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PBA Home > Institutional Research & Analysis > Admissions & Financial Aid > UCB Students’ FY 2007 Official Cohort Default Rate Notification Letter UCB Students’ FY 2007 Official Cohort Default Rate Notification Letter
UNITED STATES DEPARTMENT OF EDUCATION
WASHINGTON, D.C. 20202
September 2009
University of Colorado at Boulder OPE ID: 001370
Regent Adminstrative Center 175, 77 FY 2007 Cohort Default Rate: 1.8
UCB
Boulder, CO 80309-0077
NL01
RE: FY 2007 Official Cohort Default Rate Notification Letter
Dear President:
This letter officially notifies you of your school's fiscal year (FY) 2007
cohort default rate based on Federal Family Education Loan (FFEL) Program
and/or William D. Ford Federal Direct Loan (Direct Loan) Program loans made
to students for attendance at your school. Your school's FY 2007 cohort
default rate is shown above. Please note that even if your school is no
longer participating in the student loan program(s), federal law requires
the U.S. Department of Education (Department) to notify your school of its
cohort default rate.
Since the Department is no longer mailing hardcopies of the cohort default
rate notification letters to any schools, please refer to the website
http://www.ed.gov/offices/OSFAP/defaultmanagement/ecdr.html for a
description of the other files that the Department transmitted to you along
with this letter.
WHAT FORMULA DID THE DEPARTMENT USE TO CALCULATE MY SCHOOL'S RATE?
The Department uses one of three methods for calculation of cohort default
rates:
1.Official non-average rate for schools with 30 or more borrowers entering
repayment,
2.Official average rate for schools with 29 or fewer borrowers entering
repayment, and
3.Unofficial rate for schools with 29 or fewer borrowers entering repayment
with less than three years of data.
For complete explanation of the three types of rates, please see
Chapter 2.1 of the Cohort Default Rate Guide, How the Rates are Calculated,
available at
http://ifap.ed.gov/DefaultManagement/guide/04CDRGuidePart2.html.
WHAT TYPES OF LOANS DID THE DEPARTMENT INCLUDE IN MY SCHOOL'S RATE
CALCULATION?
The Department included three types of loans in your school's cohort
default rate calculation:
1) Federal Stafford Subsidized and Federal Stafford Unsubsidized Loans
2) Federal Direct Subsidized and Federal Direct Unsubsidized Loans
3) Federal Supplemental Loans for Students (Federal SLS Loans). Although
rare, it is possible for Federal SLS loans to be included in your school's
cohort default rate calculation.
WHAT LOAN RECORD DETAIL REPORT (LRDR) ACCOMPANIES THIS NOTIFICATION LETTER?
If your school's FY 2007 official cohort default rate is a non-averaged
rate, the LRDR that accompanies this letter reflects all loans that went
into repayment during FY 2007. If your school's FY 2007 official cohort
default rate is an averaged rate, the LRDR that accompanies this letter
reflects all loans that went into repayment during FY 2007, FY 2006 and FY
2005.
For more information on how to read the loan record detail report, please
refer to Chapter 2.3 of the Cohort Default Rate Guide, Reviewing the Loan
Record Detail Report, available at
http://ifap.ed.gov/DefaultManagement/guide/04CDRGuidePart2.html.
WHAT SANCTIONS AND BENEFITS APPLY TO MY SCHOOL BASED ON THIS RATE?
According to the Higher Education Act of 1965 (HEA), as amended, the Higher
Education Reconciliation Act of 2005 (HERA), Pub.L.109-71 and the
Department's regulations, your school is not subject to any sanctions based
on your school's FY 2007 cohort default rate. However, if your school's
official FY 2007 cohort default rate is 25.0 percent or greater, the
Department may provisionally certify your school when your school applies
for recertification to participate in the Student Financial Assistance
Programs. For more information about provisional certification, please
refer to 34 C.F.R. Section 668.16(m)(1) and (2)(i) or contact the School
Participation Management Division at 202-377-3173.
