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The Ins and Outs of NSLDS

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You may rely on ISIR information and on the information in NSLDS. Mid-year transfer students need extra research on NSLDS--Transfer ... pendent Undergraduates ... – PowerPoint PPT presentation

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Title: The Ins and Outs of NSLDS


1
The Ins and Outs of NSLDS
  • Ann Scott
  • Great Lakes Educational Loan Services, Inc.
  • November 2006

2
Todays Session
  • Using NSLDS in Determining Eligibility
  • Resolving Conditions that Affect Eligibility
  • NSLDS Adapts to HERA

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Using NSLDS to Determine Eligibility
  • ISIR Information is from NSLDS
  • You may rely on ISIR information and on the
    information in NSLDS
  • Mid-year transfer students need extra research on
    NSLDS--Transfer Monitoring
  • Other conditions have an impact on eligibility

8
Using NSLDS to Determine Eligibility
  • Know the alphabet soup of NSLDS Status Codes
  • Useful chart in SFA Handbook
  • p. 49 of Volume 1, 2006-2007
  • http//www.ifap.ed.gov/sfahandbooks/attachments/06
    07FSAHBkVol1Ch3.pdf

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Source Data and Student Eligibility
  • What if a loans status or balance
  • changes before NSLDS is updated?
  • Get paper documentation from lender/servicer
  • Get correct information directly from the loan
    holders database
  • METEOR a tool that aggregates loan data from
    various holders in real time

14
What is Meteor?
  • Web-based universal access channel
  • for financial aid information
  • Aggregated information to assist with counseling
    borrowers
  • Collaborative effort of FFELP participants
  • A gift to schools access available through
    participating guarantors

15
Using NSLDS to Determine Eligibility
  • Transfer Students
  • Prior Default/Overpayment of Grant
  • Bankruptcy
  • Prior Discharge due to Total and Permanent
    Disability
  • Consolidation Loans/Exceeding Aggregate Loan
    Amount

16
Transfer Student Eligibility
  • Before disbursing Title IV funds to a
  • transfer student, the school must
  • Participate in NSLDS Transfer Monitoring
  • Check prior Title IV history
  • Loan history at previous school(s)
  • Default status/Pell overpayment
  • Annual and aggregate loan amounts
  • Log in to NSLDS real time to check

17
Transfer Student Eligibility
  • Schools, not lenders or guarantors, bear ultimate
    responsibility to ensure that transfer students
  • Do not exceed annual or aggregate limits
  • Do not have a prior default

18
Effect of Overpayment/Prior Default on Eligibility
  • A student is not eligible for Title IV aid
  • if the student has
  • Prior Overpayment of Pell
  • Must resolve if gt25
  • Prior Default
  • Resolve with 6 monthly payments
  • PIF the loan (payment, consolidation or
    rehabilitation)
  • Get proof of resolved default
  • NSLDS status, Reinstate Eligibility letter

19
Effect of Prior Default on Eligibility
  • A student that resolves default status
  • anytime during the year regains
  • eligibility retroactive to the beginning
  • of the award year.
  • Example
  • Student PIFs default in 01/05. School
  • may certify a loan for 09/04 05/05.

20
Effect of Bankruptcy on Eligibility
  • Bankruptcy has no effect on loan eligibility,
    unless loan is in default and not discharged
  • Bankruptcy Reform Act of 1994 says
  • government cannot deny a loan based SOLELY on
    bankruptcy.

21
Effect of Bankruptcy on Eligibility
  • Eligible bankruptcy codes on NSLDS
  • BC (discharged, not in default)
  • BK (active bankruptcy, no prior default)
  • DK (defaulted, bankrupt ch 13, then discharged)
  • OD (defaulted, bankrupt ch 7 or ch 11, then
    discharged)

22
Effect of Bankruptcy on Eligibility
  • Ineligible bankruptcy codes on NSLDS
  • DB (active bankruptcy
  • ch 13, defaulted loan)
  • DO (active bankruptcy ch 7 or ch 11, defaulted
    loan

23
Effect of Prior Discharge due to Disability
  • To regain eligibility after a
  • Conditional Disability Discharge
  • For discharges post 7/1/02
  • Obtain physicians statement that borrowers
    condition has improved, can engage in gainful
    activity (going to work and school)
  • Affirm that any previous or new loans will not be
    discharged for the same disability
  • Resume payment on the conditionally discharged
    loan

24
Effect of Prior Discharge due to Disability
  • Regaining eligibility after a
  • Final Disability Discharge
  • For discharges after 7/1/02 that have completed
    the 3-year conditional period OR for discharges
    prior to 7/1/02
  • Obtain physicians statement that borrowers
    condition has improved, can engage in gainful
    activity (going to work and school)
  • Affirm that any previous or new loans will not be
    discharged for the same disability

25
Effect of Exceeding Loan Limits on Eligibility
  • Students exceeding the annual or
  • aggregate limits are not eligible
  • for Title IV funding.

