From: Bev Kennedy (kennedy@graceland.edu)
Date: Tue Jan 25 2000 - 12:43:28 EST
Karen, I believe we came in at year 2. I'm a bit rusty on what all happened
with the reconciliation, but remember that it was a very frustrating
process. Our school's answers are below. Let me say up front that our
Regional DOE Direct Loan Rep. in Kansas City, Dave Bartlett, was extremely
helpful and instrumental in helping get our account reconciled. Good
luck!
Bev Kennedy
Accountant
Graceland College
700 College Avenue
Lamoni, IA 50140
Phone - 515-784-5132
e-mail - kennedy@graceland.edu
> ----------
> From: Gorton, Karen[SMTP:kgorton@admin.rochester.edu]
> Sent: Tuesday, January 25, 2000 9:20 AM
> To: bursar-l@virginia.edu
> Subject: Direct Lending Reconciliation, Years 1, 2 & 3
>
> This message is directed to Colleges that were in the Direct Lending
> Program
> for years one, two and three.
>
> Can you please review the questions below and respond back to me?
>
> * Did you have difficulty reconciling your loans to the Department of
> Ed records for years 1, 2 and 3? Yes. As I recall, we initially had to
> combine two
years of data to reconcile in total....there was no
segregation of the data
on the LOC reports we requested, and too many crossovers on
"draws" between
fiscal years.
> * Did you experience problems with the Loan Origination Center?
The main problem was erroneous cross-posting between
years.
Some of our "corrections" were posted wrong, but after we
identified
them and gave LOC a detailed list of what we needed to
have adjusted, we
had no problem getting the corrections made.
> * Was the Loan Origination Center able to locate all your Colleges'
> records after their move to Montgomery? Were some of your records in both
> Montgomery and Utica?
No problem here that I recall.
> * For Direct Lending Years 1, 2 & 3, have you received a "final"
> letter from the Department of Ed detailing Booked and Unbooked Loans and
> the
> Draws for your College?
I believe so. I know we received a final list of
"draws", although I don't recall
it coming with our "closing" letter Our Student Finance
Office would have
received the loan detail, and may not have passed that
along to me.
> * If your Draws exceeded your Booked Loans, did you receive a "bill"
> from the Department of Ed with a specified "due date"?
N/A
> * Are you satisfied with the results of the loan reconciliation
> process for Years 1,2 & 3?
Yes, but I'm glad the process is more streamlined now!
> Thanks for your time.
>
>
> Karen V. Gorton, Bursar
> University of Rochester
> PO Box 270037
> Rochester, NY 14627
> (716) 275-5817
> kgorton@admin.rochester.edu
>
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