Direct Loan Processing Simplified

Transcription

1 Direct Loan Processing Simplified LASFAA Lafayette, Louisiana October 28, 2010 Barbara Davis

2 Direct Loan Processing Systems SAIG ISIR CPS FAFSA SAR Repayment/ Servicing Repayment/ Servicing SAIG Origination & Disbursement COD Loans and Disbursements Direct loan servicers Funding Data Loans and Loans and Disbursements Disbursements Enrollment Enrollment Status Status Funding Request Money G-5 NSLDS

3 3 COD Home Page

4 Studentloans.gov information MPN searches, PN responses School by date range or individual by SSN View electronic MPN Credit check searches, Plus application (SP) responses Entrance counseling searches 4

5 SLG documents via batch menu PN= Promissory Note SP= Plus Application EC= Entrance Counseling CO= Credit override BN= Booking Notification RS= Response file WB= Web Response 5

6 6 Promissory Note (PN) Batch

7 7 Direct Loan Promissory Notes

8 8 MPN Search Types

9 9 MPN Date Range Search

10 SSN MPN Search Results xxxxx1111 DAVIS, BARB DAVIS, xxxxx1111 BARB xxxxx1111 xxxxx

11 Promissory note/linked loans BARB DAVIS XXXXX /01/1950 XXXXX1111M11G BARB S FAVORITE SCHOOL BARB S FAVORITE SCHOOL XXXXX1111S11G XXXXX1111U11G MY .NET 11

12 View PDF of empn

13 Promissory Note/Unlinked BARBARA DAVIS XXXXX /01/1900 XXXXX1111N11G XXXXX111 1 BA 01/01/1900 Barbara.davis@ed.gov 13

14 14 SLG documents via batch menu

15 15 Plus Application responses

16 PLUS Application with Endorser ##### 16

17 Plus Application results 0 17

18 18 Plus Application Search

19 Plus application search results Xxxxx1111 Dad A xxxxx1144 Son ABC Xxxxx2222 Dad B xxxxx2244 Daughter CDE Xxxxx3333 Mom Z xxxxx3344 Son XYZ Xxxxx4444 Mom Y xxxxx2244 Daughter UWV Xxxxx5555 Marissa Davis Xxxxx6666 Dad C xxxxx6644 Daughter RST Xxxxx7777 Dad D xxxxx7744 My beloved child 19

20 Plus Applicant Detail BARBARA DAVIS XXXXX /01/ OH SO HAPPY LANE BJ DAVIS XXXXX /

21 21 Credit Check Search via Person

22 22 SLG documents via batch menu

23 23 Entrance Counseling via Batch

24 24 Entrance Counseling date Range

25 25 Entrance Counseling Date Range

26 View HTML BARB DAVIS 26

27 Entrance Counseling via Person BARB DAVIS XXXXX /01/ OH SO HAPPY LANE SUNRISE, CA MY .NET (123)

28 Direct Loan Processing Cycle Originate Reconcile Disburse 28

29 Common Record Data Blocks Disbursement Response Award Person Response Response Entity Information Response Common Record Response

30 What is required to originate a loan? Academic year and loan period start and end dates Loan amount Disbursement dates and amounts Origination fee and interest rebate 30

31 Establishing a Direct Loan award Person identifiers = CPS identifiers Complete address Disbursement amounts must equal loan amount Dependency tag Additional unsub indicator 31

32 32 Person Menu

33 Person Information Barbara Davis Xxxxx /01/ Happy Lane Mountain View, GA (202)

34 34 Direct Loan Information

35 Updating an award BARBARA DAVIS XXXXX /01/

36 36 Updating an award

37 37 COD Technical Reference

38 38 Implementation Guide

39 Direct Loan Processing Cycle Originate Reconcile Disburse 39

40 Actual Disbursements Disbursement release indicator= true With school software and send via batch process On COD website (within record or via action queue) Must represent the actual amount and date funds were made available to student Substantiates draw downs Need more cash? Send in actual disbursements or contact COD 40

