Welcome to. Instructions and tips for the online application process

Transcription

1 Welcome to Instructions and tips for the online application process 1

2 The SELF Loan requires both a borrower and a co-signer. The borrower must also complete and pass the online counseling session before being able to begin the application process. After the borrower applies for the loan, an is sent to the co-signer with a link and Application Reference ID required to complete the application. We strongly advise you to do the application with your cosigner. This presentation is meant as a general guide. Your process may differ slightly depending on your situation. Also, the color scheme and appearance of the SELF website might change. However, the steps will be the same IMPORTANT- YOU AND YOUR CO-SIGNER MUST COMPLETE THE ONLINE APPLICATION PROCESS ON INTERNET EXPLORER (VERSION 7.0 OR HIGHER). DO NOT USE A MOBILE DEVICE! 2

3 From The Travel Academy s homepage hit the SELF Loan button. 3

4 On the Minnesota SELF Loan page, hit the blue Minnesota SELF Loan Website button. 4

5 On the SELF Loan page, hit the SELF Online Counseling link. 5

6 Click Begin. 6

7 On the next page, click on the T. 7

8 Click on The Travel Academy. 8

9 Click on Proceed to Counseling Session. 9

10 Read the information, scroll down, and hit Continue. 10

11 Read the information, scroll down, and hit Continue. 11

12 Read the information and click Take the Quiz. 12

13 Once you pass the test, fill in all the information, and click Submit. 13

14 Click Apply Now. 14

15 Check No and click Continue. 15

16 Click Continue. 16

17 Choose School and click Continue. 17

18 Scroll down and click Continue. 18

19 A pop-up will appear reminding you to write down your reference number! 19

20 The borrower and co-signer must each CREATE their own User IDs and passwords. First-time borrowers start here. 20

21 The borrower must read and agree with the terms of use agreement for the web site by checking the box and clicking Continue. 21

22 The borrower creates a new user account and clicks Submit to continue. 22

23 The borrower selects a security image, assigns a name to their image, and selects and answers three challenge questions. The borrower will also be asked if they want their computer to be recognized whenever they login. If they select Yes, a secure cookie will be created upon login. 23

24 The borrower enters demographic information and clicks 24

25 The borrower clicks Create a New Loan to start the loan application process. 25

26 The borrower chooses either Fixed or Variable interest rate to review the disclosure. 26

27 Scroll to the bottom and choose to electronically sign the form. 27

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29 Based on the interest rate selected, the borrower will see an Application Disclosure outlining the initial terms of the loan. In this example, the borrower chose the Fixed interest rate. Back returns the borrower to the previous screen and allows a new interest rate to be selected. By clicking Continue with this Option, the interest rate selection is locked in and cannot be changed. 29

30 For school loan dates, enter the month that the class begins and ends in the format shown here. 30

31 The borrower enters their co-signer s information. This address is where the link and Application Reference ID will be sent informing the co-signer to complete their 31

32 Write down the Application Reference ID in case the co-signer does not receive the The may be routed to a Junk or Spam folder. 32

33 In order to proceed, the borrower must read through the SELF Loan Promissory Note Terms, check this box and click Agree and Continue Application. 33

34 Read the terms when they come up and click Close. 34

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36 The borrower must click Electronic Signature Terms before they can agree or decline to electronically sign the promissory note. 36

37 If the borrower checks the box and selects Agree, they will receive communication (including billing statements) via e- mail. If the borrower selects Decline, they will receive all communication via mail. 37

38 For Estimated Financial Aid, enter 0 (zero). For Cost of Attendance, enter (This amount must be greater than the requested loan amount. ) 38

39 This form will be pre-populated with the information from the previous screen and the borrower s demographic information. The borrower must check the box and choose Electronically Sign Form and Continue 39

40 The borrower has completed their portion of the application process. Click Close My Browser 40

41 Now the co-signer must take over. 41

42 The Co-Signer Completes Credit Check The co-signer will receive an with the Application Reference ID and login link to complete their portion of the application. (If the co-signer does not receive an , they should check their Junk or Spam mail or contact the borrower, since the Application Reference ID was provided to the borrower during the application process.) 42

43 The co-signer will receive an almost immediately from SELFApp with the Application Reference ID- CHECK SPAM/JUNK FOLDER! They can then login and complete their part of the application process. 43

44 The co-signer must click Login and enter their ID and reference number. 44

45 Make sure the image matches the one you chose. 45

46 Fill in the required information. 46

47 Fill in the information and click continue. 47

48 Check I agree. 48

49 The co-signer should complete this screen only if their information has changed, as indicated in the first paragraph. 49

