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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
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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 2
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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 3 COD from Start to Finish
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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 7 COD from Start to Finish
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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 8 COD from Start to Finish
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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 website COD sends you the SP acknowledgement with the information From the SP acknowledgement you can create a skeleton award 11 COD from Start to Finish
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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 website Allows you to pre-set some default values Allows you to filter students ready to originate based on entrance counseling and MPNs Allows you to batch your students for origination 12 COD from Start to Finish
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Daffina Duck 000000000 COD from Start to Finish 14
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15 Daffy Ducks Drafting Academy 00000000 Quackston Mallard Eider III COD from Start to Finish
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17 Daffina Duck 000000000 3/12/1994 COD from Start to Finish
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18 Daffina Duck 000000000 3/12/1994 COD from Start to Finish
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21 XXXXXXXXX Hickey, Ruby N
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COD from Start to Finish 23 Werrin Nuttin XXXXXXXXX 2013-2014 xxxxxxxxxP14G99999001 2013-11-02T14:27:46.9499999999 99999999 Common Record Information Georgia Highlands Conservatory of Pecan Pie
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COD from Start to Finish 29 xxxxxxxxx Begonia, Ruby Xxxxxxxxx Bailey, George
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COD from Start to Finish 30
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COD from Start to Finish Disbursements can be found in your Action Queue or on the Disbursement Detail Information screen The Action Queue displays ONLY PENDING disbursements Pending 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 either Cannot adjust a pending disbursement on the Action Queue 32
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Search forward or backward Search by award year Can be used as both a reconciliation tool and as an adhoc pending disbursement list tool 33 60784345 COD from Start to Finish
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34 60784345 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 COD from Start to Finish
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COD from Start to Finish 40
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47 COD from Start to Finish
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48 Print blank MPNs COD from Start to Finish
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COD from Start to Finish 50
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51 Kumbayah! COD from Start to Finish
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Direct loan reconciliation is a required monthly task whereby loan data on FSA systems is reviewed and compared to your schools systems KNOW WHERE THE MONEY IS 52 COD from Start to Finish
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Reconciliation is a two-part task Internal reconciliation Identify and resolve discrepancies Document reasons for any ending cash balances External reconciliation Identify and resolve discrepancies Document reasons for any ending cash balances 53 COD from Start to Finish
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How do we know weve 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) 54 COD from Start to Finish
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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 drawdowns Reject award year specific submissions of awards and/or disbursements Discontinue award year specific reports Generate your final SAS and a PYCO letter The award year can be re-opened if necessar y COD from Start to Finish 55
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QUESTIONS? 56
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