[ctcLinkfinaidsupport] NEW UPDATES to 2023-2024 EY (Even Year) Loan Debt Letter Templates

Tue Jun 27 16:01:40 PDT 2023

Good Afternoon FA-

Based on a more recent update from FSA<https://fsapartners.ed.gov/knowledge-center/library/electronic-announcements/2023-05-16/interest-rates-direct-loans-first-disbursed-between-july-1-2023-and-june-30-2024>, we have updated all EY Loan Debt Letters to reflect the updated interest rate of 5.50%.

In order to have the updated interest rate populate in your EY letter, you may need to jiggle your EY Loan Debt Letter Run Control ID.  Instructions for updating your EY Run Control ID can be found in the announcement below.

Thank you!

Stephanie

From: DirFinAid <dirfinaid-bounces at lists.ctc.edu> On Behalf Of Deborah Englehardt via DirFinAid
Sent: Thursday, May 11, 2023 5:04 PM
To: ctclinkfinaidsupport at lists.ctc.edu; dirfinaid at lists.ctc.edu
Cc: Deborah Englehardt <denglehardt at sbctc.edu>
Subject: [Dirfinaid] 2023-2024 EY (Even Year) Loan Debt Letter Templates UPDATED
Importance: High

[Sent from outside SBCTC]

Good afternoon FA!

We've updated all EY Loan Debt Letters to reflect the anticipated interest rate increase reported by NASFAA Today's New dated this morning. Please feel free to wait to for the Electronic Announcement if you'd like before using the updated template.
Student Loan Interest Rates for 2023-24 Award Year Set to Increase<http://nasfaa.informz.net/z/cjUucD9taT0xMTA3MDYyOCZwPTEmdT0xMTY3MjIyMzAyJmxpPTEwMTk4MDIyMw/index.html>
Interest rates are determined each June 1 for the upcoming award year by adding a fixed percentage to the high yield of the 10-year Treasury note auctioned at the final auction prior to June 1. As a result of yesterday's auction<http://nasfaa.informz.net/z/cjUucD9taT0xMTA3MDYyOCZwPTEmdT0xMTY3MjIyMzAyJmxpPTEwMTk4MDIyNA/index.html>, the interest rate for federal loans first disbursed on or after July 1, 2023 are expected to increase from 4.99% to 5.49% for undergraduate Direct Loans, from 6.54% to 7.05% for graduate/professional Direct Unsubsidized Loans, and from 7.54% to 8.05% for Parent and Grad PLUS loans. The interest rate caps for these loans are 8.25%, 9.5 %, and 10.5% respectively.

IMPORTANT Go to your EY Run Control ID to confirm that the new interest rate displays on the EY letter option. If you see an old interest rate, you may need to jiggle your EY Run Control.

Please take the following steps to jiggle your EY Loan Debt Letter Run Control ID.

1.       Navigate to Navigator > HighPoint > Message Center > Processes > Send Messages

2.       Select your EY Loan Debt Letter Run Control ID

3.       Select the blank option on the Letter dropdown menu

[cid:image005.jpg at 01D9A90D.96B95E60]

2.       Re-select the Loan Debt Letter EY, confirm the text now says, "5.49%," then select Save.

[cid:image008.jpg at 01D9A90D.96B95E60]

For more information on the Loan Debt Letter, please look at the Loan Debt Letter section in the Loan Processing Guide (Loan Processing Business Process Guide | 9.2 FA - Financial Aid Business Process Guides | ctcLink Reference Center<https://ctclinkreferencecenter.ctclink.us/m/92436/l/798572-loan-processing-business-process-guide>)

Thank you!

[Compass]Deborah Englehardt
Functional Analyst, Campus Solutions (Financial Aid)
Washington State Board for Community and Technical Colleges
1300 Quince Street SE
Olympia, WA 98504-2495
denglehardt at sbctc.edu<mailto:denglehardt at sbctc.edu> * O: 360-704-3979
sbctc.edu<https://www.sbctc.edu/> * Twitter: @SBCTCWashington<https://twitter.com/SBCTCWashington> * Facebook: @WASBCTC<https://www.facebook.com/wasbctc/>
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