Posted Date: May 01, 2009
Author: William Leith, Service Director, Program Management, Federal Student Aid
Subject: Record Submission Due Date for 2007-2008 Direct Loan Program Year Closeout
We previously informed you in a January 30, 2009 Electronic Announcement that the closeout deadline for the 2007-2008 Direct Loan Program Year is July 31, 2009. This is the last processing day before the end of the program year, so all school data must be received and accepted by this date in order to be included in a school's final Ending Cash Balance for the year. To be considered successfully closed out, the school must-
- Have an Ending Cash Balance of $0 and Total Net Unbooked Disbursements of $0, as reflected on your School Account Statement (SAS) Report; and
- Complete the Balance Confirmation form on the Common Origination and Disbursement (COD) Web site. The Balance Confirmation form can be completed after the school has received a Zero Balance Letter, which is sent to the school via e-mail. Once the e-mailed letter is received, the school should log in to the COD Web site, click the Balance Confirmation link from the School options menu on the left-hand side of the page, and follow the instructions on the Balance Confirmation screen.
To meet the closeout deadline, all records must be submitted to the COD System no later than 8:00 P.M. (ET) on Friday, July 31, 2009. (Note: As always, all submitted records subsequently must be accepted by the COD System in order to be included in your school's final Ending Cash Balance for 2007-2008.)
We appreciate your cooperation as we work to close out the 2007-2008 Direct Loan Program Year. If you have questions about this bulletin or need assistance with closeout, contact the COD School Relations Center at 800/848-0978. You may also e-mail CODSupport@acs-inc.com.