Products relevant for remittance journals:
Climb loan products that have no advance:
- EnrollMax
- 0% Interest without Advance
What the two tables represent:
- Top table: summary amounts for what has been paid to school
- Bottom table: individual transactions that make up the summary amount
- Clicking on Remit ID in the top table and bottom table will show each transaction associated with this remit ID. This will help you track which students’ payments make up the amount that was sent to your school.
When payments are sent:
Payments are sent Monday–Friday. If a payment is made on other days of the week, Climb will forward the funds on the next business day.
With payments being sent via ACH, journal dates will not match up exactly with the date payment hits your school’s account. The best practice is to look around the journal date (3–4 days before or after).
How to track refunds:
Refunds will show on the bottom table under Code as ADJ (short for adjustment). On the top table, any ADJs will tally up in the Non Cash Amount column. These amounts will not be sent to the school.
How to track late fees and insufficient funds:
Any late or insufficient fees a student pays will be sent to the school by Climb's servicing partner (UAS for loans funded BEFORE 10/16/23, and Launch for loans funded ON or AFTER 10/16/23). However, Climb will invoice for these fees which the school will need to pay by the end of each month.
- Reversal = unsuccessful payment due to insufficient funds
- If a payment is unsuccessful, this may not be caught until 2–3 days after payment is made. The servicer will send the full amount to your school as soon as possible but will hold back any reversed amounts from future payments.
- Reversed columns can be seen as updates to individual transactions, and details can be found in bottom table.
- Reversed by Remit ID states where the reversal was included/which Remit ID the amount was held back.
Full list of column definitions:
Top table (can be exported for easier view)
|
Column name |
Definition |
|
Journal Date |
Date of payment — sent via ACH, which can take up to 2–3 business days to hit your account |
| Remit ID | Identification number of payment sent to school |
| Total Amount | Total amount sent to school |
| Cash Amount | Actual amount that has been paid to the school — amount that would have been sent that day assuming there is no other funds to be made up for |
| Non-cash Amount | Refunded amounts |
| Non-cash Amount Reversed | Amount held back due to unsuccessful payments |
| Remitted Cash Amount | Amount remitted to school |
Bottom table (can be exported for easier view)
|
Column name |
Definition |
|
Effective Date |
Date payment came in |
| Journal Date | Date of payment to school |
| Code | PMT — payment made; negative value PMTR — payment returned/reversed; positive value ADJ — adjustments or refunds |
| Amount | Amount paid |
| Principal | Principal amount paid |
| INT, LATE, NST | Fees charged/paid by student for late or insufficient funds |
| Remit ID | Identification number for payment sent to school |
| Reversed date | Date payment was reversed |
| Reversed Amount | Amount payment was reversed |
| Reversed by Remit ID | Identifies Remit ID where reversal was included/held back from |