Each year schools receive a letter from the U. S. Department of Education (ED) announcing their draft cohort default rate. Most schools will also receive a loan record detail report for the draft cohort default rate listing all the borrowers contained in the draft cohort default rate calculation. Schools should compare the information in the loan record detail report for their draft cohort default rate to the school's own records (especially the date the student entered into repayment) to ensure the accuracy of the data in the loan record detail report.

On at least a monthly basis, the school should review the repayment information available through the National Student Loan Data System (NSLDS) and compare this data on its own system. The school must submit NSLDS in a timely manner, in accordance with ED regulations, changes in a student's enrollment status and follow up with a screen print to NSLDS to show timely submission. The school should check the NSLDS error report to verify that changes were accepted. If the changes were not accepted, the school should resubmit the information. Contact NSLDS Customer Service at 1-800-999-8219 for submission assistance. The school should maintain documentation of the information submitted to NSLDS.

Repayment information allows schools to monitor when borrowers enter repayment. Schools that monitor borrowers' repayment status can use the information to make sure that borrowers who have just entered repayment are aware of all of the repayment options available to them. This information can help a borrower avoid default.

In addition, repayment information helps schools ensure the data reported to NSLDS is accurate. Schools that monitor borrowers' repayment and default status can contact data managers as errors occur, instead of waiting until the release of the draft cohort default rates to correct inaccuracies. The repayment information does not provide information regarding a borrower's delinquency status. For more information about a borrower's possible delinquency status, a school should contact the loan holder for information about the borrower's loan status.