Aggregate Reporting Beth Wicks and Jim Yoder

1
Aggregate ReportingBeth Wicks and Jim Yoder

2
The History of Aggregates

• Prior to 2003-04
• FAAs were required to do manual breakdowns of
  FFEL Consolidation Loans (CL) because they
  werent included in overall loan limits
• Refunds were not considered in aggregate
  calculations
• Distinction was not as clear between Recent
  Loans and all other loans
• No Subsidized or Combined loan exceeding limit
  flags from NSLDS

3
History of Aggregates- Cont

• Starting with 2003-04 to current
• Aggregate calculations were changed to more
  accurately determine a students eligibility for
  Title IV Loans the changes include new
  definitions, new calculations, a breakdown of
  FFEL Consolidation Loans (CL), and New Warning
  Icons

4
History of Aggregates- Cont

• NSLDS Newsletter Number 5, January 2003
• FFEL Consolidation Loans (allocation/percentage
  between underlying loans disbursement amounts
  prorated to the CL loan amounts)
• Calculated Subsidized Aggregate OPB
• Calculated Unsubsidized Aggregate OPB
• FFEL Consolidation, Unallocated Aggregate OPB
• Calculated Combined Aggregate OPB

5
History of Aggregates- Cont

• NSLDS Newsletter Number 6, February 2003 provided
  the following additional information
• Detailed definitions
• Provided a row to display FFEL Consolidation Loan
  Unallocated Amounts
• Provided allocation formulas for FFEL
  Consolidation Loans and other loans
• Outlined special rules when considering FFEL
  consolidation loans

6
History of Aggregates- Cont

• Result of Calculating FFEL Consolidated Loan
  amounts (CL)
• Intention was to automate the calculation to
  reduce manual efforts requested by FAAs
• Initial impact substantially increased calls to
  NSLDS and GAs for interpreting new calculations
  and unallocated amounts.

7
History of Aggregates- Cont

• Improving FFEL Consolidation loan calculations,
  January 2004
• PLUS loans excluded when determining aggregate
  limits
• Graduate loans excluded from aggregate when the
  student is now an undergraduate and graduate
  borrowing does not exceed loan limits.
• Tolerance built into Subsidized and Combined loan
  limits (100)
• NSLDS calculates/displays Additional Unsub. Flag
  (P-PLUS loan denial ) for FFEL-SU loan types.

8
Definitions

• Agg OPB (NSLDS Calcd value) The amount that is
  rolled up to the student's overall Aggregate
  Outstanding Principal Balance, and is the amount
  that counts toward the student's loan limit(s)
• Combined Loans The sum of all Subsidized
  Aggregates, Unsubsidized Aggregates, and FFEL
  Unallocated Amounts (this does not include
  Perkins Loans or PLUS loans)

9
Definitions

• FFEL Consolidation Summed OPB Amounts of all
  open FFEL Consolidation Loans (CL) (for display
  purposes only)
• Net Loan Amount Approved/Guaranteed Amount
  minus Cancellations, minus Refunds
• Recent Loan Loan Period End Date is less than
  90 days old and has an in-school loan status (IA,
  ID, IG, IM)

10
Definitions

• Perkins Loans Federal Perkins Loan (PU),
  National Defense Loan (DU), Perkins Expanded
  Lending (EU), Income Contingent (IC), National
  Direct Student Loan (NU)

11
Definitions

• Subsidized Loans Direct Stafford Subsidized
  (D1), FFEL Stafford Subsidized (SF), Direct
  Consolidation Stafford Subsidized (D6), and that
  portion of FFEL Consolidation Loans (CL) that can
  be attributed to underlying Subsidized Loans.

12
Definitions

• Unsubsidized Loans Direct Stafford Unsubsidized
  (D2), Direct Consolidation Unsubsidized (D5),
  FFEL Refinanced Loan (RF), FFEL Supplemental Loan
  (SL), FFEL Stafford Unsubsidized (SU), FISL
  Federally Insured Loan (FI), and that portion of
  FFEL Consolidation Loans (CL) that can be
  attributed to underlying Unsubsidized Loans.

