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DCLPublicationDate: 5/1/97 DCLID: 97-L-194 AwardYear: Summary: National Student Loan Data System Reporting Requirements May 1997 97-L-194 Dear Student Loan Lender: Subject: National Student Loan Data System Reporting Requirements The purpose of this letter is to remind lenders that they must submit required data for their Federal Family Education Loan (FFEL) program loans to the National Student Loan Data System (NSLDS) through the guaranty agency that guaranteed the loan. This information is required at least quarterly. It is important that you review this letter and assure that your institution is meeting all the requirements. The Higher Education Act of 1965, as amended, mandated the development and implementation of the NSLDS. The NSLDS system now contains Title IV loan and grant information for over 33 million students and 85 million loans. The data has many uses including the prescreening of applicants for financial aid. The NSLDS prevents over $250 million a year from being awarded to ineligible students such as those who have defaulted on prior loans. In addition, the NSLDS data is used to calculate cohort default rates for schools, lenders and guaranty agencies. It is also used by the Department, other Federal agencies, and Congress to develop informed policy proposals. Completeness and accuracy of information on the NSLDS is critical to the successful management of the student aid programs. Lenders participating in the FFEL program are required to provide loan-level information to the NSLDS through their guaranty agency(ies). Please review your reporting processes to ensure you are in full compliance with NSLDS reporting requirements. Currently, guaranty agencies are reconciling their data with NSLDS. It is critical that they have accurate information from lenders to fully complete the reconciliation process and to provide accurate data on a regular basis. While progress has been made by lenders and guaranty agencies in fulfilling their reporting requirements, there is a significant number of loan records on the database that still do not have the lender specific data elements (e.g., Amount and Date of Outstanding Principal Balance, Amount and Date of Outstanding Accrued Interest Balance). Current balance information is critical for accurate determination of a student's Title IV aid eligibility. Any absence of lender reported data requires your immediate attention. In an effort to make this reporting requirement as painless as possible, the NCHELP Program Operations Committee, in consultation with the Department, has developed and distributed a standardized electronic file format (NSLDS Lender Manifest File Format), common edit guidelines, and standardized error reporting. This group has also made PC-based software available to lenders who do not have adequate systems to support an automated format. In addition, the Committee has developed a standard format for notifying lenders of loans which have not yet been reported through the NSLDS Lender Manifest process. Although use of these formats or software is not required, we encourage you to use these industry- developed tools to facilitate your full compliance with the NSLDS reporting requirement. If you do not have copies of these documents, or require a copy of the software, please contact your primary guaranty agency. Loans which error out of the guaranty agency NSLDS Lender Manifest process must be corrected and resubmitted. Also, if your institution is the holder of record and regular NSLDS data updates have not been received, you must work promptly with the agency to provide the updates. We have identified NSLDS data integrity as one of our highest priorities for the coming year. It is incumbent upon us all to work together to ensure that the NSLDS contains complete and accurate data. Over the next several months, the Department, working with the guaranty agencies, will conduct a major data integrity review of the NSLDS. As part of that review, we will visit some of the lenders to evaluate their NSLDS reporting procedures. We ask for your immediate attention to any data discrepancies that exist between your organization and your guaranty agencies and your full cooperation in evaluation of the reporting. We appreciate your cooperation. If you have any questions or concerns about NSLDS reporting requirements, please contact your primary guaranty agency. Sincerely, Larry Oxendine F. Lynn Alexander Director, Guarantor and Lender Director, NSLDS Oversight Service Program Systems Service |
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