Publication Date: January 2004
Author: FSA Director of Analysis
Summary: Aggregate Calculations
Posted on 01-16-2004
To: Financial Aid Community
From: Federal Student Aid
U.S. Department of Education
Date: January 16, 2004
RE: Aggregate Calculations
From January 2, 2004 until January 12, 2004 NSLDS experienced loan aggregate calculation problems that may have caused the Aggregate Totals on the Financial Aid History Summary page of 2004-2005 ISIRs and the NSLDS Website to be incorrect.
The loan aggregate calculation problems were:
FFEL/Direct Loan Subsidized Aggregate:
The aggregate subsidized loan total for a borrower was inflated when the borrower had a Direct Consolidation Subsidized Loan (Loan Type D6). This problem affected approximately 2,190 of the 2004-2005 FAFSA applicants who were pre-screened between January 2 and January 12, as well as the NSLDS website. As of January 12 we have corrected the problem. If the recalculation impacts a student's eligibility, new ISIRs will be sent to schools within the next couple of weeks when NSLDS Postscreening begins. Of course, the website is now correct.
Federal Perkins Loan Aggregate:
Aggregate Perkins Loan outstanding principal balances were not calculated. This error has also been corrected. It affected approximately 14,500 Prescreened applicants for 2004-2005 and the NSLDS Website. Corrected ISIRs will be sent to schools when NSLDS Postscreening begins and the website has been corrected.
We apologize for any inconvenience that this may have caused. If you have any questions, please contact the NSLDS Customer Service Center on 1-800-999-8219.