Presentation is loading. Please wait.

Presentation is loading. Please wait.

Wood Mason & David Bartlett | Dec. 2013 U.S. Department of Education 2013 FSA Training Conference for Financial Aid Professionals Foreign Schools COD.

Similar presentations


Presentation on theme: "Wood Mason & David Bartlett | Dec. 2013 U.S. Department of Education 2013 FSA Training Conference for Financial Aid Professionals Foreign Schools COD."— Presentation transcript:

1

2 Wood Mason & David Bartlett | Dec U.S. Department of Education 2013 FSA Training Conference for Financial Aid Professionals Foreign Schools COD from Start to Finish Session #49

3 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

4 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

5 4

6 5

7 6

8 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

9 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

10 9

11

12 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

13 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

14 13 COD from Start to Finish

15 Daffina Duck COD from Start to Finish 14

16 15 Daffy Ducks Drafting Academy Quackston Mallard Eider III COD from Start to Finish

17 16 COD from Start to Finish

18 17 Daffina Duck /12/1994 COD from Start to Finish

19 18 Daffina Duck /12/1994 COD from Start to Finish

20 19 COD from Start to Finish

21 20 COD from Start to Finish

22 21 XXXXXXXXX Hickey, Ruby N

23 COD from Start to Finish 22

24 COD from Start to Finish 23 Werrin Nuttin XXXXXXXXX xxxxxxxxxP14G T14:27: Common Record Information Georgia Highlands Conservatory of Pecan Pie

25 COD from Start to Finish 24

26 COD from Start to Finish 25

27 COD from Start to Finish 26

28 COD from Start to Finish 27

29 COD from Start to Finish 28

30 COD from Start to Finish 29 xxxxxxxxx Begonia, Ruby Xxxxxxxxx Bailey, George

31 COD from Start to Finish 30

32 COD from Start to Finish 31

33 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

34 Search forward or backward Search by award year Can be used as both a reconciliation tool and as an adhoc pending disbursement list tool COD from Start to Finish

35 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

36 35 COD from Start to Finish

37 36 COD from Start to Finish

38 37 COD from Start to Finish

39 38 COD from Start to Finish

40 39

41 COD from Start to Finish 40

42 COD from Start to Finish 41

43 COD from Start to Finish 42

44 COD from Start to Finish 43

45 COD from Start to Finish 44

46 COD from Start to Finish 45

47 COD from Start to Finish 46

48 47 COD from Start to Finish

49 48 Print blank MPNs COD from Start to Finish

50 49

51 COD from Start to Finish 50

52 51 Kumbayah! COD from Start to Finish

53 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

54 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

55 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

56 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 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

57 QUESTIONS? 56


Download ppt "Wood Mason & David Bartlett | Dec. 2013 U.S. Department of Education 2013 FSA Training Conference for Financial Aid Professionals Foreign Schools COD."

Similar presentations


Ads by Google