50 The co-signer should verify that this information is accurate and Edit if not correct. 50

51 The co-signer must click Electronic Signature Terms before they can agree or decline to electronically sign the promissory note. 51

52 If the co-signer checks the box and selects Agree, they will receive communication (including billing statements) via . If the co-signer selects Decline, they will receive all communication via mail. 52

53 In order to electronically sign the application, the co-signer must answer these questions correctly. THIS IS VERY IMPORTANT! The questions asked vary and are based on the co-signer s credit report. 53

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55 Check the box and Click Agree. 55

56 Click on Electronic Signature Terms. The terms will open up in a new page. 56

57 Read the terms and click Close. 57

58 Click I Agree to Electronically Sign. 58

59 If the co-signer was NOT able to electronically sign the application or chose not electronically sign, they will be directed to this page. They will be required to print the application for signature(s). 59

60 The co-signer has answered the questions correctly, electronically signed and completed the application process. The borrower will be notified to return to the web site, login and accept the Approval Disclosure. 60

61 The next five screens are samples of the application the co-signer must print and complete. (The application may require the borrower s signature if the borrower declined to electronically sign.) Both pages 1 and 2 behind the checklist must be mailed in together or it will delay processing of the application. 61

62 If the borrower electronically signed, there will be a signature number here. The co-signer must sign and mail in the application. 62

63 If the borrower declined to electronically sign, they must hand sign here. 63

64 If the co-signer electronically signed, there will be a signature number here. 64

65 If the co-signer was NOT able to electronically sign, they must sign here. Their signature MUST be notarized. 65

66 The Borrower Accepts Approval Disclosure After the co-signer has passed the credit check the borrower will receive an to log in to SELFApp to accept the Approval Disclosure. Borrowers not signed up for electronic correspondence will receive the Approval Disclosure in the mail with instructions to accept. 66

67 If the borrower has opted in for E-Correspondence, they will receive an to login and accept the Approval Disclosure. The borrower has a maximum of 30 calendar days to accept the terms of the new loan. Action Needed: Your Loan Application mark@gmail.com Dear Mike Scott: Your SELF loan application has been received and further action is required from you. In order to continue the application process, you will need to: 1. Log in to your online account Link (If you did not apply for your loan online, you may not have a User ID and password. Click on New User to create one.) 2. Select the loan in process, 'Pending Acceptance' 3. Review the disclosure outlining the terms of the loan 4. Electronically accept the terms of the loan Note: Your application will be cancelled if no action is taken. Sincerely, Firstmark Services This is an automated message, please do not reply. 67

68 Clicking Manage Your Loan will bring the borrower to the selection page. Clicking Accept My Loan will bring the borrower to a page to electronically or manually accept the terms. 68

69 Clicking Manually Accept will bring the borrower to a form that they will enter their Parti ID, Note ID, first and last name and address and select either Accept Loan or Decline Loan. Clicking Electronically Accept will bring the borrower to the main log in screen. Log in and select the most recent loan to accept the terms electronically. (This is shown on the next slide.) 69

70 The borrower returns to SELFApp to login and accept the Approval Disclosure. The loan must be in Pending Acceptance status for the borrower to view the Approval Disclosure. 70

71 The Approval Disclosure outlines the terms of the loan. By clicking Accept and Continue Application, the borrower is accepting the loan. 71

72 If the Applicant Self-Certification form has already been completed, the borrower is done. A Final Disclosure will be sent when the loan is approved. If the Applicant Self-Certification form was not completed, the borrower will be notified after the school certifies the loan. 72

73 Final Steps The school certifies the loan. The borrower submits the Applicant Self-Certification form if not previously done. OHE approves the loan. The borrower receives the Final Disclosure (no action is needed). 73

74 If the borrower opted in for E-Correspondence, they will receive an to login and view the Final Disclosure. The borrower has 3 business days to call and cancel the loan. Your loan application is approved mark@gmail.com Dear Mark Miller: Congratulations! Your student loan application has been approved. Please log in to your online account to review your Final Disclosure which outlines your rights as a borrower and the terms of your loan. Sincerely, Firstmark Services 74

75 To view the Final Disclosure, the borrower will return to SELFApp and login. If the borrower is not signed up for electronic correspondence, the Final Disclosure will be mailed. 75

76 The borrower does NOT need to take any action regarding the Final Disclosure. They have 3 business days to call in and cancel the loan. 76

77 The borrower and co-signer have completed all steps of the application process! 77

78 Denial Reasons Negative credit items on co-signer s credit. Unable to locate credit records. 78

79 If the borrower would like to use a new co-signer, they will need to apply for a new loan with a different co-signer. 79

80 Application could NOT be approved because the co-signer has placed a flag on their credit report for a specific reason. 80

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