1. TIPS AND TRICKS FOR RECONCILIATION (PELL AND FEDERAL DIRECT LOANS) Trisha Madsen North Idaho College July 30, 2015 Financial Aid/Colleague Coeur d’Alene, Idaho

2. SESSION RULES OF ETIQUETTE  Please turn off you cell phone/pager  If you must leave the session early, please do so as discreetly as possible  Please avoid side conversation during the session Thank you for your cooperation! Coeur d’Alene, Idaho

3. INTRODUCTION  This presentation is designed to provide an adequate knowledge in the set-up and transmittal of Federal Funding, and will demonstrate procedures and tactics for reconciling these federal funds.  Attendees will benefit from this session by learning how to effectively and sufficiently reconcile funding for the Federal Pell Grant and Federal Direct Student Loans, by using Colleague and the Common Origination Disbursement System (COD). Coeur d’Alene, Idaho

4. SESSION AGENDA 1. Successful FA transmittals 2. Direct Loan Origination Percentages 3. COD ( Common Origination & Disbursement) 4. Colleague Reports for Direct Loans 5. Fixing Loan Rejects with Incorrect Origination Fees. 6. Balance confirmation between Colleague and COD for Direct Loans 7. Colleague Reports for Pell 8. Balance confirmation between Colleague and COD for Pell Coeur d’Alene, Idaho

5. SUCCESSFUL FA TRANSMITTALS. Coeur d’Alene, Idaho

6. SUCCESSFUL FA TRANSMITTALS  Global Eligibility Rules and Award Eligibility Criteria  Set-up your institutions standard Global Award Criteria. The example provided lists the primary rule restricting awards from transmitting unless student is in at least one credit. Coeur d’Alene, Idaho

7. SUCCESSFUL FA TRANSMITTALS GEC Coeur d’Alene, Idaho. Drill in for Rule Table

8. SUCCESSFUL FA TRANSMITTALS  Award Eligibility Criteria  Set-up your institutions standard Award Eligibility Criteria. The rules you place in AEC will aid in the transmission of funds. The following examples show rule restrictions for Federal Direct Student Loans to transmit. Coeur d’Alene, Idaho

9. SUCCESSFUL FA TRANSMITTALS AEC Coeur d’Alene, Idaho. Having these rules in place will allow or stop funds from transmitting when running FATR

10. ORIGINATION FEE PERCENTAGES. Coeur d’Alene, Idaho

11. ORIGINATION FEE PERCENTAGES  It is important to make sure your Origination Fee Percentages are correct per the Department of Education.  Make sure you know when the DOE is changing these fees and the start date for the new fee percentage.  These fees are placed in Colleague in order for loans to have the correct fee per time of origination. Coeur d’Alene, Idaho

12. ORIGINATION FEE PERCENTAGES Coeur d’Alene, Idaho

13. CORRECT ORIGINATION FEE PERCENTAGES Coeur d’Alene, Idaho Current Origination Fee %

14. ORIGINATION FEE PERCENTAGES Coeur d’Alene, Idaho Upcoming Origination Fee % for on or after 10/01/15

15. COMMON ORIGINATION & DISBURSEMENT (COD). Coeur d’Alene, Idaho

16. COMMON ORIGINATION & DISBURSEMENT  In Colleague the report for sending Originations and Disbursements is CODE. This report is used for Origination Loans as well as for disbursement information once funds have transmitted.  CODE is also used to send changes made to Federal funding. Coeur d’Alene, Idaho

17. CODE Coeur d’Alene, Idaho Make sure you have the correct year and types of funding selected that you would like to send.

18. COMMON ORIGINATION & DISBURSEMENT  It is important to check your batch error report. This report will show students who information is not being sent to COD. This step can be crucial when trying to reconcile funding.  If students on the reject report have federal funding disbursed to them and the information is not being sent to COD, you need to work these students.  First check and see if the change is something that can be corrected in colleague so that the information can be sent successfully.  If it is something that cannot be updated in colleague you will have to make a manual change with COD. Most common example of this is where a student loan has been changed and then student is now listed as less than half time status do to a withdrawal and potential R2T4. Coeur d’Alene, Idaho

