The TEACH Grant Closeout Deadline for the 2019-2020 award year is Wednesday September 30, 2020. As with all other federal aid programs, schools participating in the Teach Grant program must submit all school data to COD by the deadline. To be successfully closed out, schools should reconcile to a zero-ending cash balance between its monthly TEACH Grant School Account Statement and its internal records to avoid being billed for remaining balances owed to the Department of Education.
Schools participating in the TEACH Grant program can officially confirm closeout via the School Balance Confirmation page on the COD Web Site for the 2019-2020 Award Year. Once a school officially confirms closeout for TEACH Grant, the Department will take the following actions:
The Department will send a Program Year Closeout letter to the school’s President and Financial Aid Administrator. The letter will be sent via email. Note: Schools will also be able to view a copy of the letter on the “School Correspondence” page via the COD Web Site. If the school confirms closeout and does not receive a letter, please check to make sure the school’s contact information is correct on the “Financial Aid Contact” page via the COD Web Site and that the school’s system is not blocking emails from (DoNotReply@cod.ed.gov).
The COD System will reject award or disbursement changes per published edits.
The Department will reduce the school’s Current Funding Level (CFL) to the greater of Net Drawdowns or Net Accepted & Posted Disbursements.
The TEACH SAS will no longer be sent for the award year that is closed out.
Schools that complete this closeout confirmation process should save a copy of the Program Year Closeout letter with their final reconciliation documentation, to document the date the school officially confirmed closeout for the award year. No additional monthly reconciliation is required, unless the school is subsequently reopened, granted extended processing, or the school’s ending cash balance changes, in which case an additional TEACH SAS will be generated and sent to the school for final reconciliation.
Federal Student Aid will be contacting TEACH Grant recipients whose TEACH Grants were converted into Direct Unsubsidized Loans to redetermine if they met or are meeting the TEACH Grant Service Requirements, but had their grants converted into loans because they did not comply with the annual certification requirements. According to an announcement from FSA, individuals may qualify to have their loans converted back to TEACH Grants if they can demonstrate that they completed at least four years of qualifying teaching or are expecting to or are in the process of doing so.
The 2017-2018 Iraq Afghanistan Service Grant is being reduced because of FSA’s ongoing Sequestration of Title IV Funds. A student whose parent or guardian died as a result of U.S. military service in Iraq or Afghanistan after September 11, 2001, may receive increased FSA funds if at the time of the parent or guardian’s death the student was either less than 24 years old or was enrolled in college. The amount of a student’s Iraq and Afghanistan Service Grant is based on the maximum Federal Pell Grant for the relevant award year. The maximum Federal Pell Grant for the 2017-2018 award year will be $5,920, however due to the sequestration of FSA funds, all scheduled awards where a first disbursement is made prior to October 1, 2017 must be reduced by 6.90%. This represents a $408.48 reduction and results in a maximum scheduled award of $5511.52. Federal Student Aid has not as of yet, provided guidance for awards disbursed after October 1, 2017.
The TCLI Directory is a list of schools and educational service agencies that serve low-income families and is used to determine the eligibility of teachers for loan cancellation under the Federal Perkins Loan (Perkins Loan) Program, and loan forgiveness under the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) Program. The list is also used to determine if a teacher has satisfied certain aspects of the teaching obligation in the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program. Graduating students may find it helpful in order to take advantage of the cancellation and forgiveness benefits available to teachers or to target their job searches. Teaching in a Designated Low-Income School is not the same as teaching in a Teacher Shortage Area. http://bit.ly/2cjJP0d