If your school's most recent official cohort default rate is less than 5.0
percent and your school is an eligible home institution that
certifies/originates a loan to cover the cost of attendance in a study
abroad program, your school is eligible for this benefit. Your school may
disburse/deliver loan proceeds in a single installment and may choose to
release loan proceeds to first-year, first-time borrowers prior to 30
calendar days after the first day of the borrower's program of study. Once
your school receives notice from the Department that your school's official
cohort default rate is 5.0 percent or greater, this benefit will end within
30 calendar days of the notification.
An institution with a cohort default rate of less than 10 percent for each
of the three most recent fiscal years for which data are available,
including eligible foreign institutions, may disburse, in a single
installment, loans that are made for one semester, one trimester, one
quarter, or a four-month period. Such an institution is also no longer
required to delay the delivery or disbursement of the first disbursement of
a loan for 30 days for first-time, first-year undergraduate borrowers.
(Refer to DCL ID: GEN-06-02: FP-06-01
http://www.ifap.ed.gov/dpcletters/GEN0602.html).
For more information on the sanctions and the benefits associated with
official cohort default rates, please refer to Chapter 2.4 of the Cohort
Default Rate Guide, Cohort Default Rate Effects, available at
http://ifap.ed.gov/DefaultManagement/guide/04CDRGuidePart2.html.
WHY DOES THIS LETTER SAY THAT MY SCHOOL IS NOT SUBJECT TO SANCTIONS BUT MY
RATES EXCEED THE SANCTION THRESHOLD?
If your school has official FY 2007, FY 2006, and FY 2005 cohort default
rates that are 25.0 percent or greater or your school has an official FY
2007 cohort default rate that is greater than 40.0 percent, your school is
NOT subject to the loss of FFEL Program, Direct Loan Program,
and/or Federal Pell Grant Program eligibility because your school met one
or more of the following criteria:
|-------------------------------------------|-----------------------------|
|FY 2007, FY 2006, FY 2005 Cohort |FY 2007 Cohort Default |
| Default Rates >= 25.0% | Rate > 40.0% |
|-------------------------------------------|-----------------------------|
|At least two of your schools three most |Your schools FY 2007 cohort |
|recent cohort default rates are official |default rate is an official |
|average cohort default rates and would be |averaged cohort default rate.|
|less than 25.0 percent if the Department | |
|had calculated the rate using the data for | |
|that cohort fiscal year alone. | |
|-------------------------------------------|-----------------------------|
|Thirty or fewer borrowers entered into repayment during your schools |
|three most recent official cohort default rates. |
|-------------------------------------------------------------------------|
|Your school submitted a successful participation rate index |
|challenge/appeal based on your schools draft FY 2007 cohort default |
|rate, official FY 2006 cohort default rate, or official FY 2005 |
|cohort default rate. |
|-------------------------------------------------------------------------|
|Your school entered into a settlement agreement with the U.S. |
|Department of Education that supersedes any sanctions the Department |
|would apply based on cohort default rate calculations. |
|-------------------------------------------------------------------------|
WHAT RIGHTS DOES MY SCHOOL HAVE TO APPEAL THIS RATE
INFORMATION?
Based on your school's FY 2007 cohort default rate, your school may be
eligible to submit the following adjustments/appeals:
Uncorrected Data Adjustment
http://ifap.ed.gov/DefaultManagement/guide/04CDRGuidePart4.html
Loan Servicing Appeal
http://ifap.ed.gov/DefaultManagement/guide/04CDRGuidePart4.html
New Data Adjustment
http://ifap.ed.gov/DefaultManagement/guide/04CDRGuidePart4.html
Averaged Rates Appeal
http://ifap.ed.gov/DefaultManagement/guide/04CDRGuidePart4.html
Thirty-or-fewer Borrowers Appeal
http://ifap.ed.gov/DefaultManagement/guide/04CDRGuidePart4.html
Your timeframe for submitting these adjustments and appeals begins on the
sixth business day after the Department transmitted the cohort default rate
notification package to the SAIG destination points. The Department
announces the transmittal date for every cohort default rate distribution
at http://www.ifap.ed.gov.
All schools must meet the established submission timeframes for cohort
default rate adjustments and appeals. The Department will not review
adjustments and appeals that any school submits outside of the established
timeframes.