19. COLLEAGUE REPORTS FOR DIRECT LOANS  DCRR Direct Loan COD Reject Report  Shows students who are rejecting on the Batch report in COD. This report is not academic year based, so it is important to run it frequently so that you may enter a date range.  DSRR Direct Loan SAS Reconciliation Report  This is a yearly report that shows all Direct Loan funding that has a response with COD.  DLVR Direct Loan Variance Report  This report shows students who have a variance in regards to the amount of Direct Loans the School as disbursement in regards to what is showing as net accepted disbursements in COD. Coeur d’Alene, Idaho

20. FIXING LOANS WITH INCORRECT ORIGINATION FEES  The standard way to update these records is to follow these steps:  Zero out the loan in Colleague and send the zero amount to COD by running CODE, once FATR and FATP have been posted.  Then you will wait for the information to be updated in COD.  Next, you will award a new loan code to the student and originate that loan. ( For example a DLSU2 and leave the previous loan code DLSUB withdrawn).  Once the origination is complete and you receive the update from COD per your DOEI report you can retransmit the funds. Coeur d’Alene, Idaho

21. FIXING LOANS WITH INCORRECT ORIGINATION FEES  I have come across another option for fixing Direct Loan Origination Fees, However this option will only work if your CODE report has not sent the disbursement information to COD with the incorrect fee %.  First you will manually zero out the loan in COD, and wait at least a few hours for it to update in COD.  Next you will send the students who you are trying to fix origination fees for to COD using CODE.  Third, wait again for at least a few hours, and the loan fee percentage should match in COD to that of the actual disbursement dates listed in Colleague. Coeur d’Alene, Idaho

22. FIXING LOANS WITH INCORRECT ORIGINATION FEES  ** Please note** The benefit of option #2 is to avoid pulling money off, and then putting money back on the student’s account using a new loan code. However, if the actual disbursements do not send to COD showing the actual disbursement dates (due to a previous CODE run that has already reported) you will have to refer back to the standard method of updating the origination fee % Coeur d’Alene, Idaho

23. BALANCE CONFIRMATION BETWEEN COLLEAGUE AND COD FOR DIRECT LOANS Coeur d’Alene, Idaho  You will want to run your TFAR report so you have a Dollar amount of actual transmitted funds.  Make sure you indicate all loan codes and all award period that aid has been transmitted for. Total Direct Loan Dollars Transmitted

24. BALANCE CONFIRMATION BETWEEN COLLEAGUE AND COD FOR DIRECT LOANS Coeur d’Alene, Idaho  Check actual net accepted disbursements in COD.

25. BALANCE CONFIRMATION BETWEEN COLLEAGUE AND COD FOR DIRECT LOANS  Total Direct Loan funding Transmitted Per TFAR $9,930,363.00  Total Net Accepted and - Posted Disbursements Per COD $9,930,363.00 Equals $0 Coeur d’Alene, Idaho

26. COLLEAGUE REPORTS FOR PELL  Pell Reconciliation Report is the best way to reconcile Pell. You must request this report from COD through the report request found on the Batch Screen. Coeur d’Alene, Idaho

27. COLLEAGUE REPORTS FOR PELL Coeur d’Alene, Idaho  After report is ran, save it as an Excel Spreadsheet and work from there.

28. BALANCE CONFIRMATION BETWEEN COLLEAGUE AND COD FOR PELL  You will want to run your TFAR report so you have a Dollar amount of actual transmitted funds.  Make sure you indicate all loan codes and all award period that aid has been transmitted for. Coeur d’Alene, Idaho

29. BALANCE CONFIRMATION BETWEEN COLLEAGUE AND COD FOR PELL  Check actual net accepted disbursements in COD. Coeur d’Alene, Idaho

30. BALANCE CONFIRMATION BETWEEN COLLEAGUE AND COD FOR PELL  Total Pell funding Transmitted Per TFAR $9,752,652.87  Total Net Accepted and - Posted Disbursements Per COD $9,752,652.87 Equals $0 Coeur d’Alene, Idaho

31. SESSION SUMMARY  Remember successful transmittal and reporting are important when it comes down to reconciliation!  It is important to run reports frequently and to fix all errors!  If you balance weekly it will make reconciliation quick and easy!  It takes at least one full business day for funding levels to be updated through Common Origination & Disbursement! Be patient Coeur d’Alene, Idaho

32. QUESTIONS & ANSWERS  Questions?  Comments?  Concerns? Coeur d’Alene, Idaho

33. THANK YOU! Trisha Madsen trmadsen@nic.edu Coeur d’Alene, Idaho