DLB-08-01: Updated Guidance On Making Refunds Of Cash

Publication Date: January 17, 2008

Bulletin ID: DLB-08-01

Summary: Updated Guidance on Making Refunds of Cash

This bulletin updates and summarizes the correct process for making a refund of cash (i.e., returning unused Direct Loan funds) to the Department of Education (the Department). As a reminder, all Direct Loan funds that are not disbursed to student or parent borrowers within three business days after they are received from the Department (or within an additional seven calendar days in certain circumstances) must be returned to the Department in accordance with the cash management regulations at 34 CFR 668.166.

To ensure the most accurate and timely processing of a refund of cash, please follow these guidelines:

  • To the extent possible, you should return funds electronically via the G5 Web site (G5 Web site ). Refunds of cash greater than $100,000 must be returned electronically via G5.
  • If you need to return funds via a paper check, mail the check to the COD School Relations Center at:

U.S. Department of Education
Attention: Refunds of Cash
P.O. Box 9001
Niagara Falls, NY 14302

  1. Include a completed Direct Loan Refunds of Cash form with your check, and also note your school code and the award year on the check itself. A revised Direct Loan Refunds of Cash form is attached to this bulletin and should be used for this purpose.
  2. If you are returning funds for more than one award year, send a separate check for each award year.
  3. If you are returning funds for more than one school, send a separate form and a separate check (or separate checks) for each school.

If you have any questions about this bulletin or returning funds via a paper check, contact the COD School Relations Center at 800/848-0978 or e-mail CODSupport@acs-inc.com. For additional information on returning funds via G5, refer to the G5 Web site or call the G5/GAPS hotline at 888/336-8930 for assistance.

Thank you for your ongoing partnership in the Direct Loan Program.

Sincerely,

William Leith
Acting General Manager, Application, Operations and Delivery Services

Attachments/Enclosures:

Direct Loan Refunds of Cash Form in Microsoft Word Format, 46kb, 1 page 

Direct Loan Refunds of Cash Form in PDF Format, 104kb, 1 page 

 

 

Publication Date: 1/17/2008


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