| PublicationDate: 5/29/96 Summary: Announcement Regarding 1996-97 Processed ISIRs Author: CPS - Central Processing System (CPS) Announcement On May 29, the CPS began reprocessing 75,000 records a day for five days to correct loan amounts that were previously reported incorrectly on the NSLDS Financial Aid History page for certain students. Schools will begin to see ISIRs resulting from this reprocessing around June 3. The problem occurred several months ago because of the format used to provide data to the NSLDS by a loan servicer and the Northwest Education Loan Association. Loan amounts appeared twice on certain student records and resulted in a cumulative loan balance that was significantly greater than the amount the student had actually borrowed. Since learning about the error, NSLDS has repaired the database, identified all students affected, and provided the CPS with a list of student records to be reprocessed. As stated previously, the reprocessing effort involves reprocessing approximately 75,000 records each day for five days, beginning May 29. Institutions can identify these records by the code of "Z" that will appear in the System Generated location in FAA Information and by Comment 172. |