Publication Date: July 12, 2005
Bulletin ID: DLB-05-13
Additional 2003-2004 Direct Loan Program Year Closeout Information
Posted on 07-12-2005
Subject: Additional 2003-2004 Direct Loan Program Year Closeout InformationDear Partner:
Over the past few months, we have provided information about 2003-2004 Direct Loan Program Year closeout (see also DLB-05-08 (http://www.ifap.ed.gov/dlbulletins/DLB0508.html) and DLB-05-10 (http://www.ifap.ed.gov/dlbulletins/DLB0510.html). This bulletin supplements the previous guidance. As a reminder, to be considered successfully closed out, your school must have an Ending Cash Balance of $0 and Total Net Unbooked Disbursements of $0, as reflected on your School Account Statement (SAS) Report.
When is the processing deadline?
The processing deadline to submit records is 8:00 P.M. (ET) on Friday, July 29, 2005. The COD System subsequently must accept all submitted records in order to be included in your school's final Ending Cash Balance for 2003 2004.
Any 2003-2004 batches or records received after this time will be rejected and returned to the school.
When is the deadline for drawdowns and/or drawdown adjustments?
Drawdowns and/or drawdown adjustments must also be requested/completed by the processing deadline of 8:00 P.M. (ET) on Friday, July 29, 2005.
How will my school learn its final balance?
In early August 2005, we will produce a final 2003-2004 SAS Report and send it to all schools. Your school will receive this SAS Report even if it is at a zero balance or has previously closed out for this program year. This SAS Report will serve as a final record of your school's official Ending Cash Balance for 2003 2004.
What if my school does not have a zero balance by the deadline?
Schools that have not successfully closed out by the processing deadline and are not approved for extended processing (see "What is extended processing?" below) will be sent a Final Demand Letter requesting the return of the outstanding balance as a refund of cash. Final Demand Letters will be mailed during September 2005. If the outstanding balance is not paid by the deadline noted in the letter, a receivable will be established, and your school will be billed accordingly.
What is extended processing and how is it requested?
Schools that believe they have extenuating circumstances and should be allowed additional time to process records, must contact the COD School Relations Center via e-mail at codsupport@acs-inc.com to request extended processing. The request must be made during the period August 1, 2005 through August 31, 2005. If extended processing is approved, we will send the school a letter providing the timeframe during which the school can submit additional data to the COD System. Schools denied extended processing will be contacted by the COD School Relations Center.
What if my school needs assistance?
Schools should contact their Customer Service Representatives at the COD School Relations Center for assistance with closeout. They can be reached at 800/848-0978 or by sending an e-mail to codsupport@acs-inc.com.
We appreciate your continued cooperation as we work to close out the 2003-2004 Direct Loan Program Year and thank you for your ongoing partnership in the Direct Loan Program.
Sincerely,
Bill Leith
General Manager, Program Operations Channel