Publication Date: June 21, 2007
Author: William Leith, Acting General Manager, Application, Operations and Delivery Services, Federal Student Aid
Summary: Pell Grant, ACG, and National SMART Grant Disbursement Processing for 2007-2008 Award Year
Posted on 06-21-2007
The Common Origination and Disbursement (COD) System will now accept actual disbursement records for 2007-2008 Academic Competitiveness Grant (ACG), National Science and Mathematics Access to Retain Talent Grant (National SMART Grant), and Federal Pell Grant (Pell Grant) awards. This means that schools may now submit or update disbursements with a Disbursement Release Indicator (DRI) value equal to "true".
At this time, we want to remind schools of the following disbursement-related information:
Information for Pell Grant Program
An Advanced Funded school may submit actual disbursements for 2007-2008 Pell Grant awards to the COD System up to 30 days before the disbursement date. However, the disbursements will not be posted and funded in the Grant Administration and Payment System (GAPS) until 7 days before the disbursement date.
On May 15, 2007, we established a 2007-2008 Pell Grant Initial Current Funding Level (CFL) for most Advanced Funded schools. As an Advanced Funded school submits actual Pell Grant disbursement records, the COD System will apply the total accepted and posted amount for each disbursement to the amount of the school's Initial CFL. Only after the Initial CFL amount has been reached will the school's CFL be increased to cover additional accepted and posted disbursements. A new Electronic Statement of Account (ESOA) will be sent to the school's Student Aid Internet Gateway (SAIG) mailbox each time its Pell Grant CFL amount changes.
The following schools have not received a 2007-2008 Pell Grant Initial CFL:
Advanced Funded schools that had less than $8,600 in 2006-2007 Pell Grant actual disbursements
Schools that participate in the Just in Time pilot
Schools that receive funds under the Reimbursement, Heightened Cash Monitoring 1 (HCM1), or Heightened Cash Monitoring 2 (HCM2) funding method
These schools will receive a 2007-2008 Pell Grant CFL once the COD System has accepted and posted 2007-2008 Pell Grant actual disbursement records. A new ESOA will be sent to a school's SAIG mailbox each time its Pell Grant CFL amount changes.
A school will be able to view and draw down 2007-2008 Pell Grant funds in the GAPS on Monday, July 2, 2007
Information for ACG and National SMART Grant Programs
An Advanced Funded school may submit actual disbursements for 2007-2008 ACG and National SMART Grant awards to the COD System up to 7 days before the disbursement date.
Unlike the Pell Grant Program, no 2007-2008 Initial CFLs were established for the ACG and National SMART Grant programs. A school will receive a CFL under one or both of these programs based on the accepted and posted 2007-2008 ACG or National SMART Grant actual disbursement records that it submits to the COD System. A new ESOA will be sent to the school's SAIG mailbox each time its ACG or National SMART Grant CFL amount changes. In addition, a new or revised authorization will be available in the GAPS.
After the COD System accepts and posts ACG and National SMART Grant actual disbursement records, but no earlier than Monday, July 2, 2007, a school will be able to view and draw down 2007-2008 ACG and National SMART Grant funds in the GAPS.
If you have any questions about this announcement, contact the COD School Relations Center at 800/4PGRANT (800/474-7268) for ACG, National SMART Grant, and Pell Grant. You may also e-mail CODSupport@acs-inc.com