Processing Direct Loans Through COD and Direct Loan ... · PDF filePLUS loan requires credit...
Transcript of Processing Direct Loans Through COD and Direct Loan ... · PDF filePLUS loan requires credit...
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Processing Direct Loans Through COD and Direct Loan
ReconciliationWood Mason
770/383-9662
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AgendaStudentloans.gov
Entrance counseling
PLUS application
Master Promissory Note (MPN)
What is COD?
A look at the website from a processing cycle perspective
Direct Loan Reconciliation
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What’s New?- Studentloans.gov
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Entrance counseling
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Undergraduate or graduate?
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Entrance Counseling- 4 steps
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Complete PLUS application
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PLUS application
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Step 2 Student and Loan info
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Step 4: the credit check
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Master Promissory Note (MPN)
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MPN: personal information
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MPN: Personal references
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MPN: Terms and conditions
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MPN: Review and Sign
We are friendly
202-821-3953
202-821-3953
22333
We are friendly
22333
202-821-3953
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What is COD?
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Cod.ed.gov
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Looking for More Information?
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COD Home Page
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Originate
DisburseReconciliation
Direct Loan Processing Cycle
MPN
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Ent Cslg
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Direct Loan Processing Cycle
Direct Loan Origination
School determines eligibility
School calculates award Amount and type
School “originates” the award Origination is a dated event
Financial Award ID
CPS transaction number
Anticipated/Actual disbursements must equal loan amount
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Direct Loan Processing Cycle
Direct Loan Origination
School transmits Loan Origination Record (LOR) to COD Online
Via Common Record
Entity IDs
COD sends a receipt
COD edits the LOR and sends a response Hard reject
Warning reject
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What You Need To Know
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PLUS loans
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Direct Loan Processing Cycle
PLUS loan requires credit check
D/L credit check looks for adverse credit NOT credit worthiness
Absence of credit is not evidence of adverse credit
Stands for 90 days on COD websiteDenial linked to academic year submitted
Approval linked to submitted loan
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Direct Loan Processing Cycle
PLUS loan requires credit check
School
LOR/COD website
Need borrower authorization
StudentLoans.govPLUS request process for both Parent and Grad
student
PLUS LOR can be accepted with Adverse credit decision
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21 characters
123456789S11G99999001
The Direct Loan Award ID
Social
Security
Number
Direct Loan
School code
Loan Type
Sub,
Unsub,
Plus
Award yearTrailing (1011)
Sequence # of loan
at this school
for this borrower
during award year
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Person Menu
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Person Information
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Barbara Davis
Xxxxx1234
01/01/1900
12 Happy Lane
Mountain View, GA 30000
(202) 821-3953
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Direct Loan Information
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Award Detail
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Search For Promissory Notes
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Promissory Note
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Credit Check Decision
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Counseling Search
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Date range counseling results
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Davis, Barb
xxx-xx-xxxx
1/1/1990
Davis, Barb
xxxxxxxxxP11Gxxxxx001
‘10-’11
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Person Information
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Davis, Barb
xxx-xx-xxxx
1/1/1990
Davis, Barb
xxxxxxxxxP11Gxxxxx001
‘10-’11
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Date Range Search Result
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PLUS Application Search
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Plus app date range search
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Originate
DisburseReconciliation
Direct Loan Processing Cycle
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What You Need To Know
Pending vs. Actual DisbursementPending disbursement and date is
“anticipated” future disbursement and datePart of LORNo impact on fundingDisbursement Release Indicator = FALSE
No need to change until ready to disburse
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What You Need To Know
Pending vs. Actual DisbursementActual disbursement drives fundingOrigination fee and upfront instant rebate
assessed on actual disbursementDisbursement release indicator = TRUE*Report to COD via CRDisbursement #1 Sequence #1
*Software dependent
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Award Detail
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Batch Searches
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Up to 60 daydate range
Enter SSN and choose specific award year or select all award years for complete history
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Batch Search- Date Range Results
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Batch Search: SSN Results
5024
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Record Reject
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View Response
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30 Day Warning Report
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Pending Disbursement Listing
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Reports
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Originate
DisburseReconciliation
Direct Loan Processing Cycle
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Exit
Cslg
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What You Need To Know
Exit counseling required when no longer attending or drop below half-timeDoesn’t have to be ED website/materials
MUST be appropriate to loan type/program
SCHOOL determines if counseling is valid or not
NSLDS NewsLetter #26
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What You Need To Know
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Originate
DisburseReconciliation
Direct Loan Processing Cycle
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Direct Loan Reconciliation
The process by which the Direct Loan Cash Balance recorded on the Department of Education system is reviewed and compared with a school’s internal records on a monthly basis
Identify and resolve discrepancies
Document reasons for their Ending Cash Balance
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The process by which schools complete final processing at the end of a Direct Loan program year
$0 Ending Cash Balance
$0 unsubstantiated cash
$0 Unbooked disbursements
* PYCO date July 31st of the year following end of the award year
Program Year Closeout (PYCO)*
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Reconciliation – 3 Key Players
Business
Office
Financial
Aid
Office
COD
G5
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Tools and Resources
School Account Statement
COD Web site
DL Tools
Student Files
Financial Aid Office Reports
Business Office Reports
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Tools and Resources
COD School Relations Center
Customer Service Representative
Issue Resolution Specialists
COD web screens
Summary Financial Information
Cash Activity
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Tools and Resources
COD School Relations Center
Weekly monitoring e-mails
Unsubstantiated cash
30-day reporting monitoring
COD Reconciliation Team
Dedicated reconciliation specialists
Problem solving
G5 assistance
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School Account Statement
Generated on 1st weekend of the month
Contains data through end of previous month
Separate School Account Statement for each open award year
Different report format options
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School Account Statement
Five Primary SAS Components
Cash Summary
Disbursement Summary by Loan Type
Cash Detail
Loan Detail - Loan Level
Loan Detail – Disbursement Level
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School Monitoring Email
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School Monitoring
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School Monitoring
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School Summary Information
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Cash Activity
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School Summary Financial
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Program Year Closeout
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July 31 of the year following the award year
COD website-balance confirmation screen
No unsubstantiated cash
No unbooked disbursements
No reporting of disbursements, no draws of cash, no reports
Reopening the year if necessary
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Balance Confirmation
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COD Customer Service Support
Direct Loan # 800-848-0978
Team of dedicated reconciliation specialists in addition to your regular CSR
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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)
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Contact Information