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(Direct Loans) Subject: Record Submission Due Date for 2010-2011 Direct Loan Program Year Closeout

Posted Date:May 1, 2012

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

Subject: Record Submission Due Date for 2010-2011 Direct Loan Program Year Closeout

We previously informed you in a February 16, 2012 Electronic Announcement that the closeout deadline for the 2010-2011 Direct Loan Program Year is Tuesday, July 31, 2012. 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 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 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 Tuesday, July 31, 2012. 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 2010-2011.

Notes:

  1. All records submitted prior to the closeout deadline must be accepted by the COD System to be included in a school's final Ending Cash Balance for 2010-2011. Also, refunds of cash transactions can take 5-7 days to process from G5 to the COD System to be included in your school’s balance. Please plan accordingly so that refunds of cash can be included in your final Ending Cash Balance prior to the deadline.

  2. 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 COD School Relations Center at the number provided below.

  3. As a reminder, cash management and monthly reconciliation requirements supersede the closeout deadline. As such, your school may be ready to close out before the final deadline and may complete the Balance Confirmation process as outlined above.

For additional Direct Loan Closeout for the 2010-2011 award year, schools can refer to the February 16, 2012 Electronic Announcement.

Contact Information

We appreciate your cooperation as we work to close out the 2010-2011 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: 04/30/2012