FY 2018 Official Cohort Default Rates are released to Schools, Guaranty Agencies, and Lenders.
The Funding Cancellation Deadline occurs five years after the Data Submission (Closeout) Deadline for Federal Pell Grant/Iraq Afghanistan Service Grant (IASG) and Campus-Based Programs. These programs are subject to annual appropriations by Congress, and all funding is canceled and activity ceases in COD five years after the end of the award year for which funds have been appropriated. Schools should verify they are at a $0.00 Cash>Net Accepted and Posted Disbursement balance and resolve any unreconciled balances prior to the deadline. Note: There is no funding cancellation deadline for Direct Loans or Teacher Education Assistance for College and Higher Education (TEACH) Grant awards.
The Grant Programs (Pell Grant, Iraq Afghanistan Service Grant, and Teacher Education Assistance for College and Higher Education) Data Submission (Closeout) Deadline is the last business day in September of the award year. All school data must be received and accepted by this date to be included in a school’s final cash balance for the year. If a school is meeting the cash management, disbursement reporting, and reconciliation regulatory requirements, a school should be able to reconcile to a zero cash balance and close out soon after its final disbursements and should not wait until the closeout deadline. Note: In COD, this is also known as the Latest Date to Accept a Common Record for each noted program and award year.
Schools that participate in any of the Campus-Based programs (Federal Perkins Loan (Perkins Loan), Federal Supplemental Education Opportunity Grant (FSEOG), and Federal Work-Study (FWS) are required to file the FISAP by October 1, 2021. The FISAP contains the Application to Participate for the 2022-2023 award year, and the Fiscal Operations Report for the 2020-2021 award year (applicable to schools that received FSEOG or FWS funds and/or that serviced their Perkins Loan Portfolio for the 2020-2021 award year).
Timeline for schools to submit their FY 2018 Official Cohort Default Rates begins.