The U.S. Education Department's Office of Federal Student Aid (FSA) issued an electronic announcement this week on National Student Loan Data System (NSLDS) misreporting.
Institutions have been working to comply with new 150% Direct Subsidized Loan reporting requirements, the agency found that many schools are reporting incorrect data. According to the department, a significant number of colleges and universities are misreporting academic year dates to the Common Origination and Disbursement (COD) System and program length to both COD and NSLDS.
The department is closely monitoring this critical issue, as incorrect data could lead to student receiving loans for which they are not eligible, being denied loans for which they are eligible, or losing interest subsidy when they should not.
The agency stated that it will reach out to schools that have submitted questionable data and may take additional steps – including referring schools to the Program Compliance office and implementing additional reporting requirements – to ensure compliance with statutory provisions. FSA encourages all institutions to check whether their reporting to COD and to NSLDS complies with the reporting information summarized in the announcement.
Related Links
150% Direct Subsidized Loan Limit: Electronic Announcement #17 - School Misreporting of Data to COD and NSLDS
http://ifap.ed.gov/eannouncements/042015DSLL150PerEA17SchoolMisreportDataCODandNSLDS.html