The Department of Education last week alerted financial aid professionals about the upcoming end to the federal fiscal year and how that will impact the processing of financial aid.
According to the Department of Education in a recent Electronic Announcement, the fiscal year end will have an impact on their systems, including G5.
A modified processing schedule will impact how the Common Origination and Disbursement (COD) System will process financial data and when schools can obtain funds. These include:
- 3 p.m. Eastern time (ET) on Tuesday, September 30 through 5 p.m. ET on Wednesday, October 1 – The G5 website will not be available, thus schools will not be able to drawn down Campus-Based, Federal Pell Grant (Pell Grant), Teacher Education Assistance for College and Higher Education (TEACH) Grant, or William D. Ford Federal Direct Loan (Direct Loan) funds during this period.
- Tuesday, September 30 – The COD System will accept Pell Grant, TEACH Grant, and Direct Loan records. However, after 8 a.m. ET on September 30, The Current Funding Level (CFL) changes (as a result of actual disbursements) and funding will not be processed until G5 reopens.
- Actual disbursements with a disbursement date from September 30 to October 1 –These must be received and subsequently accepted by the COD System no later than 8 a.m. ET on September 30, in order to generate the appropriate funding level increase prior to the G5 shutdown. Disbursements submitted by the deadline but not subsequently accepted, disbursements submitted after the deadline, and disbursements with a disbursement date after October 1 will be funded once G5 reopens.
The applicable help desk can be contacted with questions:
- G5 Questions – Contact the G5 Hotline at 1-888-336-8930 or email obssed@servicenowservices.com
- COD System Questions – Contact the FSA Partner and School Relations Center at 1-800-848-0978 or via email at CODSupport@ed.gov.
