ED’s Electronic Announcements (EAs) on IFAP _Q4-2014
DEFAULT RATE INFORMATION
EA – September 22, 2014 – (Loans). FY 2011 3-Year Official Cohort Default Rates Distributed September 22, 2014
Schools are informed of the release of the FY 2011 3-Year official cohort default rate (CDR) notification packages. Schools had to have been enrolled in eCDR in order to receive the notification packages. If a school was not enrolled in eCDR at the time of distribution of the notification packages, the school will need to access the data via the NSLDS Professional Access Web site. The deadline for appealing any information in this CDR package began September 30, 2014. Depending upon the specific item being appealed, the deadline for appeal may range from 15-30 days from September 30, 2014.
EA – September 23, 2014 – (Loans). Erroneous Data Appeal – Incorrect Borrower Enrollment
The Department notifies the community of circumstances that may allow for an erroneous data appeal for schools subject to loss of eligibility or provisional certification due to high CDRs. These circumstances would include schools that had submitted an Incorrect Data Challenge this past spring during the draft CDR challenge process that was based upon a change of a borrower’s enrollment status, but which was denied due to lack of timeliness in submitting the enrollment status change. Under ED’s new guidance the timeliness of the submission of the enrollment status change will not be a factor in the erroneous data appeal, if the status change is otherwise correct.
EA – September 23, 2014 – (General). Adjustment of Calculation of Official Three Year Cohort Default Rates for Institutions Subject to Potential Loss of Eligibility
ED announces an adjustment in the calculation of the 3-year CDR in some circumstances where borrowers have multiple loans serviced by more than one loan servicer. The specifics address the fact that borrowers who had defaulted on a loan, but had one or more loans in repayment, deferment, or forbearance status for at least 60 consecutive days and that did not default during the CDR monitoring period would be excluded from the CDR numerator in the calculation. Schools should read this announcement in full for more specific details related to this calculation adjustment.
EA – September 24, 2014 – (Loans). National Default Rate Briefings for FY 2011 3-Year Rates
In this EA, ED provides “briefings” on the FY 2011 3-year rates. This data provides comparative information among the various sectors of postsecondary education. Schools with small numbers of student borrowers entering repayment and/or that have few students that take out student loans should use caution when interpreting the information provided in the briefings.