Mapping Your Future: Due date in July for Direct Loan Program year closeout

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Due date in July for Direct Loan Program year closeout

By Catherine Mueller

May 14, 2020

Although a lot of deadlines have been adjusted, the due date for the closeout of the 2018-19 Direct Loan program year has not.

In a May 7 Electronic Announcement, the U.S. Department of Education reminds schools that the closeout deadline is Friday, July 31, 2020. In the Announcement, the Department said all school data must be received and accepted by this date to be included in a school's final Ending Cash Balance for the year.

To be considered successfully closed out, the school must:

  • Reconcile to an Ending Cash Balance of $0 and Total Net Unbooked Disbursements of $0, as reflected on the monthly School Account Statement (SAS) Report and in the school's internal records
  • Complete the School Balance Confirmation form on the Common Origination and Disbursement (COD) website.

To meet the closeout deadline, all records must be submitted to the COD System no later than 8 p.m. Eastern time (ET) on Friday, July 31. After this deadline, Direct Loan records will not be accepted by the COD System and schools will no longer have Direct Loan funds available to draw down for the 2018-19 Award Year.

For additional Direct Loan Closeout information for the 2018-19 program year, the Department said schools can refer to the January 31 Electronic Announcement.