Wichita, KS -- (ReleaseWire) -- 01/22/2015 -- In an effort to increase efficiency and improve funds control, Federal Student Aid (FSA) has moved away from processing paper checks. FSA will no longer accept Direct Loan refunds of cash sent manually via paper check.Schools now need to refund cash electronically via the G5 website. This method is faster and more secure than manual/paper processing, and is less likely to result in errors.As noted in an April 2, 2013 Electronic Announcement, "schools can refund cash manually via paper check in some cases; however, paper checks should only be used as an exception when a school is unable to process electronically or is instructed to refund cash via paper check in an audit or program review."If a school must refund cash via paper check, it must:Make the check payable to the U.S. Department of Education and include the Direct Loan School Code or OPE ID, and the award year to which the funds apply on the check. If there is not enough information to allow the check to be processed, it will be returned to the school.Include a completed Direct Loan Refunds of Cash transmittal sheet (available at ifap.ed.gov) with the check.Provide a separate check and transmittal sheet for each award year and school.Mail the check to the COD School Relations Center at:Regular Mail/No Signature Required U.S. Department of Education Attention: Direct Loan Refunds of Cash P.O. Box 9001 Niagara Falls, NY 14302Overnight Address/Requiring Signature U.S. Department of Education Attention: Direct Loan Refunds of Cash 2429 Military Rd, Suite 200 Niagara Falls, NY 14304 (Phone number for tracking form only: 716/284-2225)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.If a school is returning cash as a result of refunds made to a borrower's account, a corresponding downward disbursement adjustment must also be reported to the COD System. Also, Direct Loan disbursements, disbursement adjustments and refunds of cash should be reported/submitted in whole dollar amounts only.About DJA Financial Aid Services, Inc.DJA has been serving clients since 1988. Today, the company serves clients in almost every state, with a team of nearly 60 professionals providing quality work and personalized service, building DJA's reputation as one of the top companies in the financial aid services industry. Even with DJA's success and growth, the company's foundational philosophy remains the same: to provide personalized service yielding professional results.Find out more at http://gotodja.com/For more information on this press release visit: http://www.releasewire.com/press-releases/release-575687.htmMedia Relations ContactKristi ColeMedia ContactDJA Financial Aid ServicesTelephone: 800-242-0977Email: Click to Email Kristi ColeWeb: http://gotodja.com/
