[Oasfaa] FY 1999 Draft Cohort Default Rates

[Anderson, Kim]

Announcement from Department of Education:

On January 12, 2001 Default Management (DM) sent your agency a January, 2001
letter with copies of the FY 1999 Draft Cohort Default Rate Guide. 

This e-mail is a heads-up to inform you that DM mailed the FY 1999 draft
cohort default rates to schools on February 9, 2001.  

However, an error was made.  ALL schools for which a draft cohort default
rate was calculated SHOULD have received a loan record detail report (LRDR).
However, ONLY those schools with draft cohort default rates above 10% were
sent LRDRs.  Schools that SHOULD HAVE received their back-up data did not
receive their draft LRDR.  We are working on the situation and will be
sending out the draft LRDR to those schools with draft cohort default rates
of less than 10%.  

Please be aware that the time frames to submit a draft data challenge to
your agency WILL NOT BEGIN until the school receives its draft LRDR.

DM will provide the dates that each school received its draft loan record
detail report in a spreadsheet format.  DM will e-mail you the first
spreadsheet within a few weeks after the release of the rates and
thereafter, send updates to this spreadsheet so that you will have the most
recent information.  This will be useful in determining whether a school's
cohort default rate challenge is timely.  Please refer to the "Information
for Schools on Challenges" on beginning on page 73 and "Information for
Guaranty Agencies on Draft Data Challenges" sections of the Guide beginning
on pages 123 and 133.