Information for Guaranty Agencies on Monthly Status Reports

How does a guaranty agency notify the Department about the status of a school's adjustment/appeal request?
A guaranty agency must send the U.S. Department of Education (Department) a copy of its response to a school’s request at the same time it sends out the response to the school. Please refer to the “Information for Guaranty Agencies on New Data Response”, “Information for Guaranty Agencies on Erroneous Data Response”, and “Information for Guaranty Agencies on Improper Loan Servicing and Collection Response” sections beginning on pages 347, 361, and 377, respectively, for guidance on how to respond to a school's new data adjustment, erroneous data appeal, and request for loan servicing records. In addition to sending the Department a copy of the adjustment/ appeal-related correspondence sent to a school, each guaranty agency should provide the Department with a monthly status report. The monthly status report is a cumulative list of cohort-default-raterelated requests that guaranty agencies receive from schools after the release of the official cohort default rates. These status reports will also assist the Department in monitoring the time frames associated with the cohort default rate adjustment/appeal process. The monthly status report should be sent to the Department using the address on page 341 within 5 working days of the end of each month. For example, the status report for October 2000 should be sent by November 7, 2000.

FY 1998 Official Cohort Default Rate Guide

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Monthly Status Reports

Information for Guaranty Agencies on Adjustments and Appeals

What does the monthly status report include?
The report should be a cumulative listing of all cohort-default-raterelated requests, including subsequent letters received from the school and subsequent responses made by the agency. The report should include:

♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦

OPE-ID number of the school making the request; school's name; type of request; fiscal year to which the request applies; date the school's request was postmarked; date the agency received the request; date the agency responded to the school; type of delivery service used to mail the response to the school; tracking number associated with delivery of the response to the school; date the school received the response; AND comments, if needed.

Guaranty agencies should refer to the Sample Monthly Status Report SPREADSHEET and SPREADSHEET INSTRUCTIONS on pages 343 and 342, respectively, to assist in developing the report. A guaranty agency should NOT submit copies of its responses to schools' requests with its monthly report. Copies of its responses should be sent to the Department at the same time it sends its response to the school.

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FY 1998 Official Cohort Default Rate Guide

Information for Guaranty Agencies on Adjustments and Appeals

Monthly Status Reports

If the guaranty agency does NOT receive any requests from schools, it should submit a blank monthly status report to the Department indicating that it has not received any cohort-defaultrate-related requests. Once the agency has responded to all of the requests received and the guaranty agency has not received any subsequent requests, the guaranty agency should send the Department an updated status report marked "FINAL". After the guaranty agency sends the Department the final report, the guaranty agency does not need to send any more monthly status reports until the draft cohort default rates are released. If sent by commercial overnight mail/courier delivery, send the monthly status report and all copies of letters sent to school's regarding the school’s cohort default rate to: U.S. Department of Education Default Management Division ATTN: Guaranty Agency Responses Portals Building, Room 6300 1250 Maryland Avenue, SW Washington, DC 20024 If sent by U.S. Postal Service, send the monthly status report and all copies of letters sent to schools regarding the school’s cohort default rate to: U.S. Department of Education Default Management Division ATTN: Guaranty Agency Responses Portals Building, Room 6300 400 Maryland Avenue, SW Washington, DC 20202-5353

FY 1998 Official Cohort Default Rate Guide

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Monthly Status Reports

Record all schools' cohort default rate requests using a spreadsheet software application such as Excel or Lotus 1-2-3. The resulting spreadsheet is sent to the Department. Column 1: Column 2: Column 3: Enter the school’s name. Enter the type of request. Use ND (new data allegations), ER (erroneous data allegations) or LS (request for loan servicing records) Enter the fiscal year(s) of the request. Use 1996, 1997, and/or 1998 to identify the applicable fiscal year(s). Enter MM/DD/CCYY (month, date, year) to identify the date the school’s request was postmarked. Enter MM/DD/CCYY to identify the date the guaranty agency received the school’s request. Enter MM/DD/CCYY to identify the date the guaranty agency mailed a response to the school (postmark date). Enter type of service delivery (i.e. Federal Express, U.S. Postal Service, Airborne Express, etc.) the guaranty agency used to deliver its response to the school. Column 9: Enter the tracking number assigned to the response by the delivery service. Column 10: Enter MM/DD/CCYY to identify the date the school signed for the response from the guaranty agency. Column 11: Enter comments in this column, if needed. Enter the school’s six-digit OPE ID number.

The spreadsheet should be on 8 ½’’ x 11" paper in a landscape (horizontal) layout. A sample spreadsheet follows these instructions. Column 4:

Header:

Enter Monthly Status Report for FY 1998 Official Cohort Default Rates in the center of the header area. In the left-hand area, enter the name of the guaranty agency and the three digit guarantor code. Column 5:

Footer: Column 6:

Enter the date the spreadsheet was prepared in the left side of the footer area. Set up automatic pagination in the right side of the footer area so that the specific page number and the total number of pages show on each page, for example: page 1 of 10 pages. Column 7:

Sort:

The report should be a cumulative listing of all cohort-default-rate-related requests in order by the school's OPE ID number.

Column 8:

Monthly Status Report SPREADSHEET INSTRUCTIONS

On Row 1, enter exactly the same column names in exactly the same order as listed on the sample spreadsheet. Ensure that column names appear at the top of each page.

Information for Guaranty Agencies on Adjustments and Appeals

FY 1998 Official Cohort Default Rate Guide

On Row 2 and below, include the following data for each school that has requested cohort-default-rate-related information.

State Guaranty Agency 111 Note: This is a sample spreadsheet. See instructions on the previous page.

Monthly Status Report for FY 1998 Official Cohort Default Rates

1. School's of request mailed response postmarked the request agency year(s) request was agency received guaranty type Number signed for the response from the guaranty agency

2. School's

3. Type

4. Fiscal

5. Date the school's

6. Date the

7. Date the

8. Servicer

9. Tracking

10. Date the school

11. Comments, if needed

OPE ID

Name

FY 1998 Official Cohort Default Rate Guide
(MM/DD/CCYY or leave blank) (MM/DD/CCYY or leave blank) (MM/DD/CCYY or leave blank) (MM/DD/CCYY or leave blank)

number

000030

Electrical Institute

ER

1998

10/02/2000

10/04/2000

10/14/2000

Federal Express

999 999 9999

10/17/2000

Initial response

Information for Guaranty Agencies on Adjustments and Appeals

000040

Technology School

LS

1998

10/04/2000

10/06/2000

10/20/2000

Airbourne

888 888 8888

10/23/2000

Request for payment

000040

Technology School

LS

1998

10/04/2000

10/06/2000

11/18/2000

U.S. Express Mail

777 777 7777

11/19/2000

Records submission

000060

Cosmetology School

ND

1998

10/04/2000

10/06/2000

10/27/2000

UPS

444 444 4444

10/30/2000

Initial response

000060

Cosmetology School

ND

1998

11/01/2000

11/02/2000

Supplemental request

000070

Forrest University

ER

1996/1997/1998

10/06/2000

10/10/2000

Initial request

Monthly Status Report Sample SPREADSHEET

111222

School of Business

ND

1998

10/03/2000

10/05/2000

10/20/2000

UPS

666 666 6666

10/23/2000

Initial response

12/01/2000

[send to the U.S. Department of Education using the address shown on page 341.]

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Information for Guaranty Agencies on Adjustments and Appeals

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FY 1998 Official Cohort Default Rate Guide