13
Definitions

• Unallocated Amount - The portion of FFEL
  Consolidation Loans (CL) that cannot be
  attributed to underlying Subsidized or
  Unsubsidized Loans. Since this amount counts
  against a students combined borrowing limit, it
  may represent additional eligibility if a school
  can demonstrate that it should not count against
  that limit.

14
Definitions

• Underlying Loan A loan associated with a
  Consolidation Loan (CL) with a PN, DN, PC, DP, or
  PF Loan Status Code, where the Loan Status Date
  of the underlying loan is within 210 days (before
  or after) of the Consolidation Loan Date

15

• Warning Icons appears on the Aid tab pages of the
  NSLDSFAP Web site when students aggregate loan
  limit(s) fall within the limit range. They were
  updated with a more meaningful description for
  Subsidized and Combined loan limits. They appear
  on the Loan History, Overpayment History, and
  Pell Grant History pages.

16
NSLDS Aggregate Calculations

• For Recent Loans (the calcd Agg OPB) 
• Use the greater of the Outstanding Principal
  Balance or Disbursed Amount, but not to exceed
  Net Loan Amount
• If both Outstanding Principal Balance and
  Disbursed Amount equal zero, use zero (In this
  case, the loan is Guaranteed/Approved, but not
  disbursed)

17
NSLDS Aggregate Calculations

• For all other loans (includes CL D6 loans
  without underlying loans factored out) 
• The Aggregate (Agg OPB) is determined by using
  the lesser of the Net Loan Amount, Disbursed
  Amount, or Outstanding Principal Balance if all
  three are greater than zero

18
NSLDS Aggregate Calculations

• Additional Considerations for Direct
  Consolidation Sub Loan (D6) Agg OPB
• D6- Factors out Underling Perkins Loans, results
  seen in Agg OPB amount (adjusted Agg OPB)

19
NSLDS Aggregate Calculations

• Additional Considerations for FFEL Consolidation
  loan (CL) Agg OPB
• CL Factors out Underling Perkins Loans and/or
  PLUS Underlying loans from the Unallocated
  amount(s). Results seen in Agg OPB field
  (adjusted Agg OPB amount)

20
FFEL Consolidation Breakdown
21
FFEL Breakdown Calculations

• NSLDS uses a percentage of underlying loans
  making up the consolidation total - the dollar
  amounts included in the Aggregate Totals can be
  seen in the Loan Detail web page for the FFEL
  Consolidation Loan (CL)

22
Special Rules

• If an FFEL Consolidation Loan (CL) date is over
  60 days old, and there are no underlying loans,
  the entire CL Aggregate OPB is treated as
  Subsidized
• If an FFEL Consolidation Loan (CL) date is less
  than 60 days old and there are no underlying
  loans, a 0 Agg OPB will be calculated

23
Special Rules

• Less than 60 Day rule also applies to Direct
  Consolidation loans (D5 D6).
• If multiple FFEL Consolidation Loans (CL) have
  the same Loan Date, the CL Disbursed Amounts and
  Agg OPBs from each loan will be summed together
  and used in the formula and applied/distributed
  proportionately to each.

24
Special Rules

• If a person has two or more open FFEL
  Consolidation (CL) Loans with different Loan
  Dates, each underlying loan will be associated
  with the FFEL Consolidation Loan (CL) that has
  the closest dates

25
Where we are today

• Pleased to report
• NSLDS reported the number of tickets on this
  issue has decreased dramatically
• Guarantors reported the number of calls on this
  issue has decreased as well
• Schools for the most part are pleased with the
  aggregate calculation
• Unallocated Amount

