With the end of July deadline looming, the Department of Education is providing additional guidance to those schools that have not yet closed out their 2023-24 Direct Loan program year.
In a recent Electronic Announcement, the Department provided additional information to supplement guidance provided in two earlier Electronic Announcements on February 20 and May 19.
The Department reminds schools that in order to be successfully closed out, they 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) and in the school’s internal records; and
- Complete the School Balance Confirmation form on the Common Origination and Disbursement (COD) website.
The closeout deadline is Thursday, July 31 at 8 p.m. (Eastern). All records must be submitted and accepted by the COD System by the closeout deadline. Records received after the deadline will be rejected and returned to the school.
The announcement addresses the consequences of not having successfully closed out by the deadline. The Department will consider exceptions to the last processing day of the program year on a case-by-case basis.
Schools will receive a final 2023-24 SAS from Federal Student Aid in early August 2025.
Questions about the Electronic Announcement or schools needing assistance with closeout can contact the FSA Partner and School Relations Center at 1-800-848-0978 or by sending an email to CODSupport@ed.gov.
