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Presenters: Lorri Connor and Sarah Soper

D EMOGRAPHIC REALITIES: How to Review Your CDR to Determine At-Risk Students and Focus Efforts for Success. Presenters: Lorri Connor and Sarah Soper. Session Highlights. CDR Overview Ramifications and Reports Institutional Application. Important Take-Aways. Timing is everything

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Presenters: Lorri Connor and Sarah Soper

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  1. DEMOGRAPHIC REALITIES: How to Review Your CDR to Determine At-Risk Students and Focus Efforts for Success Presenters: Lorri Connor and Sarah Soper

  2. Session Highlights • CDR Overview • Ramifications and Reports • Institutional Application

  3. Important Take-Aways • Timing is everything • Consolidation versus Rehabilitation • Understanding your Reports • Reporting Review • Know who is in your cohort

  4. CDR Overview

  5. What Is A CDR? • The percentage of the school’s borrowers who enter repayment on a loan during the fiscal year and default within the cohort default period.* • Measures the percentage of borrowers defaulting during a specific time period. • Calculated based on borrowers entering repayment, not types of loans. *Applies to schools who have 30 or more current or former students entering repayment during the fiscal year. For schools with 29 or fewer borrowers entering repayment during a fiscal year, the CDR is an “average rate” based on borrowers entering repayment over a three year period.

  6. Fiscal Year And CDR • CDR is based on the federal fiscal year (FFY). • The FFY begins October 1 and ends on September 30 of the following calendar year. • “Cohort fiscal year” refers to the fiscal year for which the CDR is calculated—not the year the rate is available or published. • For example: When calculating the 2010 CDR, the cohort fiscal year was FFY2010 (October 1, 2009, to September 30, 2010).

  7. How CDR Is Calculated Numerator: Number of student loan borrowers who entered repayment during a specific FFY and defaulted within the cohort default period ÷ Denominator: Total number of student borrowers who entered repayment during the specified FFY ×100 Note: This formula is for schools with 30 or more student borrowers who entered repayment

  8. Borrowers In The Denominator • Borrowers are included in the denominator based on their repayment start date. • Repayment begins 6 months after the borrower separates from the institution, or drops below half-time. • The official repayment start date is the first day after the end of the grace period. • Borrowers who use deferment or forbearance are still included in the denominator.

  9. Borrowers In The Numerator • Defaulted borrowers who are included in the denominator comprise the numerator. • Direct Loan program (DL) loans enter default after 360 days of delinquency. • Federal Family Education Loan Program (FFELP) loans enter default if the guarantor has paid a default claim to the lender holding the loan. • The date the guarantor pays the lender (the claim date) determines what year the loan defaults.

  10. Loans Used In Calculation

  11. Consolidation/Rehabilitation

  12. 2 vs. 3-Year CDR Monitoring 2-Year 3-Year

  13. 3-Year CDR Timeline Period during which borrowers default Feb. 2013 – Draft 2010 CDR Oct. 1 2009 Sept. 30 2010 Sept. 30 2011 Sept. 30 2012 Sept. 2013 – Final 2010 CDR Period during which borrowers enter repayment (FY2010)

  14. Ramifications and Reports

  15. CDR Benefits And Sanctions* * Benefits and sanctions for 3-year CDR calculation

  16. The Timeline Cohort Default Rate Guide http://www.ifap.ed.gov/DefaultManagement/CDRGuideMaster.html

  17. NSLDS Reports

  18. NSLDS Reports • Reports for Data Accuracy • Date Entered Repayment Report • School Repayment Info Loan Detail • School Cohort Default Rate History • Enrollment Reporting Summary • Reports for Default Prevention • School Loan Portfolio Report • Date Entered Repayment Report • Borrower Default Summary • Exit Counseling Report • Delinquent Borrower Report

  19. Institutional Application

  20. Keep Focused

  21. Example

  22. Delinquent Borrower Report • Borrower information • Name • SSN • Date of Birth • Loan information • Original loan amount, type, date disbursed/guaranteed • Outstanding principle balance (interest & fee balance) • Scheduled monthly payment amount • Days delinquent and delinquent date • {Date of default (and date of default for CDR)}

  23. Beyond NSLDS • Once you have identified your delinquent and/or defaulted borrowers, what can you find out about them? • Attaching institutional data can help you see trends. • Specific major(s), academic performance, withdraw vs. completion, online students, loan debt, etc. • What institutional processes can you set up or change to help address these areas?

  24. Tips For Reports • Run reports: set regular monthly dates and work the reports • Identify current cohort borrowers • Identify current cohort delinquent borrowers • Identify critical delinquency borrowers • Any borrower that becomes delinquent before the last 360 days of the cohort year • Focus efforts on these critical borrowers • Counsel about different repayment options • Help borrower go through loan rehabilitation process

  25. Questions?

  26. Contact Name: Lorri Connor Title: Financial Education Consultant – American Student Assistance Phone: 617.521.6220 Email: lconnor@asa.org Name: Sarah Soper Title: Director of Financial Aid and Scholarships Phone: 765.973.8231 E-Mail: saeaton@iue.edu

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