Schools that have not yet closed out their 2024-25 Direct Loan Program year need to make note of the upcoming closeout deadline.
A March 18 Electronic Announcement reminds schools that Friday, July 31, 2026, 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.
Schools should complete reconciliation to a zero-ending cash balance and close out as soon as possible after their final disbursements are made and not wait until the closeout deadline. Exceptions to the closeout deadline will be made on a case-by-case basis if the school’s processing period extends beyond the deadline date.
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 Q&A is also included in the announcement to answer questions schools may have about the closeout process.
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.
