(CB-23-20) Federal Perkins Loan Program Cash on Hand Update Due Dec. 15, 2023

Author
Federal Student Aid
Electronic Announcement ID
CB-23-20
Subject
Federal Perkins Loan Program Cash on Hand Update Due Dec. 15, 2023

As published in the Federal Register notice on Jan. 18, 2023 (88 FR 2901), all schools that participate in the Federal Perkins Loan (Perkins Loan) Program, including schools that are in the liquidation process and have yet to receive an official liquidation completion letter from the U.S. Department of Education (the Department), must update and submit Part III, section A, Line 1.2 (Cash on hand and in depository as of 10/31/2023) on the Fiscal Operations Report for 2022–23 and Application to Participate for  2024–25 (FISAP) to the Department no later than 11:59 p.m. Eastern time (ET) on Friday, Dec. 15, 2023. This announcement is a reminder of the deadline and process for this action.

Reporting Perkins Cash on Hand

Schools with a Federal Perkins Loan Revolving Fund must update Part III, Section A, Line 1.2 (Cash on hand and in depository as of 10/31/2023) to the amount that was on hand as of Oct. 31, 2023. Instructions for completing this item are on page 27 of the FISAP Instructions.

Other Important Notes

Remember to submit the updated FISAP – Simply validating and/or saving the new data entry does not result in submission to the Department. After updating and validating Line 1.2, it is imperative that schools complete the process by using the “Submit” button.

Verify that changes/corrections have been received by the Department – Schools should log in to the Common Origination and Disbursement (COD) website, and from the School tab, select the link for Campus-Based. Once directed to Campus-Based, select “Self-Service” then select “Submission Log” to view the log and verify submission of the update.

Signature not required for FISAP changes – Schools are not required to submit another signature page when changes are made to a previously submitted FISAP.

Contact Information

For additional information about Perkins Loan Cash on Hand updates, contact the FSA Partner and School Relations Center at 1-800-848-0978. You may also email CODSupport@ed.gov.