Posted Date:April 22, 2011
|Author:||Jana Hernandes, Service Director, Operations, Federal Student Aid|
Subject: Loan Servicing Information – Enhanced Direct Loan Servicing Center (ACS) Reporting to NSLDS Update
In a March 22, 2011 Electronic Announcement on the Information for Financial Aid Professionals (IFAP) Web site, we informed the community of reporting process enhancements for William D. Ford Federal Direct Loan (Direct Loan) Program loans serviced by the Direct Loan Servicing Center (ACS). We explained that we had assigned a new National Student Loan Data System (NSLDS) ED Servicer code, 583, to the Direct Loan Servicing Center (ACS) to facilitate the enhancements and that Direct Loans serviced by this servicer would soon be reported to the NSLDS using the new 583 code.
We are pleased to now inform the community that enhanced Direct Loan Servicing Center (ACS) NSLDS reporting has begun and is in process. As the initial wave of enhanced reporting is completed, schools and borrowers may notice that updates to existing Direct Loans and initial entry of new Direct Loans assigned to this servicer take longer than usual to appear in the NSLDS.
We regret any inconvenience this temporary NSLDS reporting delay may cause schools and borrowers. We are diligently working to bring enhanced Direct Loan Servicing Center (ACS) NSLDS reporting current as expeditiously as possible and will provide status updates, as needed, through subsequent announcements on the IFAP Web site.
In the meantime, as enhanced Direct Loan Servicing Center (ACS) NSLDS reporting continues, schools and borrowers will notice two new data presentations when they access the NSLDS Professional Access and NSLDS Student Access Web sites. The enhanced NSLDS reporting will result in the following data presentation improvements:
Loan Amount Information - Loan amounts for existing and new Direct Loans assigned to the Direct Loan Servicing Center (ACS) will now reflect downward adjustments schools have made or will make via the Common Origination and Disbursement (COD) System. For example, if an initial loan amount is $1,000 and a school makes a downward adjustment of $500 via the COD System, the new loan amount of $500 will be reported to the NSLDS and appear on both the NSLDS Professional Access and NSLDS Student Access Web sites. This improvement makes the presentation of loan amounts in the NSLDS consistent with the presentation of award amounts in the COD System.
Note: The initial loan amount and the downward adjustment amount, reported as a "cancellation," will not display as they had previously.
Delinquency Information - When applicable, delinquency information will be included for Direct Loans assigned to the Direct Loan Servicing Center (ACS). The first day of delinquency and number of days a borrower is delinquent, which have not previously been reported on Direct Loans assigned to this servicer, will now appear on the NSLDS Professional Access Web site. This improvement makes the reporting of delinquency information consistent for all Direct Loans and Federal Family Education Loan (FFEL) Purchased Loans assigned to our federal loan servicers.
We appreciate the community's understanding and patience as we implement NSLDS reporting process enhancements for Direct Loans assigned to the Direct Loan Servicing Center (ACS).
If you have general questions about Direct Loans assigned to the Direct Loan Servicing Center (ACS), contact the Direct Loan Servicing Center (ACS) - School Services at 888/877-7658.
If you have questions about how information is reported to and reflected in the NSLDS, contact the NSLDS Customer Support Center at 800/999-8219. You may also e-mail email@example.com.