Schools that have not yet closed out their 2023-24 Direct Loan Program year need to make note of the upcoming closeout deadline.
A May 19 Electronic Announcement reminds schools that Thursday, July 31, 2025, is the closeout deadline and last processing day before the end of the program year. This means that all school data must be received and accepted by July 31 in order to be included in the school’s final ending cash balance.
Records must be submitted to the Common Origination and Disbursement System (COD) no later than 8 p.m. (Eastern time) on July 31. Submissions after that deadline will not be accepted by COD and 2023-24 Direct Loan funds will not be available for draw down. A school’s Current Funding Level (CFL) will be reduced to the greater of Net Drawdowns or Net Accepted & Posted Disbursements.
To be successfully closed out, a 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; and
- Complete the School Balance Confirmation form on the Common Origination and Disbursement (COD) website once the school has reconciled to a $0 balance both internally and externally.
A February 20, 2025 Electronic Announcement provides additional 2023-24 program year Direct Loan Closeout information.
Schools with questions or needing assistance with closeout can contact the FSA Partner and School Relations Center at 1-800-848-0978 or by emailing CODSupport@ed.gov.
