Posted Date:May 6, 2016
|Author:||Sue O'Flaherty, Service Director, Program Management, Federal Student Aid|
Subject: Revised Instructions for Returning Federal Perkins Loan Funds to the Department Available on the IFAP Web Site
We are pleased to announce the posting of revised Instructions for Returning Federal Perkins Loan Program Funds to the Department. The Returning Perkins Funds instructions have been posted to the Campus-Based Processing Information Page on the Information for Financial Aid Professionals (IFAP) Web site. To navigate to the Campus-Based Processing Information page from the IFAP Web site’s home page, click on the “Campus-Based Programs” link (found under the Information Pages orange box on the right side of the page). Note: We encourage schools to bookmark the Campus-Based Processing Information Page for easy reference.
The revised instructions for returning Perkins Loan funds to the Department replace all previous versions and must be followed.
Changes have been made to G5 that will now allow schools to properly identify the Perkins Loans Funds being returned under the Federal Perkins Loan Program. Specifically, schools can indicate the funds are being returned for the following reasons:
Perkins Excess Cash – when returning the Federal Share of the Excess Liquid Capital
Perkins Liquidation – when closing out your Perkins Loan Fund and returning the Federal Share at the end of the school’s liquidation process
The revised instructions also include guidance for schools to refund Perkins Loan funds by check (only for cases when schools cannot utilize G5 to return funds electronically).
If you have questions regarding the Perkins Loan Program, contact the Campus-Based Call Center at 877/801-7168. Customer service representatives are available Monday through Friday from 8:00 A.M. until 8:00 P.M. (ET). You may also e-mail CBFOB@ed.gov.
If you have further questions or need assistance specifically for returning Perkins Loan Funds to the Department, contact the G5 Help Desk via e-mail at firstname.lastname@example.org or by phone at 888/336-8930.