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Have you Connected the Dots with Direct Loan Reconciliation?

Have you Connected the Dots with Direct Loan Reconciliation?. Connections. Collaboration. Communication. Monday, May 23 10:20-11:35. Introductions / School Profiles. Miami University Size/Type: Medium, public institution 23,000+ total enrollment Location: Oxford, Ohio Size of Staff 25

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Have you Connected the Dots with Direct Loan Reconciliation?

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  1. Have you Connected the Dotswith Direct Loan Reconciliation? Connections Collaboration Communication Monday, May 2310:20-11:35

  2. Introductions / School Profiles Miami University • Size/Type: Medium, public institution • 23,000+ total enrollment • Location: Oxford, Ohio • Size of Staff 25 • Size of Staff Processing Loans: 2 • Implemented Direct Loans: 1994 University of Cincinnati • Size/Type: Large, public institution • 41,000+ total enrollment • Location: Cincinnati, Ohio • Size of Staff 18 • Size of Staff Processing Loans: 6 • Implemented Direct Loans: 2010

  3. Agenda Connections Collaboration • What is Direct Loan Reconciliation? • Miami’s Reconciliation Process • UC’s Reconciliation Process • Questions? Communication

  4. What is Direct Loan Reconciliation? Connections Collaboration • Reconciliation is a process that is required to ensure accountability of Direct Loan funds on a monthly basis. • An institution’s net booked disbursements that appear COD should match the institution's internal disbursement records. • Funds drawn down through the G5 system should equal the net booked disbursements reported to COD. Communication

  5. FSA Direct Loan School GuideChapter 6 - Page 73

  6. Miami’s DL Reconciliation Process Connections Collaboration • Weekly Tasks • A series of ad-hoc reports are generated to identify any loan discrepancies. • Disbursed loan amounts by date are forwarded to the Grants and Contracts Office to initiate a GAPS/G5 drawdown. • Monthly Tasks • DL Tools Reports are run to compare records on the School Account Statement (SAS) against the school’s internal Banner records. • Cash Detail Comparison • Disbursement Detail Comparison • Loan Detail Comparison Communication

  7. DL Tools Basics Connections Collaboration • What is DL Tools? • Multi-year Window’s-based application designed to provide the following functionality related to all Direct Loan schools’ software: • Compare SAS to loans and actual disbursements • Print the SAS in a readable format • Track cash receipts (drawdowns) and refunds of cash • Where do I get it? • Download from http://www.fsadownload.ed.gov • How do I log in? • Default User ID: SYSADMIN • Default Password: SYSADMIN • (change after first use) Communication

  8. UC’s DL Reconciliation Process Weekly Tasks A mainframe report is run ad-hoc to pull out records accepted by COD and those in “reject” status. A query is run to grab data that has been fed over to the Student Accounts system. These 2 reports are worked both in Excel & Access to find differences to resolve. Monthly Tasks Our Finance area uses DL Tools Reports to compare records on the School Account Statement (SAS) against the what has been drawn down from G5. Connections Collaboration Communication

  9. The future for UC & DL Next year we should be able to import the DSDL & DSDF files into our mainframe system and get reports. We are working on an extract to import into DL Tools. Connections Collaboration Communication

  10. Thoughts? Questions? Comments? Connections Collaboration Communication

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