Updated Guidance on Making Direct Loan Refunds of Cash
The U.S. Department of Education has issued guidance for institutions regarding Direct Loan refunds. Included in the guidance is a reminder that, as of January 1, 2015, the Department no longer accepts paper checks for Direct Loan refunds of cash. To make the most timely and accurate refunds, the guidance generally recommends using the G5 Web Site. The guidance also provides general information about Direct Loan funds and the process for making a Direct Loan refund.