26
Effect of Exceeding Loan Limits on Eligibility
  • If borrowing more than the maximum limit was
    inadvertant, resolution can be made by
  • Repaying the excess in full
  • Reallocating between subsidized and
    unsubsidized portions
  • Entering into a payment arrangement to reduce
    the excess amount
  • loan consolidation satisfies this requirement

27
Effect of Exceeding Loan Limits on Eligibility
  • Determining aggregate totals for
  • borrowers with consolidation loans
  • NSLDS initially took a cautious approach in
    totaling subsidized amounts in FFELP
    consolidations
  • Correct approach uses a specific algorithm and
    certain assumptions

28
Effect of Exceeding Loan Limits on Eligibility
  • Guidance from ED to schools
  • Dear Partner letter GEN 03-12
  • Algorithm method
  • 2006-2007 Federal SFA Handbook, Vol.3, Ch. 4,
    page 3-86
  • In lieu of performing the algorithm, schools may
    total the disbursed amount of the loans paid
    through consolidation (PC, PN status)

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NSLDS Unallocated Amounts in FFEL Consolidations
  • Unallocated amounts in consolidations cannot be
    attributed to subsidized or unsubsidized.
    Usually, the amounts are
  • Capitalized interest
  • Often, very high

31
Other Sources of Unallocated Amounts
  • HEAL loans
  • Perkins loans
  • Spouses loans
  • FFEL or DL that are misreported or have edit
    problems

32
Dept. of Ed Announcement about Unallocated Amounts
  • Good News
  • Schools can ignore unallocated amounts that are
    reported on ISIRs and on NSLDS web screens
  • NSLDS will not use unallocated amounts when
    applicant has exceeded or is close to a loan
    limit
  • ISIRs and web screens will still show unallocated
    amounts

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37
23,000 Aggregate Limit for De-pendent
Undergraduates
  • When monitoring the 23,000 limit, NSLDS excludes
    any amount of an unsubsidized loan that appears
    to be the result of a parent PLUS denial
  • Additional Unsub Icon and P code in Loan History

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NSLDS Adapts to HERA
  • Phase I changes implemented 7/1/06
  • Loan types
  • Deferment status
  • Overpayments accepted and displayed for ACG and
    SMART grants
  • Phase II changes will be implemented 12/31/06
  • Display ACG and SMART grant awards
  • Information on the Phase I changes found in NSLDS
    Newsletter 13, July 2006 on www.ifap.ed.gov

41
Grad PLUS Loans on NSLDS
  • How will PLUS loans to graduate
  • and professional students
  • appear on NSLDS?
  • GB for FFEL
  • D3 for DL
  • These will appear on Enrollment Verification
    Rosters

42
Grad PLUS Loans on NSLDS
  • How will PLUS loans to graduate and
  • professional students appear on
  • 06-07 ISIRs?
  • PL for FFEL PLUS
  • D4 for Direct PLUS
  • To accommodate trading partners until all systems
    are updated to receive GB, D3.

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44
Military Deferment
  • HERA created a 3-year military
  • deferment for eligible loans with
  • a first disbursement on/after
  • July 1, 2001.
  • MO status, along with the deferment end date,
    will appear in Loan Detail
  • For both FFEL and DL

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46
Overpayments of ACG and National SMART Grants
  • Schools must report overpayments of new grants in
    overaward situations and to comply with
    668.22(i) when students withdraw.
  • Actual awards themselves are not yet displayed on
    NSLDS will be after 12/31/06

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48
NSLDS Websites
  • Access for Financial Aid Professionals at
    https//www.nsldsfap.ed.gov/secure/logon.asp
  • Access for students at
  • http//www.nslds.ed.gov/
  • (Students must have valid PIN)

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51
Thank YouEnjoy the Conference!
  • Ann Scott
  • Industry Relations and Regulatory Specialist
  • Great Lakes Educational Loan Services, Inc.
  • St. Paul, MN
  • (800) 322-9536, ext. 296
  • (651) 290-8799 FAX
  • aescott_at_glhec.org
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