Re: bursar-l: Direct Loans

UMB does both bank and Direct Loans currently. The question of impact to the Bursar's Office depends on who does G-5 downloads for WorkStudy, Pell and SEOG. Since Direct Loan funds are downloaded through G-5 these Direct Loans need to be tracked by the institution and the funds downloaded in a timely manner. Refunds are handled much the same as current Stafford Loan refunds. UMB is a BANNER school and there are certain things within Banner that are different for Direct Loans than bank originated Stafford and Plus Loans; but I won't get into that unless you are a Banner school. Direct Loan payments to tuition accounts looks like any other internal loan or scholarship payment since funds are paid from ledger accounts and funded through downloads from the feds. Loan reductions are negative disbursements rather than Return to Lender entries.

Hope this helps.

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

-----Original Message-----
From: bursar-l-bounces_at_list.mail.virginia.edu [mailto:bursar-l-bounces_at_list.mail.virginia.edu] On Behalf Of Forman, Susan W
Sent: Tuesday, September 22, 2009 1:40 PM
To: bursar-l_at_list.mail.virginia.edu
Subject: bursar-l: Direct Loans



Subject: Direct Loans

 
I am looking for information on Direct Loans in light of the new legislation being considered. How does the processing for Direct Loans differ from that of the Stafford Loan programs? What office are the processes that would need to be handled by the Bursar's Office. Currently for the Stafford loans, we receive the eft transmission from ELM, load the file into financial aid, and prepare the deposit document. We reconcile the ELM disbursement account to make sure everything is either disbursed or returned to the lender.

Thank you for your responses.

Susan Forman
Bursar
University of Tennessee, Knoxville
211 Student Services Bldg.
Knoxville, TN 37996-0225
(865) 974-1384 Phone
(865) 974-1945 Fax


In an effort to adhere to federal privacy laws, the Bursar's Office restricts the release of student information to other persons. We will be unable to release information to third parties (i.e. parents, spouses, etc.) without a signed FERPA release form on file from the student. The FERPA form is available on-line at http://registrar.tennessee.edu/forms/finan_info_release.pdf. Students must contact us personally to check the status of their student account unless the student has completed a FERPA release form. This FERPA release form applies only to financial records contained in the Bursar's and Financial Aid Offices. The completed form should be returned to the Bursar's Office at 211 Student Services Bldg., Knoxville, TN 37996-0225.


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Received on Thu Sep 24 2009 - 07:57:43 EDT