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TG PLUS Credit Connection™

For more information, contact:

TG Product Support
(800) 332-1455
product.support@tgslc.org

Frequently Asked Questions

Is TG planning to perform PLUS credit checks?
No, TG is merely passing borrower application data to lenders to use for their existing pre-approval credit check process. Lenders keep their own credit check processes, second look, and e-sign mechanisms. Loans By Web is only communicating on behalf of the borrower with the borrower’s lender of choice.

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Why is TG Loans By Web dealing with preapproval?
Many of TG’s school partners have expressed frustration with the need to delay the certification of PLUS applications until after they receive a pre-approval. Through this process, TG is simply collaborating with our lender partners to ensure that our school partners receive the data necessary to accomplish this task as quickly as possible.

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Are schools only limited to upfront certifications for PCC?
No. PCC will work very effectively with school-certified or borrower-initiated processing flows. For the school-certified processing flow, the application is complete when the borrower submits it through Loans By Web. Once the credit check is complete, the application can be submitted by the school or lender for guarantee.

In a borrower-initiated processing flow, schools will now be able to identify which PLUS applications have been initiated by borrowers and approved or denied in their credit check processes by lenders through AdvanTG Web. The school can then update that application with the certification information necessary for guarantee. If the application is denied, schools will be able to certify an unsubsidized loan.

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Will borrowers enter Loans By Web and request a loan, and then TG send the application to the lender?
The borrower will be able to complete a school-certified application, or the borrower may initiate a request. In both cases, TG will forward the application data to the lender for approval.

In the school-certified processing flow, the lender may even submit the application directly to TG for a guarantee. TG does not send the borrower to the lender’s Web site; TG will provide the borrower with the Web link to the pre-approval or to the lender of their choice so that the borrower can visit the site anytime he or she chooses.

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Will E-signature work with PCC?
Loans By Web will still provide the standard E-signature data to lenders, thereby allowing lenders to receive additional but separate information from the CommonLine 5 (CL5) Application Send Record used for credit processing. Lenders have several options. They may choose to use the CL5 Application Send Record to pre-load demographic data for E-signature. Lenders may choose to provide a user interface, or they may choose to direct borrowers to an existing structure for E-signature within their own pre-approval interface.

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Will schools need to receive a fax or e-mail message from lenders about PLUS denials?
No, fax or e-mail notifications will not be needed. Schools will be able to view PLUS Lender denials in AdvanTG Web. TG provides schools with report options with this information. Schools will then be able to certify their students for unsubsidized loans as applicable.

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Are schools required to be CommonLine 5 capable?
Every PCC school must be an AdvanTG Web user. TG provides a behind-the-scenes mapping of the lender’s CL5 credit status to update the school’s current database, regardless of the school’s version of CommonLine. Therefore, if a school is CommonLine 4 compliant, it will be able to view the status of various PLUS applications, including approved, denied, and awaiting approval.

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As a lender, do I have to participate in PCC?
Participation in Loans By Web PCC is a choice for both schools and lenders. Lenders may prefer to encourage the use of their existing pre-approval user interfaces. Although they do not need to participate in Loans By Web PCC, we encourage them to do so. By becoming a PCC lender, you will provide additional options to the schools that want to use this process.

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What text do you provide to borrowers about obtaining a credit decision?
In addition to a “Submit” button that indicates the borrower has authorized a credit report to be pulled, we also reference the following credit-related information on the Loans By Web login screen:

  • Terms and Conditions
    • Applicant is at least 18 years of age and a U.S. resident or eligible non-citizen;
    • All statements, representations, and warranties in this request are true and correct;
    • All statements, representations, and warranties in this request are being made by the applicant to induce the lender to approve this pre-approval request;
    • Any and all other documentation in connection with this request is true and made for the sole purpose for procuring a pre-approval; and
    • Applicant authorizes the lender to order a consumer credit report to determine eligibility for a PLUS Loan.
  • Acknowledgements
    • I authorize my lender to inform me and the school selected of the results regarding my eligibility for the PLUS Loan;
    • I understand this is a pre-approval request and not an actual application for a PLUS Loan. In order to receive a PLUS Loan, I must submit an application;
    • I understand the amount requested does not impact the credit decision;
    • I understand this pre-approval request will appear on my credit report and other credit grantors may consider multiple credit inquiries as a negative, and could be a reason for denial of other loans; and
    • I understand I may request the name and address of the consumer reporting agency which provided the report.
  • Warning
    Your Lender will access a credit bureau for the specific purpose of obtaining a credit report. This request should only be made by the person interested in obtaining a PLUS (Parent Loan for Undergraduate Student) Loan. Any other use is considered unauthorized access and is prohibited under the Fair Credit Reporting Act and punishable by $2500 and/or 1 year in Federal prison per occurrence.

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Will PCC work with Non-PCC lenders or with a combined PCC flow and a lender-initiated flow?
Technically it will work but it may be confusing for schools. It is probably best to select one process to ensure simplicity and ease of processing. Offering one process will ensure that both approvals and denials are clearly visible in the AdvanTG Web system and ready for processing.

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