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(Direct Loans) Subject: Record Submission Due Date for 2009-2010 Direct Loan Program Year Closeout

Posted Date:May 20, 2011

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

Subject: Record Submission Due Date for 2009-2010 Direct Loan Program Year Closeout

We previously informed you in a February 07, 2011 Electronic Announcement that the closeout deadline for the 2009-2010 Direct Loan Program Year is July 29, 2011. 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 29, 2011. (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 2009-2010.) After this deadline, Direct Loan records will not be accepted by the COD System and you will no longer have the ability to draw down Direct Loan funds for 2009-2010.

Notes:

  1. Exceptions to the last processing day of the program year may be made on a case-by-case basis, if the school's processing period extends beyond the closeout deadline. Schools falling within this category must request extended processing by contacting the Common Origination and Disbursement (COD) School Relations Center at the number provided below.

  2. If a school has finished processing for the 2009-2010 Direct Loan Program Year and has an Ending Cash Balance of $0, but cannot closeout via the COD Web site because it has not received their Zero Balance Letter, the school can contact the COD School Relations Center for further assistance.

  3. As a reminder, the 30-day disbursement reporting requirement supersedes the final closeout deadline. A school must report disbursement records within 30 days of the actual disbursement date to be in compliance. As such, the school may be ready to close out before the final deadline.

Contact Information

We appreciate your cooperation as we work to close out the 2009-2010 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: 05/19/2011