26
Formula Example
27
(No Transcript)
28
(No Transcript)
29
Subsidized Calculation (Formula)
Calculated Subsidized Aggregate OPB Sum of
Amount Disbursed of all Underlying SF, D1, D6
loans) divided by (Amount Disbursed from CL)
multiplied by (CL Aggregate OPB)
30
Calculated Sub (Example)
Sum of underlying Subs Disb. Amounts 3,500
1,313 2,625 7,438 7,438 divided by 11,711
.63512937 .63512937 multiplied by 3,916
Result Calculated Sub Agg OPB 2,487
(based on the underlying Sub Loans 2,487 can
be attributed toward the CLs 3,916 Agg OPB)
31
Unsubsidized Calculation (Formula)
Calculated Unsubsidized Aggregate OPB Sum of
Disbursed Amount for all Underlying SU, D2, D5,
FI, RF, SL, SN loans) divided by (Amount
Disbursed from CL) multiplied by (CL Aggregate
OPB)
32
Calculated Unsub (Example)
Sum of Underlying Unsubs Disb. Amount 3,174
3,174 divided by 11,711 .271027239
.271027239 multiplied by 3,916 Resulting
Calculated Unsub Agg OPB 1,061 (based on
the underlying Unsub Loans we can attribute
1,061 toward the CLs 3,916 Agg OPB)
33
Unallocated Calculation (Formula)
Calculated FFEL Consolidation, Unallocated
Aggregate OPB (CL Aggregate OPB) minus (Perkins
share Of CL) minus (Calculated Sub Agg OPB) minus
(Calculated Unsub Agg OPB)
34
Calculated FFEL Consolidation, Unallocated
Aggregate OPB (Example)
3,916 (CL Agg OPB) - 2,487 (Calcd
Sub Agg OPB) - 1,061 (Calcd Unsub Agg OPB)
368
(the Unallocated Amount, 368, is what can not be
attributed to either Sub or Unsub loans)
35
Combined Calculation (Formula)
Calculated Combined Aggregate OPB (Calculated
Sub Agg OPB) plus (Calculated Unsub Agg OPB)
plus (Calculated FFEL Consolidation,
Unallocated Agg OPB)
36
Combined Aggregate OPB (Example)

2,487 (Calcd Sub Agg OPB) 1,061
(Calcd Unsub Agg OPB) 368
(Unallocated Agg OPB) 3,916
37
(No Transcript)
38
Reference Information

• Available on IFAP
• NSLDS Newsletters 6, 7, 8 and recently
  published 9
• Dear Colleague Letter GEN 96-13
• Dear Partner Letter GEN-03-12
• ISIR Guides NSLDS FAH section

39
Tips For FFEL Breakdowns

• A large Unallocated Amount may indicate
  interest/fees, misreported underlying loans,
  Title VII Loans (HEAL), spousal consolidations or
  a timing issue
• NSLDS Web calculations are dynamic and ISIR data
  is not (04-05/05-06 may differ)
• Do not add the Combined and FFEL Consolidation
  Loan (CL) amounts together

40
Tips For FFEL Breakdowns

• For FFEL CL loans over 60 days old that have a 0
  unallocated amount look to see if the entire
  balance was calculated as subsidized (worst case)

41
Schools wish list when working with GAs

• Customer Service
• Reach the appropriate contacts at the Guaranty
  Agency
• Willingness to work with schools
• One stop shopping rather than being refer to
  others
• Quick turnaround when updates are warranted

42
Additional Tips from GAs perspective

• Who are the loans Data Providers
• Consolidation and/or Underlying loans
• Additional considerations
• Accuracy of loans in GA system vs. NSLDS
• Loan Status codes PN or DN (older loans PC)
• Disbursement/Cancellations reported and loaded to
  underlying loans
• Loans properly rolled up, reported and reflected
  with or without a consolidation loan

43
Additional considerations cont

• Duplicate or conflicting consolidations previous
  consolidation reported
• Missing loans- review Loan Verification
  Certificate
• Capitalized Interest, fees, etc.
• Underlying loans have appropriate loan status and
  dates

44
Additional considerations cont

• Identifier Issue(s)
• Spousal Consolidation
• Timing issues
• Consolidation loan displayed with no underlying
  loans
• Contacting other data providers for updating
  status, dates and/or amounts
• Are updates needed to change data

45
New for 2005-2006

• New Postscreening Reason codes
• ISIR NSLDS Postscreening code 14 to note when a
  Students loan has entered into Active Bankruptcy
  (BK)
• ISIR NSLDS Postscreening code 15 to better track
  the changes in status of a Direct Loan PLUS MPN

46

• NSLDS Customer Service Center
• 1-800-999-8219
• Expert Assistance 700 800 Central
• NSLDS_at_pearson.com