When It Comes to First of Term Reporting, Timing Is Everything
Schools know that timely compliance reporting is always important, but First of Term reporting is critical. First of Term reporting truly sets the tone for the semester as a whole.
First of Term reporting is key to compliance. This initial file type that begins your term’s reporting to the Clearinghouse is how your school determines for National Student Loan Data System (NSLDS):
- Students who returned and/or began enrollment for the new term and
- Last date of attendance for those students who did not return for the new term.
The information contained and generated from the First of Term is integral to student loan repayment obligations and compliance reporting to NSLDS. For that reason, it’s important for schools to transmit First of Term information as soon as possible, so that the Clearinghouse can report the information to NSLDS and applicable loan holders.
However, sending the First of Term transmission too early can cause problems. For example, students who don’t appear on the enrollment list right away could be reported as withdrawn, even if they enroll before the school’s registration deadline. But if schools wait too long, their compliance with NSLDS regulations could be in jeopardy. What course of action is best?
3 Quick Tips for First of Term Reporting Success
- The Clearinghouse recommends that schools transmit First of Term files as soon as possible after the close of the school’s add/drop period
- First of Term files should be submitted no later than 30 days from the term begin date
- The prior semester’s reporting must be completed before the Clearinghouse can begin to process the First of Term files
Calculated Withdrawn Status
Sometimes, a student and a school both intend that a student will return the following semester, but that does not always happen as planned. In those cases, the Clearinghouse will calculate a student’s withdrawn status on the school’s behalf using the first of term file.
We calculate the last day of attendance using the last day of the prior term (applies to required terms only) and close out the student’s enrollment record. This process is used to assist your school in complying with CFR 668.23 and guidance in section 4.4.4 of the NSLDS Enrollment Reporting Guide.
Once the last date of attendance is sent to and received by NSLDS, NSLDS and applicable loan holders use that information to service a student’s education loans.
If you have questions or need assistance, please contact the Clearinghouse at 703.742.4200 (select options #7, #4) or firstname.lastname@example.org.
We also invite you to “Join the Journey” as the Clearinghouse gets a head start on our 25th anniversary as your trusted partner in 2018 with an academic year filled with new events, services, and more.