It seems the Coronavirus Indicator might have a bit of a “hair-trigger” because FSA recently put out a document of best practices for using the checkbox which opened with a word of caution.
It read, “ Because a number of events (e.g., loan discharges, usage and eligibility limits) are triggered once the Coronavirus Indicator is selected, and the Coronavirus Indicator cannot be reversed by a school, it is critical that schools only submit the Coronavirus Indicator when no other action is expected to be taken on the disbursement”.
It then went on to say, “To prevent unintended consequences…” Sheesh.
Read this. Print it out. Stick it on your wall. Refer to it as needed.
Whatever you do, don’t click the box unless you really mean it.
Don’t say I didn’t warn you!
Last month the Common Origination and Disbursement (COD) System was updated to support reporting requirements for withdrawn students who qualify for a Title IV waiver under the Cares Act. COD now allows schools to select the Coronavirus Indicator on eligible disbursements for any program with an award year beginning in 2017-2018 or later. The R2T4 calculator on the COD website has also been updated with the Coronavirus Indicator checkbox for the 2017-2018 award year. Valid Payment Period Start Dates for the Coronavirus Indicator can now go back as far as January 1, 2018. Good news for schools with unusually long academic years, or situations that would have extended the academic year like Leaves of Absence or Withdrawals and subsequent Re-entry into a program.
We’ve got a brand-new acronym! “PEOS”.
Federal Student Aid just launched the PEOS Document Center on the COD website.
It stands for the Partner Eligibility and Oversight Services. PEOS.
The PEOS Document Center is where schools will now upload documents related to program reviews, eligibility and certification, financial analysis / composite scores, annual compliance audits, payment method (HCMI / HCMII), and appeals to the Administrative Actions and Appeals Service Group (AAASG). Through the document center, schools will be able to securely upload compliance documents, submit and respond to document requests, search, and view previously uploaded documents, and receive notifications on their dashboards right in COD.
For more information check out the podcast and PowerPoint.
Federal Student Aid will begin the transition of business processes for the Campus-Based programs to the Common Origination and Disbursement (COD) System in spring 2018. Now through February 5, 2018, everything will remain in the current eCB system. But on February 6, the eCB website will be closed. All campus-based processed will be off-line for schools until the Department completes the transition in March. COD is expected to go live on March 25, 2018.
As a reminder, requests for a waiver of any 2018-19 Award Year penalty for the underuse of 2016–17 Award Year funds should be submitted to the Department using the eCB website’s FISAP process (Part II, Section C and the Additional Information screens). Requests must be submitted no later than midnight Eastern time (ET) February 5, 2018.