Wood Mason & David Bartlett | Dec. 2013 U.S. Department of Education 2013 FSA Training Conference for Financial Aid Professionals Foreign Schools COD

Wood Mason & David Bartlett | Dec. 2013

U.S. Department of Education

2013 FSA Training Conference for Financial Aid Professionals

Foreign Schools COD from Start to Finish

Session #49

COD from Start to Finish

• COD…what is it and why do I have to fool with it?• Logging on• Originating and disbursing Direct Subsidized,

Unsubsidized, or PLUS loans • “I see T-r-o-u-b-l-e”

I sent the disbursement but no money in G5? What the…?

• Cha Ching…CFL vs. G5 available balance

• Reports• Reconciliation and Program Year Closeout

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The Common Origination & Disbursement System (COD) is the database that stores origination, disbursement, demographic, and other data associated with your students

• CPS data• StudentLoans.gov activity and associated

acknowledgements• Financial data associated with your school

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Origination & Disbursement data, and any corresponding adjustment, can be entered via transmission of batch data from a resident software application

• Third party vendor software• EdExpress software provided free of charge by the U.S.

Department of Education

Or manually via the COD reporting website • PLUS Request “SP” file from StudentLoans.gov• The Direct Loan Origination Tool• Student-by-student

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Reporting via resident software is unique to that application

• Screens in one application may not look the same as in another and may not be identified the same as in another

• One application may allow you more “hands-on” manipulation of your data, others may not

Reporting via the COD reporting website is pretty much the same process for everyone

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Originating via the COD reporting website is accomplished in one of 3 different ways

• From a PLUS Request acknowledgement Borrower completes a PLUS Request via the

Studentloans.gov websiteCOD sends you the “SP” acknowledgement with the

informationFrom the “SP” acknowledgement you can create a “skeleton”

award

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Originating via the COD reporting website is accomplished in one of 3 different ways

• Manually entering award data on the COD reporting website

• Using the Direct Loan Origination Tool (DLOT) on the COD reporting websiteAllows you to “pre-set” some default values Allows you to filter students ready to originate based on entrance

counseling and MPNsAllows you to “batch” your students for origination

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Daffina Duck000000000


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Daffy Duck’s Drafting Academy

00000000

Quackston Mallard Eider IIIQuackston Mallard Eider III


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Daffina Duck0000000003/12/1994


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Daffina Duck0000000003/12/1994


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XXXXXXXXX

Hickey, Ruby N

Hickey, Ruby N

Hickey, Ruby N

Hickey, Ruby N

Hickey, Ruby N

Hickey, Ruby N


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Werrin NuttinXXXXXXXXX2013-2014xxxxxxxxxP14G99999001

2013-11-02T14:27:46.949999999999999999

Common Record Information Georgia Highlands Conservatory of Pecan Pie


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xxxxxxxxx Begonia, RubyXxxxxxxxx Bailey, George


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Disbursements can be found in your Action Queue or on the Disbursement Detail Information screen

• The Action Queue displays ONLY PENDING disbursementsPending disbursements in a review status are also displayed

for HCM2 schools

• Pending and Actual (Disbursed) disbursements are displayed on the Disbursement Detail Information screen

• Pending disbursements can be released (funded) from eitherCannot adjust a pending disbursement on the Action Queue

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Search forward or backward

Search by awardyear

Can be used as both a reconciliation tool andas an adhoc pending disbursementlist tool

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6078434560784345


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6078434560784345

6078434560784345

• Use as a reconciliation tool prior to close out

• Were all disbursements released/made actual?

• Should any be reduced zero?

• Select all and copy to Excel, then filter out all the $0 disbursements


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Print blank MPNs



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Kumbayah!


Direct loan reconciliation is a required monthly task whereby loan data on FSA systems is reviewed and compared to your school’s systems

KNOW WHERE THE MONEY IS

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Reconciliation is a two-part task • Internal reconciliation

Identify and resolve discrepanciesDocument reasons for any ending cash balances

• External reconciliationIdentify and resolve discrepanciesDocument reasons for any ending cash balances

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How do we know we’ve successfully reconciled?• When our internally reconciled data matches exactly the

origination and disbursement data that resides on FSA systems

and• Net Drawdowns (ND) = Net Accepted and Posted

Disbursements (NAPD)

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The Program Year Closeout (PYCO) deadline date is the last processing day in July of the year following the end of that award year

• July 31, 2014 for award year 2012-2013• After the PYCO deadline date COD will

Reduce your funding to net drawdownsReject award year specific submissions of awards and/or

disbursementsDiscontinue award year specific reportsGenerate your final SAS and a PYCO letter

• The award year can be re-opened if necessary


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QUESTIONS?

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Documents

Wood Mason & David Bartlett | Dec. 2013 U.S. Department of Education 2013 FSA Training Conference for Financial Aid Professionals Foreign Schools COD