Re: bursar-l: Fwd: [lms] Perkins Loans

From: Archambault, Judith <jarchambault_at_af.umaryland.edu>
Date: Mon, 8 Jun 2009 11:50:15 -0400

UMB still lends out about 3 million in Perkins loans per year. We
developed a formula for the Perkins annual allotment when the threat of
a funding cut off first became feasible. We calculate 1/5 of the year
end cash balance plus all projected collections as the allotted award
amount for the next year. This makes the impact on the fund gradual,
rather than immediate. Of course this is contingent on having a cash
balance at the end of the first fiscal year. This year's new ability to
transfer excess workstudy money over to the Perkins fund should further
help(See blue email below).

 

Judith A Archambault, MBA

Bursar

University of Maryland Baltimore

Student Accounting

601 W. Lombard Street, Suite 206

Baltimore, MD 21201

phone (410)706-2929, fax (410)706-7429

 

 

 

From: McLarnon, Gail [mailto:Gail.McLarnon_at_ed.gov]
Sent: Tuesday, February 03, 2009 12:53 PM
Subject: RE: Perkins question

An institution may only transfer up to 25 percent of the sum of its
initial and supplemental FWS allocations for an award year to the FSEOG
Program or Perkins Loan Program, or to both. This means that when an
institution transfers FWS Federal funds to both the FSEOG and Perkins
Loan programs in any one award year, the total amount it transfers to
both programs may not exceed 25 percent of its initial and supplemental
FWS allocations for that award year.

 Please let me know if you have any questions.

 Gail McLarnon
Office of Postsecondary Education
202-219-7048
gail.mclarnon_at_ed.gov

 

________________________________

From: bursar-l-bounces_at_list.mail.virginia.edu
[mailto:bursar-l-bounces_at_list.mail.virginia.edu] On Behalf Of Callari,
Alison
Sent: Monday, June 08, 2009 8:58 AM
To: Keith Fitzsimmons; Donna Davidson; bursar-l_at_virginia.edu
Subject: Re: bursar-l: Fwd: [lms] Perkins Loans

 

Hi all-

 

We are in the same boat. We went from around 1M just a few years ago to
about 500k this year.

Next year we are renewing Perkins loans for returning students, but are
not awarding anything new to incoming freshman/transfers because we just
don't have the money.

Has anyone started stepping up their collection efforts? Any advice?

 

 

Alison Callari

Collections Specialist

St. John Fisher College

Phone: (585) 385-7320

Email: acallari_at_sjfc.edu

 

From: bursar-l-bounces_at_list.mail.virginia.edu
[mailto:bursar-l-bounces_at_list.mail.virginia.edu] On Behalf Of Keith
Fitzsimmons
Sent: Friday, June 05, 2009 2:31 PM
To: Donna Davidson; bursar-l_at_virginia.edu
Subject: Re: bursar-l: Fwd: [lms] Perkins Loans

 

Donna- we're probably the same as most folks. 1.5M to 600K to just a
few bucks next year.

 

Maybe we'll just stand on the roof and throw pennies as our disbursement
method.

 

Keith Fitzsimmons

Univ of Kansas Medical Center

>>> Donna Davidson <davidsond_at_lrc.edu> 6/5/2009 12:04 PM >>>

Hi Everyone,

While we aren't "out" of funds, we awarded over $450,000 in Perkins last
year, and next year we will be lucky to have $125,000 available. Our
financial aid office is climbing the walls trying to figure out what to
do to cover the short-fall. 

-- 
Donna G. Davidson, MBA
Lenoir-Rhyne University, Assistant Controller
PO Box 7164
Hickory, NC 28603
(828) 328-7139
davidsond_at_lr.edu
---------- Forwarded message ----------
From: Dan Rushton <Dan.Rushton_at_utsa.edu>
Date: Fri, Jun 5, 2009 at 10:11 AM
Subject: RE: [lms] Perkins Loans
To: LMS Mailing List <lms_at_listserv.unc.edu>
Hi Karen,
If you don't mind sharing, when you say "a huge influx of consolidation
loans" how much (ballpark figure) are you talking about?
Thanks,
Dan B. Rushton
The University of Texas at San Antonio
Accounting Services - Perkins Loan Office
ph: (210) 458-4217
fax: (210) 458-4222
-----Original Message-----
From: bounce-24796448-16600078_at_listserv.unc.edu
[mailto:bounce-24796448-16600078_at_listserv.unc.edu] On Behalf Of Derouen,
Karen M
Sent: Friday, June 05, 2009 8:57 AM
To: LMS Mailing List
Subject: [lms] Perkins Loans
All,
Are there any of you out there who have previously disbursed a lot of
Perkins loans but no longer can because you're out of funds? We used to
have a huge influx of consolidation loans each year that gave us more
Perkins money to loan out to new borrowers, but once consolidation loans
dried up we no longer had enough regular payments coming in to give us
new money to loan. Our administrators are interested in how other
schools are dealing with this sort of situation.
Thank you for your input!
Karen
Karen DeRouen
Manager
Student Accounts Receivable
UT-Austin
(512)232-4063
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Received on Mon Jun 08 2009 - 12:01:50 EDT

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