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Administrator Guide
Last Updated: 2025-09-19
Initiate Alternative Loan Application Changes

Initiate Alternative Loan Application Changes

  • Configure the
    Alternative Loan Application Change Send Outbound
     integration template.
  • Security:
    Manage Student Loan Application
     domain in the Financial Aid functional area.
You can initiate changes to alternative loan awards that you've already certified and transmitted to your loan servicer. Initiating changes enables you to keep your adjustments aligned with the data that your lender and loan servicer has about the award.
You can make changes before and after disbursement to alternative loan awards. Ensure that you:
  • Make all your changes on the alternative loan application that's linked to the award, before and after disbursement.
  • Configure all other alternative loan integrations so that you can process your alternative loans after you change them.
  1. Access the
    Find Alternative Loan Applications
     report.
  2. From the
    Alternative Loan Status
     prompt, select any of these options to view alternative loans that you can change:
    • Accepted
    • Awaiting Disbursement Roster
    • Cancelled
    • Change: Ready to Transmit
  3. From the related actions menu of the alternative loan application you want to change, select
    Student Alternative Loan Application
    Initiate Change
    .
  4. As you complete the task consider:
    Option Description
    Change Loan Periods
    You can't change the loan periods of a loan with a status of
    Cancelled
    .
    Cancel Loan
    You can only cancel a loan that:
    • Has a status of
      Accepted
       or
      Awaiting Disbursement Roster
      .
    • Workday hasn't disbursed any portion thereof for the financial aid award year.
    Once the loan servicer accepts the change, Workday updates the status of the award to
    Cancelled
     on the
    Total Financial Assistance
     report for the relevant academic periods.
    Reinstate Loan
    You can only reinstate a loan if:
    • It has a status of
      Cancelled
      .
    • Workday hasn't disbursed any portion of the loan for the financial aid award year.
    When you reinstate a loan, Workday updates the status of the award to
    Accepted
     once the loan servicer sends a response accepting the change.
    Change Disbursements
    You can't make disbursement changes to a loan with a status of
    Cancelled
    .
    For post-disbursement changes, that is, when the
    Disbursement Included on Roster
     is set to
    Yes
    , Workday automatically shows several fields while hiding others.
    Workday hides the
    Revised Disbursement Hold/Release Indicator Code
     field, while showing the following fields:
    • Disbursement Consummation Indicator Code
    • Actual Returned Amount
    • Funds Return Method Code
    • Funds Reissue Indicator Code
    Whereas, for pre-disbursement changes, that is, when the
    Disbursement Included on Roster
     is set to
    No
    , Workday doesn’t show the above fields.
    Workday displays the
    Disbursed
     label against the title of the
    Student Anticipated Disbursement
     that is already disbursed in Workday. In this case, Workday also hides the
    Revised Disbursement Hold/Release Indicator Code
     field.
    Workday shows certain fields as required based on the fields you populate. Example: When you enter a value in the
    Disbursement Cancellation Amount
     field, Workday makes these fields required:
    • Academic Period
    • Actual Returned Amount
    • Disbursement Cancellation Date
    • Disbursement Cancellation Reason
    • Disbursement Consummation Indicator Code
    • Funds Return Method Code
    • Reinstatement Indicator Code
    Cancel Unsent Changes
    Workday:
    • Clears all saved changes not yet transmitted to the loan servicer.
    • Reverts the
      Alternative Loan Status
       back to what it was before your changes.
    • Restores the disbursements details to the previous state on the
      Total Financial Assistance
       and
      Disbursement
       tabs of the student’s
      Financial Aid
       profile group.
    • No longer displays the
      Change Information
       tab on the student's alternative loan application.
Workday updates the status of the alternative loan application to
Change: Ready to Transmit
, indicating that your changes are ready to transmit to the loan servicer through the
Alternative Loan Application Change Send Outbound
 integration.
When you make changes using the
Change Disbursements
 option, Workday immediately updates fields on the
Total Financial Assistance
 and
Disbursement
 tabs, even before receiving a response file from the loan servicer. On the
Total Financial Assistance
 tab, Workday updates these fields:
  • Academic Period
  • Academic Period Amount Awarded
  • Academic Period Amount Accepted
When you add any new disbursements, Workday also immediately updates these fields on the
Disbursement
 tab:
  • Total Anticipated Disbursements
  • Anticipated Disbursements
  • Anticipated Disbursement Date
When you provide a value in the
Disbursement Cancellation Amount
 and
Revised Disbursement Amount
 fields for a disbursement, Workday only considers the value in the
Revised Disbursement Amount
 field when updating the total financial assistance and anticipated disbursements for the student.
Once you transmit your changes and Workday receives a response file from the loan servicer with their decision, Workday updates:
  • Any changed fields on the loan application and processes it based on the responses of the loan servicer.
  • The status of the alternative loan application.
When you select the
Cancel Unsent Changes
 option, Workday:
  • Clears all the changes that are not yet transmitted to the loan servicer.
  • Restores disbursements details to the previous state on the
    Total Financial Assistance
     and
    Disbursement
     tabs.
Workday clears the values that you entered on the
Change Information
 tab and removes the tab from the loan application.
If you need to:
  • Correct an alternative loan application when you've already transmitted your changes to the servicer, select
    Student Alternative Loan Application
    Correct Transmitted Loan Application
     from its related actions menu. See Correct a Transmitted Alternative Loan Application.
  • Change the academic periods or anticipated disbursements of a loan application before disbursement, select
    Student Alternative Loan Application
    Change Academic Periods for Award
     from its related actions menu.