Student Loans

Effective Date: 07/01/00

Procedure Statement 11: Transfers


Policy

Transfer transactions should be processed to move dollars paid from late charges or interest to principal, or vice versa, or when one loan should be transferred to another loan.

  1. When encountering need for transfer transaction, the Student Loans Office:

    1. Receives demographic message for short term loans for which payment included a late charge which was not accrued in systems.

    2. Receives list with monthly billing cycle of statements with less than or equal to $10.00 due. Analyzes this list for accounts with low balances which may be closed by transfer transactions.