[Lender] OU's Grad PLUS Certifications & Disbursements

[Mc Conahay, Pamela K.]

We started certifying Grad PLUS Loans earlier this week.  Of course, we
only did 4 in the first batch, but they worked!  So, if students are
contacting you wanting to know when we are going to process these loans,
we HAVE started.  The students will receive an email notification when
their new award notice has been posted showing the Grad PLUS Loan.  
 
But, there is one hitch----our Bursar's office is not set up to accept
the disbursements via EFT yet.  Evidently SOMEONE (kinda tall, with
glasses & kinda reddish hair, REALLY big mouth) was supposed to clue in
the programmers to create an account & put everything into the Bursar
job stream.  I can't remember who that was, but evidently she has a bad
memory.  
 
So, I need to request that you set up Grad PLUS disbursements to OU as
paper checks, not EFT.  Sallie Mae and ELM have already done this (they
had our first 4 students), but I need the rest of you to do this too.   
 
Our next batch of Grad PLUS Loans will transmit on Tuesday, Sept 4.
All of them will go to lenders that disburse via Sallie Mae or ELM, so
you don't have to worry about these hitting your system on Tuesday and
issuing EFTs.  
 
Eventually, we'll be able to switch these disbursements to EFT so they
can go out with your Stafford disbursements.  I'll let you know when
that happens.  I'll also be monitoring the grad plus transmissions next
week and try to give you a heads up when one is coming your way.  We
have a total of 31 applications so far (including the 4 we've done), so
there aren't tons of these out there.  
 
Pam McConahay 
Assoc. Dir., Compliance, Training & Lender Relations 
University of Oklahoma Financial Aid Services 
1000 Asp Avenue, Room 216 Norman OK 73019-4078
(405) 325-4617  Fax (405) 325-7608 
pmcconahay at ou.edu 

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