WHAT TOOLS AND INFORMATION ARE AVAILABLE TO HELP MONITOR AND MANAGE MY
SCHOOL'S COHORT DEFAULT RATE?
|------------|-----------------------------------------------|-----------|
| Tools | Description |Contact |
| Information| |Information|
|------------|-----------------------------------------------|-----------|
|Cohort |http://www.ifap.ed.gov/DefaultManagement/ |May be |
|Default |finalcdrg.html. Reference tool designed by U.S.|printed |
|Rate Guide |Dept of Education to help schools understand |from CDR |
| |cohort default rates and various challenge/ |Guide Link |
| |appeal/adjustment processes. Original hardcopy | |
| |mailed with FY 1999 notification letter. The | |
| |electronic version was revised August 2006 and | |
| |may be found online. | |
|------------|-----------------------------------------------|-----------|
|Cohort |The Cohort Default Rate Guide Quick reference |May be |
|Default Rate|at http://ifap.ed.gov/DefaultManagement/ |printed |
|Guide Quick |CDRQuickReference.html presents some of the key|from CDR |
|Reference |elements of the Guide in a more informal manner|Quick |
| |to give schools a summary of what they should |Reference |
| |do during the draft and official cohort default|Link |
| |rate cycles. | |
|------------|-----------------------------------------------|-----------|
|Default |http://ifap.ed.gov/DefaultManagement/ |Default |
|Prevention |DefaultManagement.html. Contains valuable |Prevention |
|and Mgmt |information for schools, guaranty agencies and |and |
|Website |borrowers. Contains link for eCDR process, |Management |
| |including enrollment procedures and downloading|202-377- |
| |instructions. |4259 |
|------------|-----------------------------------------------|-----------|
| *NEW* |Electronic Cohort Default Rate Appeals Process |Default |
| eAppeals | |Prevention |
| |eCDR Appeals facilitates the exchange of |and |
| |information between parties for three of the |Management |
| |challenge/adjustment processes: Incorrect Data |202-377 |
| |Challenge (IDC), Uncorrected Data Adjustments |-4259 |
| |(UDA), and New Data Adjustments (NDA). The | |
| |application allows schools to electronically | |
| |submit these challenges and adjustment requests| |
| |during a cohort default rate cycle, and allows | |
| |data managers (guaranty agency or Direct Loan | |
| |Servicer) and Federal Student Aid (FSA) | |
| |personnel to electronically view and respond to| |
| |challenges and adjustment requests. The | |
| |application tracks the entire life cycle of | |
| |each challenge/adjustment request from the time| |
| |the case is submitted until the time a decision| |
| |is made and the case is closed. | |
| | | |
| |This electronic process will eventually replace| |
| |the paper process of challenging and appealing | |
| |CDRs for all Title IV schools, foreign and | |
| |domestic. However, use of eCDR Appeals is | |
| |optional for schools at this time. All users | |
| |must complete the registration process to gain | |
| |access to eCDR Appeals. The eCDR Appeals | |
| |homepage contains a link to the Registration | |
| |and User Account Guide, which gives step-by- | |
| |step instructions for registration. Links to | |
| |the User Guides for the three processes can | |
| |also be found here, as well as a link to the | |
| |Cohort Default Rate Guide. | |
| | | |
| |Schools should refer to IFAP (www.ifap.ed.gov),| |
| |Schools Portal (fsa4schools.ed.gov) or the | |
| |Default Prevention and Management website | |
| |(http://www.ifap.ed.gov/DefaultManagement/ | |
| |DefaultManagement.html) for updated information| |
| |on the eCDR Appeals process. | |
|------------|-----------------------------------------------|-----------|
|Late Stage |Process whereby schools work in collaboration |Direct Loan|
|Delinquency |with servicers or guarantors to identify and |Servicer |
|Assistance |provide counseling to borrowers more than 240 |888-877- |
|(LSDA) |days late on loan repayment. For Direct Loan |7658 (can |
| |schools, the website http://www.dlservicer |guide you |
| |.ed.gov/ identifies borrowers whose impending |through the|
| |default will impact the school's cohort default|process) |
| |rate. FFEL schools can obtain assistance for | |
| |their late stage delinquent borrowers by | |
| |contacting their servicer or guarantor. | |
|------------|-----------------------------------------------|-----------|
