On Sept 30, 2021, FSA announced an extension to the deadline for schools to add the Coronavirus Indicator for disbursements of Title IV funds for the 2020-21 award year to Sept 30, 2022.
In July 2021, the COD System was updated to accept the Coronavirus Indicator when the payment period start date is a date inclusive of or between Jan 1, 2018, and July 1, 2022.
As a reminder, schools are required to complete 2 separate reporting requirements for students that withdraw due to COVID-19. The 1st requirement is to update the Coronavirus Indicator box for each Pell and Direct Loan disbursement on the COD website that was included in the R2T4 calculation for the period that the student withdrew. The 2nd requirement is to report on the COD website, the total of the amounts for each award year and each program that were not returned as a result of the waiver being applied.
It is important to note that these 2 requirements are separate processes. All students that withdrew for COVID-19 reasons must have the Coronavirus Indicator updated. However, only the students that would have normally required Title IV refunds are included in the lump sum reporting for the amounts not being returned.
Schools should have already updated the Coronavirus Indicator for all eligible students and should update new cases as soon as possible when students withdraw and the waiver is applied. It is important that you confirm the amount of the disbursement is accurate at COD because no additional updates can be made to the disbursement once the Coronavirus Indicator box is checked.
The current deadline for reporting funds not returned, for all award years through 2020–21, is Sept. 30, 2022. Schools can report these funds using the R2T4 Lump Sum Reporting page on the COD website. Once reported, you do have the opportunity to revise the amounts in the event that a student withdraws in the future for COVID-19 reasons and the total amount needs to be updated.
Please refer to previous FAME communications for additional details on these requirements and instructions to assist schools with completing them on the COD website.