Concept: Federal Direct Loan Reconciliation
Federal Direct Loan reconciliation is the process of comparing an institution’s Direct Loan balances and disbursement activity for a given period of time with those from the Department of Education (ED). The goal of reconciliation is to ensure that all money is accounted for, such that the sum of an institution’s outgoing disbursements is equal to the sum of incoming funds from ED.
You can fully reconcile Federal Direct loans within Workday without having to use third-party tools. For award years 2024-2025 and later, Workday enables you to import Direct Loan School Account Statement (SAS) files sent from Common Origination and Disbursement (COD) in a comma-delimited (CSV) format.
Using the
Student Award Reconciliation Hub
, you can view and report on Direct Loan SAS files so that you can compare your internal loan records to them, identify differences, and resolve any discrepancies.School Account Statement (SAS) Inbound Integration
The
School Account Statement (SAS) Inbound
integration template (secured to the Manage: Student Award Reconciliation
domain) enables you to easily load Direct Loan SAS files into Workday.This template includes the
Institution
integration attribute so that you can load Direct Loan SAS files associated only with the institution you enter. Workday defines which files to inbound based on a matching Direct Loan School Code using the COD Routing ID Policies you've configured for your institution’s academic unit configurations.Workday permits roles configured only for your institution to launch the integration.
Student Award Reconciliation Hub
The
Student Award Reconciliation Hub
provides you with a centralized location to review award and disbursement details from Direct Loan SAS files to ensure that they match award and disbursement details in Workday. To use the hub, ensure that you have access to the Manage: Student Award Reconciliation
domain.The hub includes these sections:
- Award Level Details– Displays information only from Loan Level SAS files and student awards.
- Disbursement Level Details– Displays information only from Disbursement Level SAS files and student disbursements.
You can use the hub to view these reports:
Section | Report | Description |
|---|---|---|
Award Level Detail | SAS Awards Not Matched
| Shows loan detail records without a matching student award. |
Award Level Detail | Matched Student Awards
| Shows loan detail records with a matching student award by Loan Identifier (on the Loan Detail Record line) and Financial Award ID (on the Student Award).
After inbounding an SAS file, Workday links a student award to the file's Loan Detail Record line, creating a snapshot of the award at that time. Later changes to the student award appear only after inbounding the next Loan Level Detail file. |
Award Level Detail | Student Awards Not Matched
| Shows student awards without a matching loan detail record. |
Disbursement Level Detail | SAS Disbursements Not Matched
| Shows disbursements without a matching disbursement detail record. |
Disbursement Level Detail | Matched Disbursements
| Shows disbursement detail records without a matching disbursement. |
Disbursement Level Detail | Actual Disbursements Not Matched
| Shows disbursement detail records without matching disbursements based on:
After inbounding an SAS file, Workday links a disbursement to the file's Disbursement Detail Record line, creating a snapshot of the disbursement at that time. Later changes to the disbursement appear only after inbounding the next Disbursement Level Detail file. |
In each section, you can click
Edit Parameters
to filter records using different SAS files. Click Refresh
to ensure that you’re looking at the latest data specified in the parameters.SAS Reporting
You can use the
Find School Account Statement (SAS) Files
report to view the SAS files you’ve imported into Workday. Workday displays information conditionally based on these Direct Loan SAS file types:
- Disbursement Level
- Disbursement Level On Demand Date Range
- Disbursement Level On Demand Month-to-Date
- Disbursement Level On Demand Year-to-Date
- Loan Level
From the report, you can drill down into a Direct Loan SAS file to view this data when included in SAS files:
- Cash Detail
- Cash Summary
- Disbursement Detail
- Disbursement Summary by Loan Type
- Loan Detail
You can also drill down into loan and disbursement details on a file to view Workday-reported information about:
- The student.
- Actual disbursements.
- Anticipated disbursements.
- Student awards.