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Institutions reminded to disclose Perkins cash on hand
November 14, 2022
For those schools continuing to offer the Perkins Loan Program to assist students with financial need, there is more work to be done.
In a November 10 Electronic Announcement, the Department of Education reminded institutions of the December 15 deadline to report the amount of Perkins cash on hand.
According to the Department, "all schools that participate in the Federal Perkins Loan (Perkins Loan) Program, including schools that are in the liquidation process and have yet to receive an official liquidation completion letter from the U.S. Department of Education (the Department), must update and submit Part III, section A, Line 1.2 (Cash on hand and in depository as of 10/31/2022) on the Fiscal Operations Report for 2021-22 and Application to Participate for 2023-24 (FISAP)."
The Department also reminded schools to be sure to "submit" the information after entering information on form, adding that "simply validating and/or saving the new data entry does not result in submission to the Department."
For additional information about Perkins Loan Cash on Hand updates, contact the FSA Partner and School Relations Center at 1-800-848-0978 or email CODSupport@ed.gov.