input PLUS application data ensures flexibility to meet your institutional needs. Upon importing PLUS applications via COD, the data displays in the Borrowers and PLUS Application page. Alternatively, if you receive information that a PLUS application exists but has not been imported, you can manually enter the information to associate a PLUS application.

  • Single Location Storing: By storing all PLUS applications within the Borrowers and PLUS Application page, you can easily review which PLUS applications are already associated with the student record. Whether you import applications using COD or manually enter information, all the applications associated with the borrower are available in the same location.