The Department of Education is asking schools with Perkins Loans that were awarded or disbursed to students after the expiration of the Perkins Loan Program to review all its Perkins Loan data on NSLDS. The ask follows an announcement last month that ED has identified many Perkins Loans on NSLDS with errors. The most common errors are loan dates reported after 9/30/16 for graduate borrowers, 9/30/17 for undergraduate borrowers and loans with a disbursement date after 6/30/18 for all borrowers.
According to ED, the issue typically occurs when a school or its third-party servicer reports updated batch information that overwrites the information that was previously reported to NSLDS correctly. Schools using third party servicers can work directly with their servicer to resolve any errors. Schools can request a Perkins Loan Reconciliation Report (REC005) from NSLDS which will help ensure that all Perkins Loan information is reported accurately.
If your school awarded a loan or disbursement in error, your school must reimburse the Perkins Loan Revolving Fund for the amount of the loans, correct the FISAP, notify the borrower, and update NSLDS accordingly.