After June 27, 2021, the COD System will no longer include Direct Subsidized Loans with an earliest disbursement date on or after July 1, 2021, in subsidized usage calculations. In addition, new borrowers (for COD System purposes, this means borrowers who do not have any Direct Loans on file with a positive balance) will not be flagged with the SULA Indicator if their first Direct Loan has an earliest disbursement date on or after July 1, 2021.
If a school submits a Direct Loan with an earliest disbursement date before July 1, 2021, the COD System will continue to calculate subsidized usage. Subsidized usage calculations will also occur if a school changes the earliest disbursement date of a Direct Loan from on or after July 1, 2021, to before July 1, 2021. In addition, if there is a change in earliest disbursement date from on or after July 1, 2021, to before July 1, 2021, and it is a borrower’s first Direct Loan, we will update the SULA Indicator for that borrower from “N” to “Y.”
To meet the closeout deadline, all records must be submitted to the COD System no later than 8 p.m. Eastern time (ET) on Friday, July 29, 2022. After this deadline, Direct Loan records will not be accepted by the COD System and schools will no longer have Direct Loan funds available to draw down for the 2020–21 award year. In other words, the Department will reduce the school’s Current Funding Level (CFL) to the greater of Net Drawdowns or Net Accepted & Posted Disbursements.
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April 26, 2022 at 10:57PM
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Record Submission Due Date for 2020–21 Direct Loan Program Year Closeout | Knowledge Center - FSA Partner Connect
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