Maintained for Historical Purposes

This resource is being maintained for historical purposes only and is not currently applicable.

(Direct Loans) Subject: Record Submission Due Date for 2008-2009 Direct Loan Program Year Closeout

Posted Date:May 4, 2010

Author: William Leith, Service Director, Program Management, Federal Student Aid

Subject: Record Submission Due Date for 2008-2009 Direct Loan Program Year Closeout

We previously informed you in a February 03, 2010 Electronic Announcement that the closeout deadline for the 2008-2009 Direct Loan Program Year is July 30, 2010. 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 30, 2010. (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 2008-2009.)

Contact Information

We appreciate your cooperation as we work to close out the 2008-2009 Direct Loan Program Year. If you have questions about this announcement, need assistance with closeout, or have any special processing considerations that will prevent your school from meeting the closeout deadline, contact the COD School Relations Center at 800/848-0978. You may also e-mail CODSupport@acs-inc.com.

Last Modified: 05/03/2010