Operation: Loan Jungle Recon

Guide: Ashlee BinggeliUniversity of Central Missouri

Background

• Registration and Financial Services – Columbia College 2006-2012

• Coordinator of Student Loan Programs – University of Central Missouri 2012-present

• Direct Loan Reconciliation Program

Overview

• How to make monthly recon easier• How to monitor your loan files• How to substantiate COD drawdowns• How to balance to the dollar every day• How to create reports and spreadsheets that will

help you do all of the above

Step 1: Monitor Loan Files

• Identifying loans that did not extract *ERROR* No accepted COD student identifier on file

*ERROR* Current COD student identifier is in sent status *ERROR* Fund: FSTFS, *ERROR* ATB Eligibility Code is blank

• Monitoring your loan files for rejects • 140: Incorrect Origination Fee or Rebate Percent on New Awards 167: Sum of Subsidized Awards exceeds the Subsidized Loan Limit 067: Incorrect Disbursement Amount 117: Disb info is incomplete or rejected. DL award is not accepted 204: Incorrect Program CIP Code submitted

Track Rejected Loans

– Keep track of student’s whose loans rejected to ensure that they are resolved and any other special group of students that you need to monitor.

– Create a report to catch rejected loan (human error).– Record amount of loan that disbursed for rejected loans.

(This will be needed later)

Step 2: Create a Loan Disbursement Report

• Benefits– Ability to sort by fund code

• Remove Perkins before adding to daily spreadsheet.– Ability to sort by date and time to help identify loan disb/adj

after extract– Use this form for daily disclosure statements– Can sort by term

Disbursement Report

• Student ID• Student Name• Detail Code• Description• Amount

• Disbursement Date and Time

• Student Email (Stafford and Perkins)

• Parent Email (PLUS)• Term (Fall, Spring, Summer)

Step 3: Daily Loan Spreadsheet

• Graduate Students– 3.0 minimum cumulative GPA

October 16$30,178,883 + $127,841= $30,306,724 (Running Total)$30,306,724 - $29,950,000 - $364,149= $7,425 Banner vs. COD Difference-$7,425 + $7,425 = $0 Difference

Step 4: Substantiating COD Drawdown

• Run disbursement report for set period of time.• Remove Perkins and sort by date• Create a shared drive with Business Office to save

disbursement report.• Contact Business Office

Step 5: Monthly Recon(easy way)

• Last day of the month: Request that no one disburse or make loan adjustments after you have run your loan extract.– Keep track of disbursed loans that do not extract.

• 1st day of the month: Run daily disbursement list for entire month.– Sort list by date (make sure no one made loan

adjustments after you ran extract).– Sort disbursement list by fund code– Remove Perkins loans– Import loan files and monitor for rejects.

Monthly Recon Spreadsheet

DL Tools: SAS (Cash Summary)

Monthly SAS (Cash Summary) Continued

Matching the Numbers

Benefits of Balancing Daily

• Daily Disbursement Report– Disclosures– Timing issues– Daily comparison of DL disbursements

between academic years– Substantiating drawdowns– Identifying Rejects and “stuck” loans– Quickly identify students for balancing

purposes– Shortens monthly recon tremendously

Other Recon Resources

• Direct Loan Reconciliation and Program Year Closeout http://www2.ed.gov/offices/OSFAP/training/materials/dlreconslides.pdf

• Direct Loan Tools http://www2.ed.gov/offices/OSFAP/training/materials/dltoolshandout.pdf

Questions

Contact Information

Ashlee BinggeliCoordinator of Student Loan Programs

University of Central Missouribinggeli@ucmo.edu

660-543-4266