|National |https://www.nsldsfap.ed.gov. Offers schools the|NLSDS |
|Student Loan|opportunity to request reports in extract or |Customer |
|Data System |preformatted formats that can be retrieved |Service at |
|(NLSDS) |through the Students Aid Internet Gateway(SAIG)|(800) 999- |
| |account associated with the NLSDS User Id that |8219 |
| |requested the report. Listed below are some | |
| |reports NLSDS offers. | |
||----------------------------------------------------------------------||
||Report | Brief Description of the NLSDS Reports ||
||name | ||
||--------|-------------------------------------------------------------||
|| |School CDR Rate History Report provides school with a copy ||
|| DRC035 |of the Loan Record Detail Report that lists students in ||
|| |default/repayment during the cohort period indicated. ||
||--------|------------------------------------------------------------ ||
|| |Enrollment Reporting Summary Report provides school users ||
|| SCHER1 |with the chronology of enrollment reporting events. ||
||--------|------------------------------------------------------------ ||
|| |Date Entered Repayment Report provides school users with a ||
|| DER001 |list of student borrowers with loan history who are ||
|| |scheduled to go into repayment during a specified date range.||
||--------|------------------------------------------------------------ ||
|| |School Repayment Information Loan Detail provides school ||
|| DRC015 |users with the current repayment status of certain borrowers ||
|| |in FFEL/DL loan programs who attended a school during a ||
|| |specific period. ||
||--------|------------------------------------------------------------ ||
|| |Exit Counseling Report provides school users with exit ||
|| SCH01B |counseling information on students who attended the ||
|| |requesting school and whose anticipated completion dates fall||
|| |within a specified date range. ||
||--------|-------------------------------------------------------------||
Additional tools and information may be found in Chapter 3.2 of the Cohort
Default Rate Guide, Monitoring Loan Repayment Status Year-Round, available
at http://ifap.ed.gov/DefaultManagement/guide/04CDRGuidePart3.html
If you have any questions about this letter that are not answered in the
Cohort Default Rate Guide, please contact Portfolio Performance Division,
formerly Default Prevention and Management via email at
FSA.Schools.Default.Management@ed.gov or via phone at (202) 377-4259.
Please be sure to include your Office of Postsecondary Education
Identification Number (OPE ID) on all correspondence, as shown on page one
of this letter.
Sincerely,
Katrina Turner
Director
Portfolio Performance Division
Business Operations
Enclosures
OPEID: 001370
School Name: University of Colorado at Boulder
City and State: Boulder, CO 80309-0077
The Department's records indicate the following with regard to your
school's loan program participation:
WITHDRAWN FFEL CERTIFIED DIRECT LOAN
Based on borrower participation in the FFEL Program and/or Direct Loan
Program at your school, here are the FY 2007, FY 2006 and FY 2005 official
cohort default rates on record for your school:
Fiscal Year 2007
(1) Number of borrowers entering repayment: 4579
(2) Number of borrowers who entered repayment and defaulted: 84
(3) Official Cohort Default Rate: 1.8%
(4) Rate Type: DU
Fiscal Year 2006
(1) Number of borrowers entering repayment: 3796
(2) Number of borrowers who entered repayment and defaulted: 68
(3) Official Cohort Default Rate: 1.7%
(4) Rate Type: DU
Fiscal Year 2005
(1) Number of borrowers entering repayment: 4239
(2) Number of borrowers who entered repayment and defaulted: 60
(3) Official Cohort Default Rate: 1.4%
(4) Rate Type: DU
The rate type indicates the category of loans that the Department included
in your school's cohort default rate:
FL-FFEL Program loans only
DL-Direct Loan Program loans only
DU- both FFEL Program and Direct Loan Program loans
For additional information on the methodology that the Department uses to
calculate cohort default rates, please refer to the Chapter 2.1 of the
Cohort Default Rate Guide, How the Rates are Calculated, available at
http://ifap.ed.gov/DefaultManagement/guide/04CDRGuidePart2.html.
PBA ref: L:/ir/emgt/fa/defaultfy07.doc |
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