Posted Date:December 7, 2015
| Author: | Sue O'Flaherty, Service Director, Program Management, Federal Student Aid |
Subject: Additional COD System Implementation for 2015-2016 Award Year
As explained in a March 20, 2015 Electronic Announcement on the Information for Financial Aid Professionals Web site, we implemented Common Origination and Disbursement (COD) System functionality to support 2015-2016 Award Year processing. During the period December 16-17, 2015, we plan to implement additional COD System functionality for the 2015-2016 Award Year.
In this announcement, we provide the following important information related to the implementation:
COD Batch Processing Suspension and Web Site Outage Information
COD System Updates Effective December 17, 2015
Contact Information
We appreciate your patience and understanding as we complete this important activity.
COD Batch Processing Suspension and Web Site Outage Information
To install the COD System functionality, we will suspend COD batch processing beginning at 5:00 P.M. (ET) on Wednesday, December 16, 2015. Records submitted after this time will be held and processed after 11:00 A.M. (ET) on Thursday, December 17, 2015.
Note: All actual disbursements with a disbursement date from December 16, 2015 through December 17, 2015 must be received by the COD System no later than 9:00 A.M. (ET) on Wednesday, December 16, 2015, and subsequently accepted by the COD System, in order to generate the appropriate funding level increase prior to the outage. Disbursements submitted by the deadline but not subsequently accepted, disbursements submitted after the deadline, and disbursements with a disbursement date after December 17, 2015 will be processed and funded after the outage.
In addition, between 5:00 P.M. (ET) on Wednesday, December 16, 2015 and 11:00 A.M. (ET) on Thursday, December 17, 2015—
Users will not be able to submit or retrieve data via the COD Web site.
Users will not be able to access the COD Reports area of the COD Web site.
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An individual will not be able to complete any actions or view loan correspondence via the StudentLoans.gov Web site.
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An individual will not be able to complete any actions via the TEACH Grant Web site.
COD System Updates Effective December 17, 2015
We will implement the following additional COD System processing function enhancements and modifications for the 2015-2016 Award Year. The changes will be made to the StudentLoans.gov Web site.
Updates to StudentLoans.gov Correspondence Preferences
Currently, StudentLoans.gov Web site users set their language and electronic correspondence preferences via the “My Preferences” page. Beginning December 17, 2015, we will make the following changes:
Rename the “My Preferences” page on the StudentLoans.gov Web site to “Account Settings”.
Add the option for users to receive notices through text message. If a user opts to receive text messages, he or she will be required to provide a cell phone number on the “Account Settings” page. (Default setting will be no/unchecked)
Add the option for users to receive periodic notifications/messages from the Department of Education (the Department) through e-mail. (Default setting will be yes/checked for users who have opted in to electronic correspondence)
First-time users and existing users will be directed to the “Account Settings” page to select their options and agree to the terms and conditions upon login. Users will be required to agree to the terms and conditions before continuing to another page. The user can edit their preferences at any time by navigating to the “Account Settings” page.
We will add the text message preference and a notifications/reminders preference to the ‘View Person Information’ page and the ‘Person History View’ screen on the COD Web site. All changes a user makes on the StudentLoans.gov Web site will be displayed on the COD Web site person information page.
We will send a borrower’s cell phone number and text message preference to his or her federal loan servicer(s).
Revisions to Income-Driven Repayment (IDR) Plan Request
On November 1, 2015, the Department of Education (the Department) issued final regulations for the new Revised Pay As You Earn (REPAYE) plan and announced its intention to implement the plan as soon as possible (80 FR 67204).
We will revise the Electronic IDR Plan Request to assist borrowers in applying for the REPAYE Plan, as well as the three other “income-driven” repayment plans—the Pay As You Earn (PAYE) Repayment Plan, the Income-Based Repayment (IBR) Plan and the Income-Contingent Repayment (ICR) Plan.
More information about the Electronic IDR Plan Request and the REPAYE Plan will be provided in a forthcoming electronic announcement that will be posted on the Information for Financial Aid Professionals (IFAP) Web site.
Contact Information
If you have questions about this announcement, 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@ed.gov.