Financing Amount Changes
-
- When a loan amount is increased, Climb will re-send MPN to be re-signed. This will move the student’s application back to “Approved, pending acceptance”
- When a loan amount is decreased, the next steps depend on what status the loan was in:
-
- Finalized (Approved and Accepted) - Climb will resend the Final Truth in Lending Disclosure to outline the new finance amount. No signature required.
-
- When a loan amount is increased, Climb will re-send MPN to be re-signed. This will move the student’s application back to “Approved, pending acceptance”
-
-
-
-
-
-
- NOTE: Once the Final Truth in Lending Disclosure is resent, the student will move through their cancellation period again.
- NOTE: Once the Final Truth in Lending Disclosure is resent, the student will move through their cancellation period again.
-
-
- Approved, pending acceptance - Climb will issue a new MPN with the finance charge. Student will need to sign their MPN.
-
-
-
Note: You may receive an automated system email that an application has been moved to ‘processing’ throughout this process. This can be ignored - our system will temporarily move the student to processing to make any change to the application. The final application status is outlined above..
Course Start Date
Course start date is tied to funding date because the start date triggers enrollment verification.
- When a start date request is in the future, the funding date will change and because of this, Climb will need to update the MPN and resend to the student.
- When a start date is in the past or very soon, Climb will make the change and there will be no effect to the student’s application status.