Private Loan EFT Discrepancy

Claim Worklist Item

Go to “Pending Worklist” screen and “claim next item” for Private Education EFT Disc

Review Worklist Item Detail Screen

Compare loan disbursement “Net Disb” to “Disb Actl”.

If the amount in the “Disb Actl” column is $0, there is a hold preventing the private loan from disbursing.

If there is amount in “Disb Actl” column, it will means that the private loan partially disbursed and we need to take steps to resolve the discrepancy.

Reason that Prevent Disbursement

▪ SAP status is ‘Not Meet’▪ Student is enrolled less than half time▪ Student is not enrolled ▪ Student is enrolled in non degree courses▪ Private Loan was subsequently canceled after it was

certified.

Private Loan Not Disbursed

▪ Go to “Disburse Aid” screen to determine the reason the private loan is not disbursing.

▪ Select the “messages” link▪ Review the

private lender info chart to determine if the lender will allow the student to have the disbursement.

▪ If student is eligible, disburse the private loan and complete the worklist item.

Review Student Services Center

▪ If student has a message regarding enrollment, go to Student Services Center (under Academics tab) to review enrolled classes for the term.

▪ If it has been 3 weeks since the term began, return the private loan disbursement funds to the lender. If not, place worklist item on hold until it has been 3 weeks.

Reasons for a Partial Disbursement

▪ The private loan was reduced after the loan was certified either by a scholarship, COA adjustment, residency adjustment etc.

▪ The private loan was increased after we certified it as a courtesy to the student.

▪ The private loan was originally fall/spring and adjusted to fall only.

Review Financial Aid Awarded/Changes

▪ From the View Award Activity screen choose the private education loan to review any changes made to the private loan after certification

Adjust Maintain CL4 Disbursement

▪ Net Disb and Dsb Actl need to match.

▪ When a loan is reduced after certification, we will need to return funds to the lender.

▪ Click “Fund Maint” to open a new row.

Reduction

Fund Maintenance

▪ Enter appropriate Action– Returned Funds to Lender

(PSCR)

Fund Maintenance (continued)

▪ Adjust funds – You will need to minus the

amount being returned, this will then ensure that the Net Disb and Dsb Actl match

Returning Funds to the Lender on ELM

▪ Login to ELM and search for student by SSN or by the CL Unique ID

▪ Choose appropriate loan with the Loan Status of Fully Disbursed

▪ From the Disbursements section click the Status box for the disbursement that you need to adjust

▪ To return funds, choose Cancel-Cash– Adjust the Gross Amount to the Net

Disb/Disb Actl– You will see the Loan Change area appear

with the return amount▪ Click on Action, Apply & Save changes

Adjustment

Fund Maintenance

▪ Enter appropriate Action– Manual Fund Adjustment

(PSAD)

Fund Maintenance (continued)

▪ Adjust funds – When moving funds (PSAD)

from spring to fall or vice versa, you will need to subtract from one and add to the other and then manually disburse the aid

Fall

Spring

Disburse Private Loan

▪ Go to “Disburse Aid” screen.

▪ Click Authorization▪ Click Disbursement

Suspend Disbursement

▪ Go to Maintain CL Disbursements screen.

▪ Click Fund Maint. Button ▪ Enter appropriate Action– Suspend Disbursement

(PSFH)▪ Save