Publication Date: May 2001
Bulletin ID: DLB-01-11
Balance Verification Process for Program Year 1999/00
Subject: Balance Verification Process for Program Year 1999/00
The deadline for closing out 1999/00 is July 31, 2001.To assist you with a smooth program year closeout, we have developed a Balance Verification Process. This is a proactive process that will help you and the Loan Origination Center identify and resolve outstanding issues prior to program year closeout.
During the next week, schools participating in the Direct Loan Program for Program Year 1999/00 will receive a Balance Verification Packet. The packet contains a Balance Verification letter and a Balance Verification Form. Please review your internal records (cash and disbursement records) and compare them with the summary totals on the Balance Verification Letter for accuracy and completeness. Follow the directions carefully and return the Balance Verification Form to the address stated in the letter no later than June 29, 2001.
If your school’s ending cash balance is reflected as zero in the Balance Verification Packet and you return the Balance Verification Form confirming that your school’s internal balance is zero, we will take the following actions:
- The LOC will close the 1999/00 message class and will not accept any 1999/00 electronic data without permission from the Department of Education.
- The LOC will stop sending reports to your school.
- You will not be able to request funds through GAPS for 1999/00.
- The Department of Education will mail an official closeout letter to your school.
If you have not received the Balance Verification Packet by May 25, please contact your CSR at the LOC (1/800/ 848-0978), or call the Department of Education at
(202) 205-6466 and leave a message.
Thank you for your ongoing partnership in the Direct Loan program.
Acting Director, Title IV Delivery