An NSLDS issue that inaccurately deducted duplicate capitalized interest amounts and affected the aggregate loan totals for 36,786 borrowers was resolved by FSA on April 7th, 2024. Although revised 2023-24 ISIRs were transmitted during the week of April 15th, institutions can expect to receive 2024-25 files with the corrected data and aggregate loan information at some point “later this year.”
Read the full announcement below for more details.
POSTED DATE: April 25, 2024
AUTHOR: Federal Student Aid
ELECTRONIC ANNOUNCEMENT ID: GENERAL-24-48
SUBJECT: NSLDS Professional Access – Aggregate Loan Total Calculation Issue Resolved and Corrected 2023–24 ISIRs Sent During NSLDS Postscreening
We would like the community to be aware that we recently resolved an issue in the National Student Loan Data System (NSLDS®) with the calculation of aggregate loan totals. The calculation was incorrectly deducting duplicate capitalized interest amounts. NSLDS deducts capitalized interest from an aid recipient’s outstanding balance when determining if a student is close to or exceeding their aggregate loan limits.
This issue was resolved and all impacted aggregate loan totals (for 36,786 borrowers) were corrected on April 7, 2024. Through our regular NSLDS postcreening process that runs every Saturday, schools received revised 2023–24 ISIRs during the week of April 15, 2024. These system-generated ISIRs contain accurate and current aggregate loan information. However, since NSLDS removed a deduction to an aid recipient’s outstanding balance, aggregate loan totals generally increased causing some students to now exceed their aggregate loan limits.
If your institution has already fully disbursed a student’s loans for the 2023–24 academic year, and as a result of this correction the student inadvertently exceeds their annual or aggregate loan limit, no action is required unless the student now wants to receive additional Direct Loans or other Title IV aid. In that case, the affected student would need to reaffirm any loan amounts received in excess of the applicable loan limit before they can receive further Title IV aid. Detailed information about the NSLDS reaffirmation process is provided in the NSLDS Reaffirmation User Guide.
Important Information for 2024–25 ISIRs
Applicants who have applied for 2024–25 and whose ISIRs were processed prior to April 7, 2024, will also be impacted. We estimate that approximately 8,200 ISIRs for the 2024–25 award year are impacted. We have not yet begun NSLDS postscreening for 2024–25 and system-generated ISIRs will not be sent for these applicants until later this year.
In the meantime, you can identify these records by searching for ISIRs with “C” (Close to or equal to limit) or “E” (Exceeded limit) flags on their NSLDS aggregate limit fields (ISIR fields 633–636). You can then send Financial Aid History requests to NSLDS for these applicants; the response will include the most current aggregate loan totals. More information about Financial Aid History requests is available in the NSLDS Transfer Student Monitoring & Financial Aid History User Guide and Record Layouts. Alternatively, you may manually review these applicants’ loan information on the NSLDS Professional Access website.
When postscreening is available in the coming months, you will receive system-generated ISIRs that contain accurate and current aggregate loan information. These updated aggregate loan totals will generally increase and may cause some applicants to exceed their aggregate loan limits. If you packaged aid for a student who has now exceeded their aggregate loan limits, you must revise the student’s aid offer to comply with Title IV requirements.
Thank you for your patience as we resolved this issue.
Contact Information
If you have questions about this issue, contact the NSLDS Customer Support Center at 1-800-999-8219 or nslds@ed.gov.