| PublicationDate: 6/7/96 Summary: Notice Regarding Incorrect Loan Balances in ISIRs and SARs Author: ODAS - Office of the Deputy Assistant Secretary - SFA June 7, 1996 Notice Regarding Incorrect Loan Balances in ISIRs and SARs We wish to inform you of an issue that has resulted in incorrect information regarding loan balances in some ISIRs and SARs. Since April 2, the Massachusetts guarantor, American Student Assistance (ASA), has submitted to NSLDS for some of its loans erroneous outstanding principal balances that are overstated, in cases we have seen, by $10,000. ASA shared this information with the Department June 4. On June 6, the Department stopped the flow of these inflated balances to the Central Processing System for reporting on SARs and ISIRs. Beginning that day, and until ED receives ASA's update correcting this loan data, SARs and ISIRs will report ASA loan information as before with one exception: principal will be reported as zero. We anticipate that ASA will provide the Department with correct updates by mid-June. If ED receives this information then, we will correct the NSLDS database and resume full reporting of ASA loan balances in SARs and ISIRs within 3 to 5 days. Meanwhile, the Department and ASA will work together to identify those students who received incorrect reports so that we can provide you with correct ISIRs and SARs as soon as possible. We will post another notice to the BBS to inform you of the date that you can expect to see these new records. As always, we appreciate your cooperation and understanding. |