Time to Close Out the 2023–24 Direct Loan Program Year: What Your School Needs to Know

As we near the end of the 2023–24 award year, schools must complete the Direct Loan Program Year closeout process. Federal Student Aid (FSA) has issued final guidance to help institutions wrap up their records before the July 31, 2025, deadline.

What Does Successful Closeout Mean?

To officially close out for 2023–24, your school must:

1. Reconcile to a $0 Ending Cash Balance and $0 in Net Unbooked Disbursements
   Confirm this on your monthly School Account Statement (SAS) and your internal records.

2. Complete the School Balance Confirmation Form
   Once you’re reconciled, log into the COD website, select the “Balance Confirmation” link, and follow the instructions.

Key Deadlines

• Data Submission (Closeout) Deadline:
  Thursday, July 31, 2025, at 8:00 p.m. ET
  All records must be received and accepted by the COD System by this time. Late submissions will be rejected.

• Drawdown & Adjustment Deadline:
  Wednesday, July 30, 2025, at 8:00 p.m. ET
  Make sure any drawdowns or adjustments are completed by this deadline to ensure processing.

What If You Miss the Deadline?

• Positive Ending Cash Balance:
  FSA will send a Combined Programs Demand Letter requiring repayment. If ignored, a receivable will be established.

• Negative Ending Cash Balance:
  You’ll receive a Combined Programs Negative Balance Letter asking for resolution.

If your processing period extends beyond the deadline, you can request an exception by contacting FSA. Requests to reopen or extend processing for upward disbursement adjustments can be made via the COD website after the deadline.

Additional Tips

• Refunds of Cash must go through G5, not as drawdown adjustments. These transactions take 7–9 days, so plan accordingly.

• Refunds are program- and award-year-specific. Do not combine or net them across programs or years.

• Even if you’re at a $0 balance, you’ll still receive a final SAS in early August 2025. Keep this on file—it’s the official record for your 2023–24 reconciliation.

Need Help?

If you're unsure whether you can meet the deadline or need technical support:

Call: 1-800-848-0978 (Mon–Fri, 10 a.m.–6 p.m. ET)
Email: CODSupport@ed.gov

Stay on track, meet the deadline, and ensure a clean closeout for the 2023–24 award year.

Let us know if you need help reviewing your internal reconciliation process or navigating COD. We’re here to assist.