41 Award Detail BARBARA DAVIS XXXXX /01/

42 42

43 43

44 Action Queue for Disbursements

45 45

46 How do I? Make adjustments or corrections Inactivating a loan Reduce to zero Changes needed to fees Increasing loan amount approved Decreasing loan amount Adjustments to a specific disbursement Date adjustments Disbursement amount adjustments Refunds = no cents = rounding rules 46

47 47 COD tech ref- Implementation Guide

48 48 Changing Fee amounts

49 49 Fees for loans disbursed after 7/1

50 50 Step by Step Instructions

51 Increasing/Decreasing Loan Amount Increases? Change existing loan Creating a subsequent loan Decreases? Pending/reduce disbursements equally Actual/ reduce remaining disbursements equally 51

52 52

53 53

54 54

55 Research/Resolve Rejects Why is it important to fix edit code rejects? More efficient processing Avoid hitting duplicate rejects Better cash flow Easier reconciliation Where do I find a list of rejects and how to fix them? 55

56 56 FSADOWNLOAD.ED.GOV

57 57 COD Technical Reference: Volume II Section 4-Edit Codes

58 Two Reject Research Methods Date range batch level rejects Searching by specific student Student history 58

59 Batch Searches Up to 60 day date range 59

60 60 Batch Search- Date Range Results

61 Batch Detail Information Replace Slide 61

62 Filter by status Replace Slide 62

63 Summary of Batch Level Edit Reject Research Select Batch Menu Enter in date range search Click on batch Filter by program/status Click on word reject Refer to student record Make corrections as necessary 63

64 Batch Search: SSN Enter SSN and choose specific award year or select all award years for complete history 64

65 SSN Batch Search Results 65 24

66 Record reject Replace Slide 66

67 67 View Response

68 68 Electronic Announcements

69 More about COD? COD Computer Based Training Available to download from IFAP COD Technical Reference Vol 1- Cod Overview Vol 2- Implementation Guide and Edit code rejects Vol 6 Reports and Print Specifications (manifest) 69

70 Direct Loan resources Direct.ed.gov IFAP Direct Loan handbook FSA handbook Regulations 70

71 71 Direct.ed.gov

72 72 Direct.ed.gov- new DL schools

73 73 Direct.ed.gov- Aid Professionals

74 74 Aid professionals/publications

75 FSA Publications Order from fsapubs.gov 75

76 76 Aid professionals/mpns and

77 77 Borrower communications

78 78 IFAP.ed.gov

79 79 IFAP: Direct Loan resources

80 80 IFAP: ilibrary:

81 81 IFAP: Help: contact information

82 82 Contact numbers for Schools

83 Direct Loan School Guide Chapter 1: Borrower Eligibility Chapter 2: The Master Promissory Note & empn Chapter 3: DL Awards & Payments Chapter 4: Using COD to Make a Direct Loan Chapter 5: Funding & Disbursements Chapter 6: Reconciliation & Closeout Chapter 7: Borrower Care 83

84 FSA Handbook and Direct Loans Application and Verification guide ISIR Verification Volume 3: Calculating Aid and packaging Academic year, award start and end dates (loan periods) 84

85 FSA Handbook and Direct Loans Volume 4: Processing Aid and Managing Title IV funds Chapter 2 great for Business office Volume 5: Overawards, Overpayments and withdrawal calculations No pennies in Direct Loans 85

86 Title IV regulations: CFR 685 Borrower eligibility Grad plus must have determination of sub and unsub first Credit criteria Funding Method advance funded Additional unsub for dependent student- exceptional circumstances 86

87 COD Customer Service Support Direct Loan # codsupport@acs-inc.com Team of dedicated reconciliation specialists in addition to your regular CSR 87

88 Contact Information We appreciate your feedback and comments and can be reached at: 88