Financial aid offices that haven’t closed out their 2023-24 Direct Loan Program Year will want to make note of an important date.
The Department of Education announced that all school data must be received and accepted by the July 31, 2025 closeout deadline in order to be included in the final Ending Cash Balance.
If a school’s processing period extends beyond July 31, exceptions to the closeout deadline may be made on a case-by-case basis by contacting FSA Partner and School Relations Center at 1-800-848-0978.
To be considered successfully closed out, a school must:
- have an Ending Cash Balance of $0 and Total Net Unbooked Disbursements of $0 internally, and as reflected on the School Account Statement (SAS), and
- complete the School Balance Confirmation form on the COD website.
In the upcoming months, the Department will send the Zero Balance or Remaining Balance emails to schools. Schools that have not confirmed closeout on the COD website will receive a Notification Warning Letter in early May, which will be sent to the Financial Aid Administrator and the college President.
Schools with a remaining balance after the closeout deadline will be notified by a Post-Closeout Deadline Multi-Year Balance Reminder letter that is sent via email. Schools with a remaining positive balance will incur a liability.
Schools with questions or needing assistance with the closeout process can call the FSA Partner and School Relations Center at 1-800-848-0978 or by emailing CODSupport@ed.gov.
