Effective Date: 07/01/00
Procedure Statement 11: Transfers
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
- When encountering need for transfer transaction, the Student Loans Office:
- Receives demographic message for short term loans for which payment included a late charge which was not accrued in systems.
- 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.