Bulletin ID
DLB - 98 - 18
| PublicationDate: 5/1/98 BulletinID: DLB - 98 - 18 May 1998 DLB-98-18 Subject: Information on Drawing Down Direct Loan Funds Through GAPS Dear Colleague: The Department of Educations Grant Administration and Payment System (GAPS) became operational on May 11, 1998. Since that time, several issues have arisen related to drawing down Direct Loan funds through GAPS. This bulletin will address the main issues on how to draw down for the 1998-99 program year and how to draw down for prior program years. Additionally, this bulletin will cover how to use the GAPS control number in your Direct Loan processing. Direct Loan Drawdowns Drawdown requests for 1998-99 Direct Loan program year loans must be made separately from drawdown requests for loans for previous program years. When making a Direct Loan drawdown request through the GAPS Web site, drawdown amounts for funds for 1998-99 loans should be entered in the 1999 Academic Year request field. The amount entered in this field can onlybe for 1998-99 loans. Drawdowns for loans for prior program years, whether 1995-96, 1996-97 or 1997-98, must be entered in the 1998 Academic Year request field. If you combined amounts for 1997-98 and previous years in a drawdown request entered in the 1999 Academic Year request field, you must return that amount to the Direct Loan Origination Center (LOC) as excess cash for the 1998-99 program year. You should then draw down that amount using the 1998 Academic Year request field. When making a drawdown request through the GAPS telephone number, you must notify the GAPS operator of the program year for which the drawdown is intended. As stated above, schools must make separate drawdown requests for separate program years whether the request is by telephone or through the GAPS Web site. Please refer to the Department of Educations Payees Guide for the Grant Administration and Payment System for further information on making Direct Loan drawdowns through GAPS. Schools will no longer be able to draw down funds for 1995-96 and 1996-97 loans once that program year closes on July 31, 1998. After July 31, 1998, only drawdowns for the 1997-1998 program year may be requested with the 1998 Academic Year request field. GAPS Control Number Schools that use either EDExpress or a mainframe system to send a file of drawdown requests to GAPS receive a 7-digit confirmation number returned on the drawdown acknowledgement (#J). This number confirms that the request was received by TIVWAN and is NOT created by GAPS or reported to the LOC. If you wish to use a confirmation number that will match the GAPS control number assigned to the drawdown, you may obtain the control number via the GAPS Web site and use the last seven digits of the control number as the confirmation code for the drawdown. If you need additional information concerning the information in this bulletin or have questions regarding drawing down Direct Loan funds through GAPS, please call the Departments Accounting and Financial Management Service at 202/205-6466. Thank you for your continued support of the Direct Loan program. Sincerely, Joe L. McCormick Chair Direct Loan Task Force |