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I dug a little bit through their FAQs:
What type of information is available about individual colleges?
A tremendous amount of information is available about each of the 1,900 colleges in the CollegeData database, including detailed information about admissions, financial aid, costs, academics, and campus life. All colleges in our database are U.S. institutions that offer baccalaureate programs (such as B.A., B.S., B.F.A., etc.). Two-year institutions and institutions outside of the U.S. are not included.
We license most of the college information from third-party data vendors. The vendors obtain the data directly from the individual colleges. (emphasis mine)
The results of the College Chances and College Net Cost Calculator tools are calculated by CollegeData using information reported by the colleges. These results are not provided by the colleges.
How often is the information on CollegeData updated?
All information included on the CollegeData site is reviewed and updated on a regular basis.
Articles are reviewed and updated, as needed, throughout the year.
CollegeData updates all college information annually at the beginning of the academic year. Additional updates may be made during the year. The statistics currently displayed are reported by the colleges about the previous academic year. For example, in October 2008 the admissions statistics available on CollegeData reflect admission for the 2007-2008 academic year. The college information is used in several features, including the College Match search engine, College Profiles, College Chances, and College Net Cost Calculator.
CollegeData updates the Scholarship Finder database at least once a year prior to the beginning of the academic year. Additional updates may be made during the year.
CollegeData updates the EFC Estimator calculation formula and instructions annually at the beginning of the year.
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