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1) Beginning July 1, 2008, all Federal Perkins Loan data providers must report each loan for an individual award year rather than bundled together, and loans cannot exceed annual limits of $4,000 for undergraduates or $6,000 for graduates. 2) For loans between July 1, 1993 to July 1, 2008, schools could bundle all disbursements under the same promissory note and loan terms, and report subsequent disbursements for that loan. 3) For loans before July 1, 1993, bundling practices depended on the disbursement date, with some flexibility before July 23, 1992 and a requirement to bundle all disbursements from July 23

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24 views

Description: Tags: PK200702Attachment

1) Beginning July 1, 2008, all Federal Perkins Loan data providers must report each loan for an individual award year rather than bundled together, and loans cannot exceed annual limits of $4,000 for undergraduates or $6,000 for graduates. 2) For loans between July 1, 1993 to July 1, 2008, schools could bundle all disbursements under the same promissory note and loan terms, and report subsequent disbursements for that loan. 3) For loans before July 1, 1993, bundling practices depended on the disbursement date, with some flexibility before July 23, 1992 and a requirement to bundle all disbursements from July 23

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Perkins Data Provider Instructions Appendix A: Data Dictionary

Loan Definition

New reporting requirements have been implemented for the reporting Federal Perkins Loans to
the National Student Loan Data System (NSLDS).

Beginning July 1, 2008, all data providers must report each Perkins Loan, not bundled with loans
from other award years. NSLDS will implement edits to prevent loans from loading onto NSLDS
that exceed accepted academic year limits (e.g., $4,000 per year for undergraduates and $6,000
per year for graduate students). Data providers should report the student’s academic or grade
level at the time of the first disbursement of the loan for that award year.

For disbursements made on or after July 1, 1993 but before July 1, 2008, schools could include all
disbursements that were advanced to the borrower under the same promissory note and under the
same borrower terms and conditions. And, schools would continue to report subsequent
disbursements on that same loan until the terms and conditions of the Federal Perkins Loan
Program change.

For disbursements made before July 1, 1993, the requirement to report loans according to the
same borrower terms and conditions under the same promissory note were relaxed, as follows:

First, for disbursements made before July 23, 1992, schools may report all disbursements made
under the same promissory note even if the exact terms and conditions are not the same (e.g., as
the law enforcement cancellation provision that became effective for loans made on or after
November 29, 1990). Schools may report each loan as it is recorded in the school or servicer
system. The school has the option of reporting loans individually (unbundled) or rolled up into a
single loan. This enables schools to report the loan as it is maintained in its (or its servicer’s)
system. There is no need to change how schools are processing or maintaining loans for purposes
of reporting to NSLDS. Once updating begins, however, a school cannot change how it reports a
loan (e.g., unbundle a loan that was originally reported rolled up and reported as one loan).
However, if the school reports to NSLDS disbursements with different terms and conditions
rolled up into a single loan, the school must:

•Continue to service these loans in a way that allows the school to provide deferment and/or
cancellation benefits to a borrower who is otherwise eligible.

•If a portion of the loan goes into a deferment status, report the entire loan in the deferred
status (“DA”). This is necessary because there is only one loan status code for each loan in
NSLDS. Any repayments or cancellations made on the loan will be reported to NSLDS as
reductions in the outstanding balance and the loan status remains “DA”. If a cancellation was
made, you would also report the amount, date, and type of cancellation.

Second, for disbursements made on or after July 23, 1992, but before July 1, 1993, report all
disbursements made during this period as a single loan.

October 2007 Version 4


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Perkins Data Provider Instructions Appendix A: Data Dictionary

As terms and conditions of loans change, institutions are required to report separate loans to
NSLDS even if the Department allows the disbursements to be made under the same promissory
note.

October 2007 Version 4


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