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Session #49. Foreign Schools COD from Start to Finish. Wood Mason & David Bartlett | Dec. 2013 U.S. Department of Education 2013 FSA Training Conference for Financial Aid Professionals. COD from Start to Finish. COD…what is it and why do I have to fool with it? Logging on - PowerPoint PPT Presentation
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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
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
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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
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COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
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
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COD from Start to Finish
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
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COD from Start to Finish
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COD from Start to Finish
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 websiteCOD sends you the “SP” acknowledgement with the
informationFrom the “SP” acknowledgement you can create a “skeleton”
award
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COD from Start to Finish
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 websiteAllows you to “pre-set” some default values Allows you to filter students ready to originate based on entrance
counseling and MPNsAllows you to “batch” your students for origination
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COD from Start to Finish
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COD from Start to Finish
Daffina Duck000000000
COD from Start to Finish
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Daffy Duck’s Drafting Academy
00000000
Quackston Mallard Eider IIIQuackston Mallard Eider III
COD from Start to Finish
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COD from Start to Finish
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Daffina Duck0000000003/12/1994
COD from Start to Finish
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Daffina Duck0000000003/12/1994
COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
COD from Start to Finish
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XXXXXXXXX
Hickey, Ruby N
Hickey, Ruby N
Hickey, Ruby N
Hickey, Ruby N
Hickey, Ruby N
Hickey, Ruby N
COD from Start to Finish
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COD from Start to Finish
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Werrin NuttinXXXXXXXXX2013-2014xxxxxxxxxP14G99999001
2013-11-02T14:27:46.949999999999999999
Common Record Information Georgia Highlands Conservatory of Pecan Pie
COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
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xxxxxxxxx Begonia, RubyXxxxxxxxx Bailey, George
COD from Start to Finish
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COD from Start to Finish
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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 disbursementsPending 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 eitherCannot adjust a pending disbursement on the Action Queue
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Search forward or backward
Search by awardyear
Can be used as both a reconciliation tool andas an adhoc pending disbursementlist tool
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6078434560784345
COD from Start to Finish
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6078434560784345
6078434560784345
• 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
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COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
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COD from Start to Finish
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Print blank MPNs
COD from Start to Finish
COD from Start to Finish
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COD from Start to Finish
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Kumbayah!
COD from Start to Finish
Direct loan reconciliation is a required monthly task whereby loan data on FSA systems is reviewed and compared to your school’s systems
KNOW WHERE THE MONEY IS
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COD from Start to Finish
Reconciliation is a two-part task • Internal reconciliation
Identify and resolve discrepanciesDocument reasons for any ending cash balances
• External reconciliationIdentify and resolve discrepanciesDocument reasons for any ending cash balances
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COD from Start to Finish
How do we know we’ve 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)
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COD from Start to Finish
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 drawdownsReject award year specific submissions of awards and/or
disbursementsDiscontinue award year specific reportsGenerate your final SAS and a PYCO letter
• The award year can be re-opened if necessary
COD from Start to Finish
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QUESTIONS?
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