| PublicationDate: 2/18/98 Summary: ***TRANSITION TO EDCAPS*** **IMPORTANT REMINDER** Author: ODAS - Office of the Deputy Assistant Secretary - SFA February 18, 1998 ***TRANSITION TO EDCAPS*** **IMPORTANT REMINDER** Dear Colleague: As your institution was notified previously, during the February 26 through March 15, 1998, transition from ED's Payment Management System (PMS) to the new EDCAPS Grant Administration and Payment System (GAPS), institutions will not be able to draw down federal funds from the Department. After today, there are only five business days until the transition period begins. Institutions will be able to draw down all of the Federal Direct Loan, Federal Pell Grant, and Campus-based Program funds they reasonably expect to disburse to eligible students during the transition period, provided that they do so by specified dates. The last date to draw down federal funds or submit information to receive an advance of federal funds to cover anticipated disbursements during the transition period is as follows: February 20-- Submit Federal Direct Loan Origination Records and Promissory Notes (Option 1 and Standard Origination Levels) February 25--Draw Down Federal Direct Loan Funds (Option 2 Origination Level --Both FEDWIRE and ACH) February 25-- Draw Down Federal Pell Grant and Campus-Based Funds (ACH Only) February 26--Draw Down Federal Pell Grant and Campus-Based Funds (FEDWIRE Only) The Department will issue additional bulletins as we move through the transition to the new GAPS. For more detailed information, please see Dear Colleague Letter GEN-98-5, Direct Loan Bulletin DLB-98-3 and the separate letter of January 21, 1998 sent to your institution's Chief Financial Officer. These letters are available on the Department's home page at http://www.ed.gov. GEN-98-5 and DLB-98-3 are also available on ED's Bulletin Board System (BBS). If you have any questions regarding the transition, please contact your GAPS representative identified in the enclosure. The Department appreciates your patience and cooperation during the transition to the new EDCAPS system. Sincerely, Diane E. Rogers Donald Rappaport Acting Deputy Assistant Secretary Chief Financial and Student Financial Assistance Programs Chief Information Officer Attachment |