Bulletin ID
DLB - 97 - 48
| PublicationDate: 12/1/97 BulletinID: DLB - 97 - 48 December 1997 DLB-97-48 Subject: New Reconciliation Report for 1995-96 and 1996-97 Records Dear Colleague: We are pleased to announce that a new reconciliation report for 1995-96 and 1996-97 loan records is available from the Loan Origination Center (LOC). This new report is the LOC TRANSACTIONS FOR WHICH SCHOOL HAS NOT SENT DATA REPORT, otherwise known as the 748 REPORT. The 748 Report provides the school with a listing of all 1995-96 and 1996-97 disbursement records (including adjustments and cancellations) and cash records (cash receipts and excess cash) on the LOC's database for which the LOC has not received a corresponding loan or cash detail record in a reconciliation file. Until now, this information has been available to schools only through a LOC internal report, the 736 Report, furnished by the LOC upon request. The 748 Report will provide essential information from the 736 in a format that is more useful and which is instantly available. You will no longer need to request a 736 report from the LOC. WHILE THE 748 Report is ONLY FOR 1995-96 AND 1996-97 RECORDS, THERE WILL BE ADDITIONAL LOC RECONCILIATION REPORTS IN THE NEAR FUTURE FOR 1997-98 RECORDS. The 748 Report is generated for each 1995-96 and 1996-97 reconciliation file sent to the LOC. The 748 Report will be returned to the school via Title IV WAN at the same time as the corresponding reconciliation acknowledgment. The 748 Report will be a separate file and will have a new message class, DIS197OP. Schools must import this file along with the reconciliation acknowledgment in order to use the report. IF YOU DO NOT RECEIVE A 748 REPORT WITH THE ACKNOWLEDGMENT FOR A 1995-96 OR 1996-97 RECONCILIATION FILE, THEN YOU HAVE NO LOAN OR CASH RECORDS THAT HAVE NOT BEEN SENT TO THE LOC IN A RECONCILIATION FILE. When you import the DIS197OP file and print the report, you should research records listed on the report to determine why the LOC has not received the records in a reconciliation file. In most instances, you will be able to determine that the cash and/or loan detail records just need to be batched and transmitted to the LOC in a reconciliation file, or that you need to import an outstanding reconciliation acknowledgment. HOWEVER, THERE MAY BE INSTANCES WHEN A RECORD THAT APPEARS ON THE 748 REPORT AS NOT YET RECEIVED BY THE LOC HAS BEEN RECONCILED. Due to conversion of data from the previous loan origination contractor, there may be loan detail records that were reconciled under the previous loan origination system but were converted to the new loan origination system as unreconciled records. If, in researching the 748 Report you encounter this situation, you must: 1) On the 748 Report, write "reconciled" next to those records for which you received a reconciliation acknowledgment. YOU MUST ALSO WRITE ON THE 748 REPORT THE DATE OF THE RECONCILIATION ACKNOWLEDGMENT IN YOUR SYSTEM. 2) Depending on the size of the 748 Report, you can either fax or mail the corrected report to the LOC. That corrected 748 Report will be researched by the LOC Reconciliation Accountants to determine why the records are unreconciled in the LOC's database but are shown on your system as reconciled. The LOC will contact you to determine what actions, if any, need be taken. You also may be asked to provide additional information. In order to take advantage of this new report in reconciling 1995-96 and 1996-97 records and to assist the LOC in identifying and clearing those unreconciled records on the LOC system that were previously reconciled, we encourage all schools to submit a reconciliation file as soon as possible. If you have any questions about the 748 Report and how to use it, please contact your LOC Customer Service Representative at (800) 848-0978. The address and fax number for mailing the 748 Report to the LOC are as follows. All mail/faxes should be addressed to the attention of the Reconciliation Team. MAIL: U.S. Department of Education- Loan Origination Center P.O. Box 5692 Montgomery, AL 36103-5692 ATTN: Reconciliation Team OVERNIGHT: U. S. Department of Education - Loan Origination Center 474 S. Court St. Montgomery, Al 36104-4102 ATTN: Reconciliation Team RECONCILIATION TEAM FAX: (334) 206-7669 We hope that you will find this new report useful in working with the LOC to resolve reconciliation issues. Thank you for your support. Sincerely, Joe L. McCormick Chair Direct Loan Task Force |