Bulletin ID
DLB - 00 - 40
| PublicationDate: 8/1/2000 BulletinID: DLB - 00 - 40 August 2000 DLB 00-40 Subject: GAPS On-line Refund Function for Returning Direct Loan Excess Cash Dear Partner: This bulletin informs you of a new option for Direct Loan schools to return excess cash. Schools with 25 or fewer open awards now have the option to use the GAPS on-line refund function. In approximately six weeks, necessary software enhancements will be completed so that all schools will be able to use the on-line refund function. To use the new on-line refund option, access the Department of Education Electronic Grants web site at http://e-grants.ed.gov/, then click on GAPSWeb to access the GAPS Home page. Log on to GAPS by selecting Log into GAPS option. Then click on the refunds option, select excess cash, select Initiate Refund, and click on Continue. This brings up your schools open awards from which you can choose the document and bank account you want. GAPS will then take the money from the selected bank account and credit it to the selected document. The transaction will be posted in GAPS within two business days. Throughout the refund function, the relevant help screen can be accessed by selecting the Help button for that particular screen. For additional information on making electronic refunds, adding, modifying or deleting a refund bank account, or generating refund history reports, click on the frequently asked questions (FAQs) link on the GAPSWeb home page or call the GAPS hotline at 1/888/336-8930. We urge you to use this new option. Excess cash may be returned using either the new GAPS functionality or by sending funds to the Loan Origination Center. You should select the method that works best for your school and use it consistently. Thank you for your ongoing partnership in the Direct Loan Program. Sincerely, Margaret E. White Acting Lead, Title IV Delivery Schools Channel |