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Session 61

Session 61. Financial Partners’ Journey Through NSLDS Pam Eliadis and Valerie Sherrer. Objectives. Identify how loan level data affects student eligibility Specify how the flow of enrollment data impacts timely conversion to repayment

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Session 61

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  1. Session 61 Financial Partners’ Journey Through NSLDS Pam Eliadis and Valerie Sherrer

  2. Objectives • Identify how loan level data affects student eligibility • Specify how the flow of enrollment data impacts timely conversion to repayment • Examine ways financial partners can improve NSLDS Data Quality • Recognize what data reported to NSLDS impacts the Cohort Default Rate • Define NSLDS Security rules and user responsibilities • Re-engineering NSLDS to Enhance Student Aid History Management

  3. Student Eligibility 1

  4. Student Eligibility • Loan level data that affect Student Eligibility: • Loan Statuses • Originations • Disbursements • Cancellations/Refunds • Outstanding Balances

  5. Student Eligibility • Schools see eligibility information: • ISIR • NSLDS FAP Website

  6. Student Eligibility Loan Status • Default Status is based on Lender Claim Payment • Rehabilitated Loans should be reported timely

  7. Student Eligibility - Aggregates • Three Major Variables: • Net Loan Amounts (Guaranty minus Cancellations) • Disbursements • Outstanding Principal Balance Aggregate Loan Limits are calculated for each student on NSLDS to assist the FAA in determining student eligibility.

  8. Student Eligibility – Loan Status • Identification of Consolidation’s Underlying Loans: • Loan Status Code = PN, DN, PC, DP or PF • Loan Status Date within 210 days (before or after) of the Consolidation Loan Date

  9. Student Eligibility Originations • Report Originations as they happen • Helps Schools see pending aid for Transfer Students

  10. Student Eligibility Cancellations/Refunds Factor in determining the Net Loan Amount for aggregate calculation

  11. Student Eligibility • Disbursements Factor in aggregate calculation

  12. Student Eligibility • Outstanding Principal and Interest Balance Amounts OPB factored in aggregate calculations, OIB and Other Fees are not

  13. Enrollment Reporting 2

  14. Enrollment Reporting • Impacts of Enrollment Reporting on Financial Partners • Enrollment Reporting Flow • Changes to the Loan Status • Impact on the Date Entered Repayment • Effects of Non-Reported Enrollment Changes

  15. Enrollment Reporting • How do students get on a school’s roster? • Reporting of a loan • School adds them to a roster • Reporting of an ACG or SMART Grant (as of Jan. 2007)

  16. Enrollment Reporting Flow

  17. Enrollment Reporting When student drops below half-time attendance: Loan Status: IA to IG

  18. Enrollment Reporting When student re-enters school: Loan Status: RP to DA

  19. Enrollment Reporting • Impact on Date Entered Repayment (DER) • Enrollment Effective Date used to drive DER • DER is loan based, not student based • GA Data Provider Instructions • Grace = Separation + 6 months • DER = Separation + 6 months + 1 day • After entering repayment, DER does not change

  20. Enrollment Reporting • Possible Effects of Non-Reported Enrollment Changes • Loan converted to repayment early • Loan entering repayment delayed • Borrower enters grace period without knowledge

  21. Enrollment Reporting Data Quality Monitoring Inconsistencies between enrollment and loan statuses

  22. Enrollment Reporting • Effective Enrollment Reporting and usage: • Reduces risk of default • Minimizes technical defaults • NSLDS: • Maintains the official enrollment data • Provides GA’s enrollment data weekly • Instructs GA’s to inform Lender/Lender Servicers timely

  23. NSLDS Data Quality 3

  24. NSLDS Data Quality • Examine how Financial Partners can improve NSLDS Data Quality • Timely reporting to GAs by lenders • Accurate Contact information • Accurate information

  25. NSLDS Data Quality • Benefits of Timely Reporting • Timely reporting of information affecting student eligibility • New data reported quickly for decision making • Effective program management and oversight

  26. NSLDS Data Quality Accurate Contact Information

  27. NSLDS Data Quality – Accurate Contact Information • Contact information displayed on NSLDS web sites • Contact Information used for the Interactive Voice Response Unit for 1-800-4FEDAID

  28. NSLDS Data Quality – Accurate Information • Resolve reporting errors • Close unconsummated loans • Report loan transfers

  29. NSLDS Data Quality – Accurate Information • Resolve reporting errors: • Actively work reporting errors • Analyze loan errors holistically • Resolve for next submission

  30. NSLDS Data Quality –Accurate Information • Non-Closure of Unconsummated Loans: • May cause GAs to “assume” the loan status • Creates conflicting information

  31. NSLDS Data Quality Accurate Information Unconsummated Loan Aging Assumed by the GA

  32. NSLDS Data Quality • GA Data Quality Measures • Review Benchmark reports • Data Integrity Improvement Plans • Reconcile Fee Payment Backup Data • Annual Reconciliation with NSLDS • Research Reasonability Report variances

  33. NSLDS Data Quality Accurate Information

  34. NSLDS Data Quality – Accurate Information Number of Identifier Conflicts by Month

  35. Cohort Default Rates 4

  36. Cohort Default Rates • Recognize what data reported to NSLDS impacts the Cohort Default Rate (CDR) • Formula • Fields • Rates • Frequency • Adjustments

  37. Cohort Default Rates Borrowers who entered repayment in FY04 and defaulted in FY04 & 05 divided by Borrowers who entered repayment in FY04

  38. Cohort Default Rates • What NSLDS fields affect the CDR calculation? • Date Entered Repayment (DER) • Loan Type • Date Claim Paid • Claim Reason Code • Loan Status Codes • Student Identifiers

  39. Cohort Default Rates • Two Lender Calculations • Originating Lender Rate • Current Holder Rate • One GA Calculation

  40. Cohort Default Rates • How often are the CDRs Calculated? • Draft Cohort Default Rate (CDR) • Calculate January • Publish February • Official Cohort Default Rate (CDR) • Calculate August • Publish September

  41. Cohort Default Rates CDR on the Web

  42. Cohort Default Rates CDR on the Web

  43. Cohort Default Rates • How do Financial Partners request an adjustment to their CDR? • Lenders: • Data Correction to GA within 30 days of publication • The GA has 15 days to respond • GA: • GA has 45 days to submit data corrections CDR Guide for GAs and Lenders: http://www.ifap.ed.gov/drmaterials/FY04Cohortguide.html

  44. NSLDS Security 5

  45. NSLDS Security • Define NSLDS Security rules and user responsibilities • DCL Gen 05-06 • Audit Reports • Data Mining • User IDs

  46. NSLDS Security • Dear Colleague Letter GEN 05-06 • NSLDS may not be used for marketing purposes • Student/Borrower’s permission is required • Reminds users of Federal Student Aid’s enforcement obligation

  47. NSLDS Security • Audit Reports • Every student look-up is tracked by User ID • Lender Audit Security Reports • Requested by Destination Point Administrator • Number of look-ups by user id • Past 90 days

  48. NSLDS Security No Data Mining • Completely Automated Public Turing Test to Tell Computers and Humans Apart (CAPTCHA) tool • Monitoring top 20 users and organizations

  49. NSLDS Security • User ID’s • Will be disabled after 12 months of inactivity • Cannot be shared with colleagues • Obtain through FSAwebenroll.ed.gov

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