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2006 NASSGAP Conference

Meteor provides real-time, student-specific financial aid info, aiding in the FAO process and default aversion. Collaborative, efficient, and accessible resource.

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2006 NASSGAP Conference

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  1. 2006 NASSGAP Conference October 23, 2006Dan Weigle and Kay WoodAES

  2. Meteor Overview • Information from multiple data providers is aggregated in real-time to assist the FAO and the borrower with the financial aid process, repayment and default aversion. • Meteor is a collaborative effort utilizing leading-edge technology and access is provided at no charge.

  3. Meteor Overview • Access timely, student-specific financial aid information from multiple sources • One-stop, common, online customer service resource

  4. Types of Data Available • Meteor • FFELP • Alternative/Private Loans • State Grants & Scholarships (Fall 2007) • Perkins (In development) • Direct Loans (Planned) • Pell Grants (Planned)

  5. Who Can Access Meteor? • Meteor • Federated Model: Transitive Trust • Multiple points of access • User Roles • School • Student/Borrower • Customer Service Representatives

  6. “In my 15 years of Default Management training, I have not seen amoreefficient product forviewing borrower data than Meteor. The access to timely data for borrowers that Meteor providesis extremely necessary for schools to efficiently manage their Default Rates.” Clemente P. La Pietra Loan Servicing Manager Monroe College

  7. Collaborative Accomplishments • The NCHELP School Advisory Committee met with the Department of Education on various NSLDS related items • Meetings resulted in: • Removal of unallocated loan funds in aggregate loan amounts • FSA approval for use of real-time data • Collaborative effort to bring about change to the requirements for schools to solely rely on NSLDS • Allows schools to use real time data received directly from loan holders databases to resolve discrepancies

  8. The Meteor Process Access Providers Data Providers Users One Financial Aid Professional orStudent/BorrowerorAccess Provider Representative Two Index Providers Three

  9. Current Meteor Index – National Student Clearinghouse • 100% of FFELP guarantee volume • Over 5.6 million Direct Loan Program accounts • Over 13.2 million FFELP servicer accounts • Over 1.6 million Perkins/Private/Alternative Loan servicer accounts (including some managed by schools themselves)

  10. Meteor Relationship to Other Industry Initiatives

  11. Meteor Volume • Organizations providing real-time data through the Meteor Network currently represent: • 81% of FFELP Loan Guarantee Data • 60 % of FFELP Loan Servicing Data • 64% of Alternative Loan Data (in production or currently in development)

  12. Meteor Data Providers

  13. Meteor Access Providers

  14. Meteor Usage • Meteor Usage • FAA Statistics • Usage has been increasing since FSA announcement about use of real time data

  15. Meteor Usage • Borrower Statistics

  16. Meteor Integration • Meteor…not just an inquiry network • In addition to providing access to and aggregation of financial aid award information, the Meteor software can also be used by organizations to enhance their current services with approval by the Meteor Advisory Team. • MYF integration • Internal usage of the software at member organizations

  17. Meteor and MYF Collaborations • Meteor school display: Display data for school users who login to On-line Student Loan Counseling (OSLC) Financial Aid Office (FAO) Access Area • Meteor Student display: Display data for students completing OSLC (exit counseling)

  18. Benefits for Students • Receive loan information and counseling in one web visit • Can do what-if analysis on data in counseling calculator • Enhanced ability to budget • Accurate, real-time information • Data in one place • More likely to remember loan status, holder, etc.

  19. Benefits for Schools • Single point of contact for information using established login • Real-time information

  20. Where We Plan to Go • NSC LoanLocator opt-in’s • Working with the last few organizations that have not opted into allowing NSC to provide the LoanLocator service link to Meteor for their data • State Grants & Scholarships • More in a moment • Perkins Loans • Continue to work with Perkins servicers and COHEAO

  21. Where We Plan to Go • Debt management & default aversion • Collaboration with the NCHELP Debt Management Committee • Student Aid Inquiry standard • PESC initiative co-chaired by Meteor and ELM • Security • National Institute of Standards and Technology guidelines • Federal banking security legislation • Multi-factor authentication • State security legislation • Requirements for reporting security breaches

  22. Where We Plan to Go • Working with School Based Software Providers • SCT • Datatel

  23. AES Meteor Implementation • School Access to Meteor • School Portal • The Meteor link is only available to school users • Student/Borrower Access to Meteor • Account Access (Student/Borrower Portal) • Customer Service Access • Applies to all appropriate internal staff • Choose Borrower or Financial Aid View • AES staff will only see loans to which AES is a party (originator, guarantor, servicer)

  24. Meteor Screens

  25. Customer Service Screens

  26. FAA Screens

  27. George Halibut 497-42-1555 Lender A Lender A Guarantor A

  28. Student/Borrower Screens

  29. George Halibut 497-42-1555 Lender A Lender A Guarantor A

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