The COD Playbook… - NCASFAA COD Playbook… KASFAA Fall Conference - October 13th, 2011...

The COD Playbook…

KASFAA Fall Conference - October 13th, 2011 Louisville, KY

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KASFAA Fall Conference - October 13th, 2011 Louisville, KY

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Wood MasonU.S. Department of Education

Federal Student AidFederal Loan School Support Team

[email protected]

KASFAA Fall Conference - October 13th, 2011 - Louisville, KY

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• The “keys” to effectively and successfully process data via COD– Know what COD is looking for from your

school– Submit data that passes COD and award

edits– Know where that data is and what it looks

like in COD– Make COD work for you!


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• COD processes…- Mailbox sweep every 15 minutesStudentLoans.gov data “real time”Acknowledgements “bundled” and sent daily

- Processes funding data twice a day“Pull and Apply” Reflected on COD

- Communicates with other FSA systems dailyG5NSLDSD/L Servicers


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• New Award Year Setup– Options

• Funding– Money, Money, Money, Money…

• Disbursement– Anticipated vs. Actual

– Edits

• Reconciliation– Know where the money is


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• Options

– Award Year specific

– Participation choices

– Report format

– Appropriate to COD &/or StudentLoans.gov


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• Options for COD data processing

– Pell Grant Program

o Correct or reject errant data

o Receive web activity response in SAIG mailbox for import

o ACA payment to bank account


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• Options for COD data processing– Direct Loan Program

o Multi-Year or Single-Year MPN functionality

o School level Promissory Note Print Option• “Y” or “N”

o School level Disclosure Statement Print Option• “Y” or “N”


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N


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• Options for StudentLoans.gov

– Award Date Range

– Loan period

– PLUS Loan Request participation

o Default “Y”

– eMPN participation

o Default “Y”

– Additional location autonomy

– Unique participation characteristics


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• Speaking of StudentLoans.gov…

– System generated responses

o CRSP

• PLUS Loan Request

o CRPN

• Master Promissory Note

o CRBN

• Booking notification

o CREC

• Entrance counseling


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• Options for reports– Formats

o Preformattedo Comma Delimitedo Pipe Delimitedo Do Not Distribute

• No web availability

– School Account Statemento Separate setup screeno Formatso Detail levelo Frequency


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Funding…


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• Advance Funding method

–Direct Loan schools receive initial Current Funding Level (CFL)

o Initial ~ implementation for schools with previous Summer term activity

o Subsequent increases Summer and late Fall

o 3 options for funding


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REQUESTFUNDS

G5

CREDITSTUDENTACCOUNT

REPORTDISBS

TO COD3 bd 30 cd

REQUESTFUNDS

G5

REQUESTFUNDS

G5



REPORTDISBS

TO COD

REPORTDISBS

TO COD

3 bd

30 cd

Up to7 cd

In adv


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• Advance Funding method

–Pell Grant schools records first

o No initial authorization

o Accepted actual disbursement data establishes and increases CFL

o Electronic Statement of Account generated on each CFL change

o 2 options for funding


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REQUESTFUNDS

G5

REQUESTFUNDS

G5



REPORTDISBS

TO COD

REPORTDISBS

TO COD

3 bd

30 cd

Up to7 cd

In adv


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• Returning funds– Over payments

– Student withdrawals (R2T4)

– Excess cash with no expectation of disbursing to eligible recipient within 7 calendar days

– Reduction of award/disbursement

– Confirmation number on “Refunds of Cash Information” screen


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Pending vs. Actual Disbursements…


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To remain within compliance guidelines, you must substantiate every dollar you draw from G5 by submitting, and COD accepting, actual disbursement data for each dollar…

The Bottom Line…


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• Pending disbursement– Part of loan origination record (LOR) and

must total loan amount on initial submission

– NOT required on Grant LOR

– No impact on funding

– Disbursement Release Indicator = FALSE

– These are anticipated disbursements

– No need to change until ready to disburse


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• Where to find pending disbursements– COD Pending Disbursement List

o Up to 30 days in the future for Pell Grant

o Up to 45 days in the future for Direct Loan

o Generated weekly

o COD website & SAIG mailbox


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xxxxxxxxxS12G00633001

xxxxxxxxxS12G00633001

xxxxxxxxxU12G00633001

xxxxxxxxxU12G00633001


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• Where to find pending disbursements– Action Queue

o Create “custom” pending disbursement list by…• Date Range

• Name

• SSN

• Program


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Active

Active

Active

Active


• Actual disbursement– Disbursement Release Indicator = TRUE

– Drives funding

o Impacts award reconciliation

– Date starts several “clocks”

o 30-day reporting requirement

o Notification

o Interest

o Origination fee/instant upfront rebate


• Direct Loan Actual Disbursement List

–Saturday-Friday data capture

oGenerated Saturday

–Booked/unbooked/future dated

o“Post” date determines inclusion

–COD web-CSV format only

–SAIG–Comma delimited only

oWeekly report


• 30-day Warning Report

–Monthly report

oSAIG mailbox

oCOD NewsBox

oPrevious 30 day reporting window

–Originations needing disbursement and/or MPN

–Pending MPNs



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• Why would you want to adjust an actual disbursement?

