Student Loans

Effective Date: 07/01/00

Procedure Statement 7: Payments


Policy

Payments received for student loans are entered into the computer system to reduce the individual borrower's outstanding balance and to properly record the receipt of cash and reduction of notes receivables. Payments are deposited at the University Cashier's Office on a timely basis.

The Student Loans Office:

  1. Opens mail. Separates payments from other correspondence. Attach payments and remittances.

  2. Reviews payment envelopes to identify those with the address-change indicator marked. Processes address changes according to procedures.

  3. Endorses checks.

  4. Completes amount, name, ss#, and note number on receipt report.

  5. If any payments made by cash, money orders, or cashiers check, a receipt is written and mailed to borrower.

  6. Keys payments from remittance advices into the computer.

  7. Reviews Daily Report to insure it balances with deposit amount.

  8. Prepares deposit and three-part deposit slip. Totals cash, coins, and checks for deposit.

  9. Deposits money at the University Cashier's Office.