Posted Date:September 2, 2010
|Author:||William Leith, Service Director, Program Management, Federal Student Aid|
Subject: End of Federal Fiscal Year 2010 – Impact on Funds Availability for Campus-Based, ACG, National SMART Grant, Pell Grant, TEACH Grant, and Direct Loan Programs (G5 and COD System)
Thursday, September 30, 2010 marks the end of the Federal fiscal year for the Department of Education (the Department). Some of the Department’s core financial systems, including G5, will be on a modified processing schedule while the Department finalizes its processing and accounting for Fiscal Year 2010. These interruptions will impact how the Common Origination and Disbursement (COD) System will process financial data and when schools can obtain funds for the Federal student aid programs as follows:
- Monday, September 27, 2010 through Monday, October 4, 2010 – 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 9:00 P.M. (ET) on Monday, September 27, 2010, CFL changes (as a result of actual disbursements) and funding will not be processed by G5 until October 4, 2010.
- 11:59 P.M. (ET) on Thursday, September 30, 2010 through 6:00 A.M. (ET) on Monday, October 4, 2010 – The G5 Web site will not be available. Schools will not be able to draw down Campus-Based, ACG, National SMART Grant, Pell Grant, TEACH Grant, or Direct Loan funds during this period. Schools will be able to draw down under their existing authorizations after 6:00 A.M. (ET) on Monday, October 4, 2010.
All actual disbursements with a disbursement date from September 28, 2010 through October 4, 2010 must be received by the COD System no later than 9:00 P.M. (ET) on Monday, September 27, 2010, 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 October 4, 2010 will be funded after G5 re-opens on October 4, 2010.
Note: In other Electronic Announcements posted on September 2, 2010, we provide comprehensive information related to activities and deadlines that coincide with the end of the Federal fiscal year. These announcements are about and the deadline for 2009-2010 ACG, National SMART Grant, and Pell Grant awards and the 2009-2010 TEACH Grant Closeout deadline. Schools should also refer to these announcements to ensure that 1) all necessary reports are obtained and 2) all applicable 2009-2010 origination, disbursement, and change records are submitted and accepted prior to the outages.
We appreciate your patience and understanding as we complete the required activities during the upcoming period. We expect financial processing to be caught up during the week of October 4, 2010.
If you have any questions about this announcement, contact one of the following help desks:
- For questions related to G5, contact the G5/GAPS Hotline at 888/336-8930 or e-mail email@example.com.
- 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.