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Operation: Loan Jungle Recon
Guide: Ashlee Binggeli University of Central Missouri
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Background Registration and Financial Services – Columbia College Coordinator of Student Loan Programs – University of Central Missouri 2012-present Direct Loan Reconciliation Program
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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
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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
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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)
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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
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Disbursement Report Student ID Disbursement Date and Time Student Name
Student (Stafford and Perkins) Detail Code Description Parent (PLUS) Amount Term (Fall, Spring, Summer)
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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
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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
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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.
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Monthly Recon Spreadsheet
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DL Tools: SAS (Cash Summary)
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Monthly SAS (Cash Summary) Continued
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Matching the Numbers
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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
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Other Recon Resources Direct Loan Reconciliation and Program Year Closeout Direct Loan Tools
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Questions
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Contact Information Ashlee Binggeli Coordinator of Student Loan Programs University of Central Missouri
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