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Lender Review of National Student Loan Data System (NSLDS) Information and Procedures |
LOUISIANA STUDENT FINANCIAL ASSISTANCE COMMISSION
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TO: |
Lenders |
DATE: |
January 12, 2000 |
TOPIC: |
Lender Review of National Student Loan Data System (NSLDS) Information and Procedures |
To assure that your Common Manual remains
current, please record this document on your LPM/LPB index, and retain it in
Appendix E of your manual.
The U.S. Department of Education has directed all guarantors to change the focus
of their lender reviews. For the two-year cycle that begins January 1, 2000 and
ends December 31, 2001 LOSFA will be required to validate the data it exchanges
with lenders, with special emphasis on data that lenders report to us for the
NSLDS. This will cause revisions to program reviews that LOSFA is required to
conduct, but we will do all we can to minimize the impact on our lenders.
Program reviewers will detect reporting errors and coordinate with lenders to
develop methods to avoid such errors. During this two-year cycle, LOSFA will
perform the NSLDS data reviews. LOSFA plans to perform a significant portion of
the new reviews at LOSFA rather than on-site with the lender. At the conclusion
of this two-year cycle, we will be required to resume the normal program review
procedures listed in chapter 11 of the Common Manual, with NSLDS validation
included.
If you have questions about the specifics of the shifted lender review focus please call Susan Michelli, compliance manager at 225-922-1092 or 1-800-259-5626, extension 1092, or Kelvin Deloch, program reviewer at 225-922-0585 or 1-800-5626, extension 0585.