| Publication Date: July 2, 2008 Bulletin ID: DLB-08-19 Summary: Additional 2006-2007 Direct Loan Program Year Closeout Information Posted on 07-02-2008 Dear Direct Loan Colleague: Over the past few months, we have provided information about 2006-2007 Direct Loan Program Year closeout (see DLB-08-04 and DLB-08-11). This bulletin supplements the previous guidance. As a reminder, to be considered successfully closed out, your school must— When is the processing deadline?
The processing deadline to submit records is 8:00 P.M. (ET) on Thursday, July 31, 2008. The COD System subsequently must accept all records submitted by the processing deadline in order for them to be included in your school's final Ending Cash Balance for 2006-2007. Any 2006-2007 batches or records received after the processing deadline 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 Thursday, July 31, 2008.
How will my school learn its final balance?
In early August 2008, we will produce a final 2006-2007 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 2006-2007.
What if my school does not successfully closeout by the deadline?
Schools that have not successfully closed out by the processing deadline and have a positive Ending Cash Balance 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 2008. 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. Schools that have not successfully closed out by the processing deadline and have a negative Ending Cash Balance will be sent a Negative Balance Letter requesting the resolution of the outstanding balance. Negative Balance Letters will be mailed during September 2008.
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 e-mail at CODSupport@acs-inc.com.
We appreciate your continued cooperation as we work to close out the 2006-2007 Direct Loan Program Year and thank you for your ongoing partnership in the Direct Loan Program. Sincerely, William Leith
Acting General Manager, Application, Operations and Delivery Services | 