DEADLINE FOR T1 AND T2 ARRANGEMENTS EXTENDED

The cash management final regulations, published on October 30, 2015 require institutions with Tier One (T1) and Tier Two (T2) arrangements to list and identify the major features and commonly assessed fees associated with each financial account offered under those arrangements during the process through which a student chooses options for receiving payments of Federal student aid. Schools were required to follow the format that the Department specified in disclosing this information to students by July 1, 2017, but the Department had not provided the format leaving schools to develop their own.

After soliciting comments, the Department announced the release of their new suggested disclosure format. To allow institutions sufficient time to adopt the final format, if they elect to do so, the Department is allowing additional time, until January 1, 2018 to comply with the applicable disclosure requirements.

According to an Electronic Announcement, the official version of this document is the document published in the Federal Register. This document has been sent to the Office of the Federal Register but has not yet been scheduled for publication. You can grab it here in the meantime.

2014-2015 Direct Loan Program Year Closeout

The closeout deadline for the 2014-2015 Direct Loan Program Year is Friday, July 29, 2016. This is the last processing day before the end of the program year. 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.

All cash management, disbursement reporting, and monthly reconciliation regulatory requirements supersede the closeout deadline. If a school is meeting these regulatory requirements, the final closeout stage should begin no later than the last award end date at the school for a given program and year. A school should be able to reconcile to a zero Ending Cash Balance and close out soon after its final disbursements and should not wait until the closeout deadline.

Prior to program year close out, schools should ensure that fields related to Subsidized Usage Limit Applies (SULA), such as academic year dates, loan period dates, loan and/or disbursement amounts, etc., are updated appropriately.