On February 7, 2017, Federal Student Aid posted on the Information for Financial Aid Professionals (IFAP) website the first in a 3-part series of Direct Loan closeout announcements that informs schools of the closeout deadline for the 2015-2016 Program Year. The Direct Loan closeout deadline for the 2015-2016 Program Year is Monday, July 31, 2017. This is the last processing day of the program year, so all school data must be received and accepted by this date to be included in a school’s final Ending Cash Balance for the year. 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 Balance Confirmation form on the COD Web Site.
For more information, refer to the Electronic Announcement. http://bit.ly/2mcoOsi