Federal Student Aid - IFAP

Publication Date: November 3, 2006

Author: G. Kay Jacks, General Manager, FSA Application, School Eligibility and Delivery Services

Summary: Issue Alert--Some GAPS Transactions for ACG, National SMART Grant, Pell Grant, and Direct Loan Programs Inaccurately or Not Reflected in COD System

Posted on 11-03-2006

We have discovered that some Grant Administration and Payment System (GAPS) transactions performed by schools since September 29, 2006 are not accurately reflected in the Common Origination and Disbursement (COD) System. The transactions affect multiple programs-Academic Competitiveness Grant (ACG), National Science and Mathematics Access to Retain Talent Grant (National SMART Grant), Federal Pell Grant (Pell Grant), and William D. Ford Federal Direct Loan (Direct Loan)-and multiple award years. In some cases, GAPS refund, return, drawdown, and drawdown adjustment transaction amounts have been doubled in the COD System. In other cases, GAPS transactions are not yet reflected in the COD System.

We have identified the issues that sporadically caused the reflection of inaccurate GAPS transactions in the COD System and are working to correct the inaccurate data in the COD System as expeditiously as possible. We will keep schools informed of our work via the "COD Processing Update" and messages on the COD Web site.

In the meantime, an affected school can refer to the GAPS Activity Report on the GAPS e-Payments Web site for an accurate reflection of all GAPS transactions it has performed since September 29, 2006. If the school has any questions or concerns, it can contact the COD School Relations Center at 800/4PGRANT (800/474-7268) for ACG, National SMART Grant, and Pell Grant or 800/848-0978 for Direct Loan. The school may also e-mail CODSupport@acs-inc.com.

Note to Direct Loan Schools: If this issue has affected a Direct Loan school, its October 2006 month-end School Account Statement (SAS) will also be impacted.

We apologize for the inconvenience caused by this issue and assure schools that we are working to correct the inaccurate data in the COD System as expeditiously as possible.