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Latest from FSA: Disbursement Date Reporting

February 13, 2014

On January 29, 2014, FSA posted an electronic announcement that reminds schools of the importance of accurately reporting Direct Loan actual disbursement dates to the Common Origination and Disbursement (COD) System.

The disbursement date is defined as “the date that a school credits a student’s account at the school or pays a student or parent borrower directly with Title IV funds received from the U.S. Department of Education or with institutional funds in advance of receiving Title IV program funds.” This is the date that should be reported as the actual disbursement date in the COD system.

It is important to accurately report this date, because it effects several terms and conditions, including:

  • Interest Accrual
  • 120-Day Rule (Returning Funds)
  • Origination Fee and Interest Rate Percentages

For more information, read the original FSA announcement.

Pam King, Midwest Regional Director, Nelnet Partner Solutions

Pam King, Midwest Regional Director, Nelnet Partner Solutions

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