Operation: Loan Jungle Recon

Operation: Loan Jungle Recon
Guide: Ashlee Binggeli
University of Central Missouri
• Registration and Financial Services –
Columbia College 2006-2012
• Coordinator of Student Loan Programs
– University of Central Missouri 2012present
• Direct Loan Reconciliation Program
How to make monthly recon easier
How to monitor your loan files
How to substantiate COD drawdowns
How to balance to the dollar every day
How to create reports and spreadsheets that will
help you do all of the above
Step 1: Monitor Loan Files
• Identifying loans that did not extract
*ERROR* No accepted COD student identifier on file
*ERROR* Current COD student identifier is in sent status
*ERROR* Fund: FSTFS, *ERROR* ATB Eligibility Code is blank
• Monitoring your loan files for rejects
140: Incorrect Origination Fee or Rebate Percent on New Awards
167: Sum of Subsidized Awards exceeds the Subsidized Loan Limit
067: Incorrect Disbursement Amount
117: Disb info is incomplete or rejected. DL award is not accepted
204: Incorrect Program CIP Code submitted
Track Rejected Loans
– Keep track of student’s whose loans rejected to ensure
that they are resolved and any other special group of
students that you need to monitor.
– Create a report to catch rejected loan (human error).
– Record amount of loan that disbursed for rejected loans.
(This will be needed later)
Step 2: Create a Loan
Disbursement Report
– Ability to sort by fund code
• Remove Perkins before adding to daily spreadsheet.
– Ability to sort by date and time to help identify loan disb/adj after
– Use this form for daily disclosure statements
– Can sort by term
Disbursement Report
Student ID
Student Name
Detail Code
Disbursement Date and Time
Student Email (Stafford and
Parent Email (PLUS)
Term (Fall, Spring, Summer)
Step 3: Daily Loan Spreadsheet
• Graduate Students
– 3.0 minimum cumulative GPA
October 16
$30,178,883 + $127,841= $30,306,724 (Running Total)
$30,306,724 - $29,950,000 - $364,149= $7,425 Banner vs. COD Difference
-$7,425 + $7,425 = $0 Difference
Step 4: Substantiating COD Drawdown
• Run disbursement report for set period of time.
• Remove Perkins and sort by date
• Create a shared drive with Business Office to save
disbursement report.
• Contact Business Office
Step 5: Monthly Recon(easy way)
• Last day of the month: Request that no one disburse or
make loan adjustments after you have run your loan
– Keep track of disbursed loans that do not extract.
• 1st day of the month: Run daily disbursement list for entire
– Sort list by date (make sure no one made loan
adjustments after you ran extract).
– Sort disbursement list by fund code
– Remove Perkins loans
– Import loan files and monitor for rejects.
Monthly Recon Spreadsheet
DL Tools: SAS (Cash Summary)
Monthly SAS (Cash Summary) Continued
Matching the Numbers
Benefits of Balancing Daily
• Daily Disbursement Report
– Disclosures
– Timing issues
– Daily comparison of DL disbursements
between academic years
– Substantiating drawdowns
– Identifying Rejects and “stuck” loans
– Quickly identify students for balancing
– Shortens monthly recon tremendously
Other Recon Resources
• Direct Loan Reconciliation and Program Year
• Direct Loan Tools
Contact Information
Ashlee Binggeli
Coordinator of Student Loan Programs
University of Central Missouri
[email protected]

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