Publication Date: October 9, 2008
Author: William Leith, Acting General Manager, Application, Operations and Delivery Services, Federal Student Aid
Summary: Financial Data Processing Facilities Move – Impact on Funds Availability for Campus-Based, ACG, National SMART Grant, Pell Grant, TEACH Grant, and Direct Loan Programs (G5 and COD System)
Posted on 10-09-2008
As explained in the attached letter that was recently disseminated by the Department of Education’s (the Department’s) Deputy Chief Financial Officer, the Department is in the process of moving its financial data processing facilities. During the transition period, G5 (formerly GAPS) will be unavailable from 3:00 P.M. (ET) on Friday, November 21, 2008 through 6:00 A.M. (ET) on Monday, December 1, 2008.
This interruption will impact how the Common Origination and Disbursement (COD) System will process financial data and when a school can obtain funds for the Federal student aid programs. In preparation for the shutdown, all schools should review the attached letter, the guidance the letter references on the G5 Web site, and the impact information below.
Note: While the financial data processing facilities move will impact financial processing for a short period of time as explained below, once completed, there will be no change to how users interface with G5 via the G5 Web site or receive funds under either the ACH or FEDWIRE payment system on a regular basis.
The impact on how the COD System will process financial data and when a school can obtain funds for the Federal student aid programs is as follows:
- Thursday, November 20, 2008 through Sunday, November 30, 2008 – The COD System will accept Academic Competitiveness Grant (ACG), Federal Pell Grant (Pell Grant), National Science and Mathematics Access to Retain Talent Grant (National SMART Grant), Teacher Education Assistance for College and Higher Education (TEACH) Grant, and William D. Ford Federal Direct Loan (Direct Loan) records. However, after 10:00 A.M. (ET) on Thursday, November 20, 2008, Current Funding Level (CFL) changes (as a result of actual disbursements) and funding will not be processed by G5 until Monday, December 1, 2008.
Records for disbursements that a school plans to make during the period November 20, 2008 through December 1, 2008 and that need to be funded prior to the shutdown must be received by the COD System no later than 10:00 A.M. (ET) on Thursday, November 20, 2008, and subsequently accepted by the COD System, in order for them to be included in the funds available for drawdown prior to the shutdown. Disbursements submitted by the deadline but not subsequently accepted, disbursements submitted after the deadline, and disbursements with a disbursement date after December 1, 2008 will be funded after G5 re-opens on December 1, 2008.
Note: As a reminder, COD System business rules related to the acceptance of future-dated actual disbursement records always apply.
- 3:00 P.M. (ET) on Friday, November 21, 2008 through 6:00 A.M. (ET) on Monday, December 1, 2008 – The G5 Web site will not be available. A school will not be able to draw down Campus-Based, ACG, National SMART Grant, Pell Grant, TEACH Grant, or Direct Loan funds during this period. In addition , G5 Hotline customer service representatives will be limited in the assistance they will be able to provide during this period, as they too will be unable to access G5 and complete draw downs (and other actions) for customers.
Note: In some cases, a school will be unable to operationally comply with returning cash to the Department within the timeframes specified in the Cash Management regulations at 34 CFR 668.166. We will consider the school to be in compliance with the excess cash requirements provided that the school disburses such funds to eligible students (or parents) by the end of the shutdown period and/or promptly returns such funds to the Department when G5 resumes processing on December 1, 2008.
We appreciate your patience and understanding as the Department completes this important activity during the upcoming period. We expect financial processing to be caught up by Thursday, December 4, 2008.
If you have questions about this announcement, contact one of the following help desks:
- For questions related to G5, contact the G5 Hotline at 888/336-8930. You may also e-mail firstname.lastname@example.org.
- For questions related to the Campus-Based programs, contact the Campus-Based Call Center at 877/801-7168. You may also e-mail CBFOB@ed.gov.
- For questions related to the COD System, contact the COD School Relations Center at 800/474-7268 for Grants or 800/848-0978 for Direct Loans. You may also e-mail CODSupport@acs-inc.com.