– Borrower returns funds

– Borrower withdrawal/no-show

– Disbursement sent in error

– Error in amount sent


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• Rules to adjust a disbursement– Proper order

– Can’t change date and amount in same transaction

– Must report adjustment within 30 dayso Downward adjustments = money on your books

o Be sure to return it (G5) or re-disburse it to a borrower

o Funds are not student specific but are award year specific

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• Actual Disbursement Adjustments

• Inactivating or reducing award to $0

AWARD

DISB-1

SEQ-1

DISB-2

SEQ-1

DISB-2

SEQ-2

AWARD AMT

= $2,000

DISB-1

SEQ-1= $1,000

DISB-2

= $1,000

STEP 1AWARD AMT

= $2,000

DISB-1

SEQ-2= $0

DISB-2

= $0

STEP 2AWARD AMT

= $0

DISB-1

SEQ-2= $0

DISB-2

= $0

One actual disb reported to CODOne outstanding Anticipated disb


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• Borrower returns funds within 120 days of actual disbursement

– After mandatory cancellation window the school has an option to…o adjust the actual disbursement downward and

disburse funds to another eligible borrower o or return funds to G5

– Interest and fees will be reduced– NOT sent to the Servicer!


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• Disbursement discrepancies– Unsent/unacknowledged disbursement

batches– Data entered via COD website & not school

system– Disbursements recorded in Business Office but

not Financial Aid system– Unbooked disbursements– Rejected disbursement data


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• Disbursement level edits– Incorrect disbursement amount

o Reject (correction) edit 067 (correct & resubmit)

– Incorrect adjustment to DRI (TRUE to FALSE)o Reject edit 074 (Can’t change TRUE to FALSE)

– No accepted PLUS credit decision statuso Reject edit 080 (resubmit when PLUS credit “A” or

CO or endorser)


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• Disbursement level edits– Date Within 7 Days/Passed & DRI = FALSE

o Warning edit 054 (DRI should = TRUE?)

– Received 30 Days after event o Warning edit 055 (30-day reporting window)

– 1st disb submitted < 5 days prior to date…no indication school printed/provided disclosure…o Warning edit 111 (< 5 days for COD to provide)


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Program Reconciliation

• Internal reconciliation– Business Office records of funds requested,

received, disbursed, and returned are compared to Financial Aid Office records of funds awarded

• External reconciliation– Comparison of reconciled internal records to

ED’s records of grants or loans originated and disbursed

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BusinessOffice

FinancialAid

Office

COD

G5

MATCH

Reconciliation…Three Key Players

Pell Grant ProgramThese should be equal…

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COD• NAPD

COD• CFL

G5• Net Drawdowns

• Direct Loan monthly reconciliation– Know where the money is!

– Set up SAS so it works for you

– Document

– SAS reflects the Department’s “official” Ending Cash Balance

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• Direct Loan Program Year Closeout– Final reconciliation for the award year

o$0 Ending Cash Balance

• D/L funds received = D/L funds disbursed

o$0 unbooked disbursements

oCOD data matches school D/L data and business office transactions

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Direct Loan Program Year CloseoutThese should be equal…

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COD• NAPD

G5• Net

Drawdowns

• Aids to reconciliation

–Pell Year to Date (YTD) File

–Pell Reconciliation File

–Direct Loan School Account Statement

–Direct Loan Actual Disbursement List

–Direct Loan Tools software

oCompare your data to SAS data

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• Aids to reconciliation– COD weekly monitoring email

oUnsubstantiated funds

oPOPs

o30-day reporting window

– COD website screens

– COD Reconciliation Specialists

– Student files

– Financial Aid/Business Office reports

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• COD School Relations Center

o URL: http://www.cod.ed.gov

o email: [email protected]

o Direct Loans: 800.848.0978

o Pell/Grants: 800.4747268

• Federal Loan School Support Team

o email: [email protected]


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The COD Playbook… - NCASFAA COD Playbook… KASFAA Fall Conference - October 13th, 2011...

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