Beginning January 1, 2015, USDE will no longer accept Direct Loan refunds of cash sent manually via paper check. As a result, schools should begin to update their processes to refund cash electronically via the G5 Web site as soon as possible, but no later than December 31, 2014.
- Prior to January 1, 2015, the COD School Relations Center will process paper checks for Direct Loan refunds of cash.
- Beginning January 1, 2015, the COD School Relations Center will not process paper checks for Direct Loan refunds of cash and will return them to the sender.
This method is faster and more secure than manual/paper processing, and is less likely to result in errors.
Note: If a school is required to refund cash as part of a liability assessed in an audit or program review, it must follow the instructions provided by the issuing office.
For detailed information see the electronic announcement at: http://ifap.ed.gov/eannouncements/022614DLProcessingInfoDiscontinPaperCheckProcessDLRefundsCashBeginJan12015.html