slide1
Download
Skip this Video
Download Presentation
“ Rational and Irrational Adventures in the Direct Loan Wonderland” Presented by Sherry Proper Director of Financial

Loading in 2 Seconds...

play fullscreen
1 / 14

“ Rational and Irrational Adventures in the Direct Loan Wonderland” Presented by Sherry Proper Director of Financial - PowerPoint PPT Presentation


  • 137 Views
  • Uploaded on

“ Rational and Irrational Adventures in the Direct Loan Wonderland” Presented by Sherry Proper Director of Financial Aid & Enrollment Support Allegheny College. “Chapter 1 – Down the Uncertain Chasm”.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about '“ Rational and Irrational Adventures in the Direct Loan Wonderland” Presented by Sherry Proper Director of Financial' - sandra_john


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
slide1
“Rational andIrrational Adventures

in the Direct Loan Wonderland”

Presented by

Sherry Proper

Director of Financial Aid & Enrollment Support

Allegheny College

chapter 1 down the uncertain chasm
“Chapter 1 – Down the Uncertain Chasm”
  • Liquidity injected into FFELP by Government purchasing of loans in 2008-09 & 2009-10
    • Very unlikely to happen for 2010-11
  • July 1, 2010 not that far away
  • Will FFELP $$$ be available?
  • Will lenders remain in FFELP?
  • Is 100% DL participation inevitable?
  • What has your school done to prepare?
chapter 1 down the uncertain chasm3
“Chapter 1 – Down the Uncertain Chasm”
  • Virtually all the same regulations
  • Use of MPN & entrance counseling
  • Same annual & aggregate loan limits
  • Similar borrower benefits & repayment options
  • Same interest rates except PLUS
    • FFELP PLUS 8.5%
    • DL PLUS 7.9%
chapter 2 the puddle of tears
“Chapter 2 – The Puddle of Tears”
  • It’s a different language in a Parallel World
    • DRI, booked loans, disb sequence numbers, etc.
    • Originate instead of certify
    • Make loans inactive instead of canceling
  • Single source (G5) instead of many sources
  • Required monthly reconciliation

& year-end closeout

  • Technological changes
  • Processing & procedure changes
chapter 3 the circle race
“Chapter 3 – The Circle Race”
  • Does it feel like we are running in circles?
  • Preparation prior to converting
    • New DL school set up
    • DL implementation steps
    • Software issues
  • Also prepare for the follow-up work
    • How to handle PLUS borrower info
    • Response records, rejects & warnings
    • Reconciliation
chapter 4 rabbit sends a little help
“Chapter 4 – Rabbit Sends a Little Help”
  • Helpful DL Software Considerations
    • Send & receive DL/COD data
    • Determine if you have DL rejects
    • View details about response errors
    • View PLUS borrower information
    • View sequence numbers & COD responses
    • View entrance interview dates
    • Determine the Booked Loan amount
    • Reconciliation reports for DL
    • COD message classes
chapter 5 advice from the caterpillars
“Chapter 5 – Advice from the Caterpillars”
  • Checklist for the Transition to Direct Loans
    • Participation & technology readiness
    • Communication
    • Awarding loans & revisions
    • Originating loans
    • Promissory notes
    • Entrance counseling
    • Disbursement process & delayed disbursements
    • COD reports
    • Obtaining funds
chapter 6 booked loans pepper
“Chapter 6 – Booked Loans & Pepper”
  • Linking MPNs
    • Loan award
    • Active MPN
    • Data elements needed to link loans
  • Booked Loans – COD must receive & accept:
    • Completed/signed MPN
    • Award record
    • Actual disbursement (DRI=true)
    • Key loan data elements
      • Person data
      • Award/disbursement data
chapter 7 plus mpn mad tea party
“Chapter 7 – PLUS MPN Mad Tea Party”
  • Institutional PLUS loan form
    • Advantages
    • Disadvantages
  • New PLUS application website
    • Advantages
    • Disadvantages
  • School-initiated credit check
    • Advantages
    • Disadvantages
chapter 8 the queen s croquet court
“Chapter 8 – The Queen’s Croquet Court”
  • PLUS approvals like chaotic croquet game
  • Approved if no adverse credit
  • Different from the more strict

criteria in FFELP

  • PJ as an alternative to the credit check
          • SSI income
          • Welfare recipient
          • Active bankruptcy proceedings
          • Other ???
chapter 9 mock turtle s cod story
“Chapter 9 – Mock Turtle’s COD Story”
  • COD at the center of DL processing
  • Common record “data blocks”
          • Disbursement
          • Award
          • Person
          • Entity Information
          • Common Record
  • Batch search, summary, detail
  • MPN search & credit check info
  • Person information
    • Award detail, disbursement history
chapter 10 lobster counseling quadrille
“Chapter 10 – Lobster Counseling Quadrille”
  • New online entrance counseling
  • New online exit counseling
  • Entrance & exit reports available
  • Combination FFELP & DL complications
    • One exit counseling session okay, but

must provide additional info on other program

chapter 11 who stole the tartlets
“Chapter 11 – Who Stole the Tartlets?”
  • Reconcile monthly
    • Where is the money?
    • Internally FA & Business Office
    • Externally with COD
      • Cash, loan summary, loan detail
  • COD screens & reports
  • SAS from COD
  • Software system reports
  • DL Tools software
  • COD reconciliation specialists
chapter 12 alice s dl evidence
“Chapter 12 – Alice’s DL Evidence”
  • Evidence indicates things will be okay in the DL Wonderland
    • Solid servicing system
    • Successful school examples
    • Colleagues helping each other
  • DL Info exchange
    • What DL tip/advice can you offer?
    • What DL help do you need?
ad