Publication Date: October 7, 2003
Bulletin ID: DLB-03-41
Summary: Closeout Guidance for 2002-2003 Direct Loan Program Year
Posted on 10-07-2003
September 2003
DLB-03-41
Subject: Closeout Guidance for 2002-2003 Direct Loan Program Year
Dear Partner:
It is time to begin our process of closeout for the 2002-2003 Direct Loan Program Year. The closeout deadline for 2002-2003 is July 31, 2004. Even though the deadline is several months away, all Title IV requirements, such as cash management and 30-day reporting regulations, must still be observed. We encourage you to resolve outstanding issues and cash balances and to achieve a $0 balance before the Program Year Closeout deadline. This will allow you to focus on 2003-2004 processing and to deliver better customer service to your students.
During the week of October 6th, we will begin sending 2002-2003 status letters via email, to assist you with the closeout process. The email will provide your current ending cash balance and will also include a zero balance confirmation form (a copy is attached to this bulletin).
- If your school has a zero balance, has completed all processing for 2002-2003, and would like to be considered closed out, please complete and return this form as instructed in the email. If we agree, you will receive a final closeout letter and you will no longer be able to drawdown funds or submit records to the COD system for the 2002-2003 program year. We will contact you if we have any questions or if there is a subsequent change in your balance.
- If your school does not have a zero balance, please use the available tools and resources to resolve that balance. Additional steps you can take are also provided in the email. You should not return the zero balance confirmation form until you have reached a zero balance, both in your internal records and on your School Account Statement.
- If your school does not agree with the balance in the letter, or if you have further loans or disbursements to process for 2002-2003, continue processing as needed.
You will continue to receive the status email each month until you complete closeout and confirm your zero balance or until the July 31, 2004 deadline is reached. If your school continues to have a positive cash balance after July 31, 2004, a receivable may be established for the balance.
If we do not have a valid email address on file, we will issue the information in a hardcopy letter and mail it to your school. In order for us to provide you with timely information, please be sure to keep your email address up-to-date. Any changes can be made on-line via the E-App website at www.eligcert.ed.gov. This information will then be updated in the Common Origination and Disbursement database, and will be used for future correspondence sent to your school.
We appreciate your cooperation as we work to close out the 2002-2003 Program Year. If you have questions about this bulletin or need assistance with closeout, please contact COD School Relations at 800/848-0978 or send an email to codsupport@acs-inc.com. Thank you for your ongoing partnership in the Direct Loan Program.
Sincerely,
Jane Holman
Acting Director, Title IV Delivery
Schools Channel
Attachment