NMU's Compliance Database - Northern Michigan University
Student Loan Default Rates
| Reviewed By | Internal Auditor Owner |
| Regulation Reference Cite | 34 CFR 668.201; 34 CFR 668.204; 34 CFR 668.217 |
| Report Due Date (Actual) | NA |
| Level | Requirement |
| Oversight Unit | FINANCIAL AID |
| Person Responsible | Michael Rotundo |
| Secondary Person Responsible | Shawn Olson |
| President / VP Level | Finance |
| Description |
§668.204 Draft cohort default rates and your ability to challenge before official cohort default rates are issued. (a) General. (1) We notify you of your draft cohort default rate before your official cohort default rate is calculated. Our notice includes the loan record detail report for the draft cohort default rate. §668.217 Default prevention plans. (a) First year. (1) If your cohort default rate is equal to or greater than 30 percent you must establish a default prevention task force that prepares a plan (b) Second year. (1) If your cohort default rate is equal to or greater than 30 percent for two consecutive fiscal years, you must revise your default prevention plan and submit it to us for review.
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| Contacts and Data Sources |
| Mike Rotundo and Shawn Olsen |
| Internal Notes |
| This compliance item has notes that are available internally to the oversight unit. Please contact the Risk Management Department for more information |