According to the U.S. Department of Education, one of the top 10 audit findings is inaccurate or untimely reporting of NSLDS rosters. Less than satisfactory reporting can have a negative impact on students’ records and details related to their financial aid status and history. Negative impacts on institutions of higher learning include:
- Enrollment records being rejected by NSLDS
- Out-of-compliance issues
The negative impacts on borrowers include:
- Over awards of subsidized loans
- Loss of interest subsidy
- Unsatisfactory loan servicing
According to the U.S. Department of Education, most of the audit findings related to enrollment reporting include NSLDS Roster files (formerly known as the SCCR) not submitted on time, specific student information not submitted timely, failure to provide notification of last date of attendance/changes in student enrollment status, and failure to report accurate enrollment types and effective dates.
Read my blog post, Are You Filing Your NSLDS Rosters Timely?, for the four-step enrollment reporting flow, how to define “date determination”, and more tips to avoid costly errors in NSLDS enrollment reporting.
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Stephen Bastardi, CPA, MBA, CGMA
Stephen Bastardi has more than 25 years of experience working with clients from a variety of industries and backgrounds. He has developed specialization in institutions of higher learning, closely held businesses, manufacturing, employee benefit plans, and non-profit organizations. Contact Steve at firstname.lastname@example.org or 714.990.1040.
Frazer LLP understands the unique needs of institutions of higher learning and the importance of maintaining accurate and reliable financial and compliance records. This is also true with respect to maintenance of your institution's accreditation. Our firm takes pride in maintaining continuous awareness of current legislation and industry changes that affect your institution.