PREPARING FOR A SUCCESSFUL TEACH GRANT PROGRAM YEAR CLOSEOUT

The TEACH Grant Closeout Deadline for the 2017-2018 award year is Friday September 28, 2018. 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 2017-18 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.

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