Posted Date:September 10, 2018
|Author:||Federal Student Aid|
Subject: End of Federal Fiscal Year 2018 – Impact on Funds Availability for Pell Grant, Campus-Based, Iraq and Afghanistan Service Grant, TEACH Grant, and Direct Loan Programs (G5 and COD System)
The federal fiscal year for the Department of Education (the Department) ends on Sunday, September 30, 2018. 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 2018. 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:
9 p.m. Eastern time (ET) on Sunday, September 30, 2018 through 5 p.m. ET on Monday, October 1, 2018 – The G5 website will not be available. Schools will not be able to draw down Federal Pell Grant (Pell Grant), Campus-Based, Iraq and Afghanistan Service Grant, Teacher Education Assistance for College and Higher Education (TEACH) Grant, or William D. Ford Federal Direct Loan (Direct Loan) funds during this period. Schools will be able to draw down under their existing authorizations once G5 re-opens.
Friday, September 28, 2018 through Sunday, September 30, 2018 – The COD System will accept Pell Grant, Iraq and Afghanistan Service Grant, TEACH Grant, and Direct Loan records. However, after 8 a.m. ET on Friday, September 28, 2018, Current Funding Level (CFL) changes (as a result of actual disbursements) and funding will not be processed until G5 re-opens.
All actual disbursements with a disbursement date from September 28, 2018 through September 30, 2018 must be received by the COD System no later than 8 a.m. ET on Friday, September 28, 2018, and subsequently accepted by the COD System, in order to generate the appropriate funding level increase prior to the G5 shutdown. Disbursements submitted by the deadline but not subsequently accepted, disbursements submitted after the deadline, and disbursements.
Note: Schools should also refer to two other announcements related to the September 28, 2018 processing deadline (one is about the 2017–18 TEACH Grant Closeout deadline and one is about the Pell Grant and Iraq and Afghanistan Service Grant 2017–18 Award Year processing deadline). Schools should ensure that 1) all necessary reports are obtained and 2) all applicable 2017–18 origination, disbursement, and change records are submitted and accepted prior to the processing deadlines.
If you have any questions about this announcement, contact one of the following help desks: