Guidance Issued on "Late" Late Disbursements of Title IV Aid
April 21, 2005
The Department of Education issued guidance detailing procedures that institutions must follow to request approval to make disbursements of Title IV aid more than 120 days after a student ceases to meet enrollment eligibility requirements. Such disbursements are sometimes referred to as "late" late disbursements to distinguish them from late disbursements made within 120 days after a student is no longer enrolled (which institutions may make without prior approval from ED). ED will only grant approval if the reason the late disbursement was not made within 120 days is not the fault of the student (or the parent in the case of a PLUS loan).
The Dear Colleague letter (GEN-05-07) requires the institution or its third-party servicer to fax the request to ED for approval of a "late" late disbursement. Lenders, guaranty agencies, or other parties may not submit the request regardless of the reason the funds were not disbursed. The letter details the information to be provided. ED will respond to the institution by e-mail, normally approving or denying the request within 10 days after it passes initial screening.
ED urges institutions to develop procedures to track disbursements and improve communication among the financial aid, business, and registrar's offices to ensure that late disbursements are made in a timely manner.
- Program Integrity Rulemaking to Be Delayed
- Associations Respond to McCaskill Sexual Assault Legislation
- COFAR Releases Frequently Asked Questions on OMB's Super Circular
- 2014 Tax Forum
September 28-September 30, 2014
- 2014 Global Operations Forum
September 30-October 1, 2014
- 2014 Intermediate Accounting and Reporting - Fall
October 13-14, 2014
- ON-DEMAND: Strategic Tuition Assessment and Tuition Restructuring
- ON-DEMAND: Are Shared Services Right for Your Organization – The KU Journey
- ON-DEMAND: VIRTUAL: 2014 Annual Meeting
- ON-DEMAND: FASB's Proposed NFP Reporting Changes
- ON-DEMAND: VIRTUAL: Student Financial Services Conference
- ON-DEMAND: VIRTUAL: Higher Education Accounting Forum
- ON-DEMAND: VIRTUAL: Global Operations Support and Compliance Forum
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis