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Alternative Loans and CommonLine

Alternative Loans and CommonLine. Kim Shiflette--USA Funds Kristi Blabaum--Educaid. Session Objectives . To explain what CommonLine is. To explain alternative loan types. Where to get information. FAMS & SBS Information. CommonLine. What is CommonLine? Electronic flat file

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Alternative Loans and CommonLine

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  1. Alternative Loans and CommonLine Kim Shiflette--USA Funds Kristi Blabaum--Educaid

  2. Session Objectives • To explain what CommonLine is. • To explain alternative loan types. • Where to get information. • FAMS & SBS Information

  3. CommonLine • What is CommonLine? • Electronic flat file • FFELP and Alternative Loans • How do you use it today? • How will you use it tomorrow? • XML--eXtensible Markup Language • Common Record convergence

  4. CommonLine Benefits • Facilitates communication between schools and service providers through the use of common files and simplified processes. • Enables participants to retain existing school-based software (SBS) while becoming part of a common data exchange network.

  5. Benefits to School • Can eliminate manual certification • EFT available • Borrower Initiated process available

  6. Alternative Loans • Not guaranteed by Federal Gov’t • Various participants • Various types • How they can help your students. • Borrower vs Co-signer

  7. Where to get information • For Alternative Loan Type Codes • For Guarantor information • www.nchelp.org

  8. FAMS System Information • Major FAMS systems currently handle alternative loan processing. • PowerFaids 8.0 • How to set up your loan codes • Who to contact

  9. SBS Information • School Based Software (SBS) • FAMS vs SBS • How to set up your loan codes • Who to contact

  10. Questions?

  11. Contact information • Kim Shiflette • kshiflet@usafunds.org • Kristi Blabaum • kristi_blabaum@educaid.com

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