From: Patricia Swartz (pswartz@wilkes.edu)
Date: Mon May 13 2002 - 11:27:25 EDT
Please reply to the list.
Patricia Swartz
Wilkes University
At 10:32 AM 5/13/02 -0400, Gregg Wilbur wrote:
>Hi all,
>
>Thank you to everyone who responded to my question regarding Perkins
>borrowers who enter repayment and then later re-enroll at the College.
>
>I now have another question: Section 674.47 of the Federal Perkins Loan
>Program regulations describes costs that are chargeable to the Perkins
>loan fund. We are in a situation where we will be able to use this
>provision, but I confess that I know nothing about it.
>
>What does it mean to charge costs to the Fund?
>
>Is this a way to charge an expense to our own Perkins fund in such a way
>that the government does not get angry with us for not collecting the
>full amount of collection costs? And also: is it really a decrease in
>a fund balance of some sort, or it is simply an accounting entry that
>does not really affect the amount that we are eligible to then give out
>to students? Our collections hopefully will be higher now than they
>would have previously been, since we had little hope of collecting
>anything on this account prior to the deal we struck with the
>borrower....will we somehow be negatively affected by charging the
>unsought collection fees to the fund?
>
>And how then do we perform the entries and report (on the FISAP) what we
>did?
>
>I apologize if I sound completely ignorant here, but really, I am
>completely ignorant. Any basic explanations (using simple pictures and
>small words) would be greatly appreciated. Thanks again!
>
>Gregg Wilbur
>Bursar
>Skidmore College
>Saratoga Springs, NY
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