OSFP June 2022 Update

As we progress through spring 2022, we would like to provide a high-level Oracle Student Financial Planning (OSFP) project update. As you may know, we have completed the first four functionality releases of the OSFP implementation. We are beginning to see benefits to these releases to both staff and students and look forward to our remaining go-lives.

Functionality & Benefits Spotlight: Releases 1-4 – ISIR Loading, Packaging, Verification, Disbursement

Our first OSFP release was in October 2022 with ISIR Loading. This functionality includes the ability to load institutional student information records (ISIRs) into the new system for the 2022-2023 financial aid year. Our second release, in February 2022, enabled us to generate cost of attendance and begin packaging financial aid for students within OSFP. This was quickly followed by the March 2022 release for the verification process. We also implemented Oracle Identity Cloud Service (IDCS) to integrate Rutgers’ two identity management systems with OSFP so that both students and their authorized users could upload requested documents for verification. Finally, this past April we began disbursing aid out of OSFP to certain RBHS students (Banner).

	R1 – ISIR Loading	R2 – COA & Packaging	R3 – Verification	R4 – Disbursement
Release Benefits	Daily ISIR loading Reject/C-code/ verification clearing Faster accepted ISIR	Faster packaging for all students Built-in federal regulatory compliance Flexible COA for different programs Configurable institutional and other non-federal fund (NFF) management Reduction in manual packaging and adjustments	Automated ISIR corrections Customizable forms for meta-data collection for faster processing Easy documentation submission for students	COD Originations and Disbursements – Direct Loans/Pell-automation Students’ ability to accept or decline their loans automatically Students’ ability to adjust their loan amounts automatically Return to Title IV (R2TIV) automation

Where We’re Going

At the end of this May, the project team will begin disbursing aid from OSFP to initial student populations that reside in our legacy mainframe system. We will also continue to package and disburse aid to student populations across all campuses culminating with our largest disbursement cohort in August. Our final functionality release, Satisfactory Academic Progress (SAP) is scheduled for implementation this year in October.

Future Communication

Our next communication is a planned summer 2022 update, but we would be happy to hear from you! If you have any questions, concerns, or comments, please email us at seiiproject@finance.rutgers.edu.