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The goal of Direct Loan processing is to book loans with Common Origination and Disbursement (COD). A booked loan is a binding obligation between the borrower and the U.S. Department of Education. A loan is booked when COD has accepted the full loan origination record, the Master Promissory Note (MPN), the credit decision (for PLUS loans only), and the first actual disbursement record for a particular Loan ID.
You have sent to COD a Common Record an MPN Manfest with Barbara Plum's MPN. Today, using EDconnect you received from COD a Promisory Note response file and a Booking Notification Response file. Using EDExpress, import both files and view the updates to the student record.
To understand booking a loan, you will:
· Import a Promissory Note Response File
· Import a Booking Notification Response File
· Review a Booked Loan
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