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Electronic Initiatives

Electronic Initiatives. AASFAA Conference March 21, 2002 Brian Allison USA Funds. Meteor Where it is and where is it going?. Meteor is.

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Electronic Initiatives

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  1. Electronic Initiatives AASFAA Conference March 21, 2002 Brian Allison USA Funds

  2. MeteorWhere it is and where is it going?

  3. Meteor is... A collaborative effort by Meteor sponsors to provide a standard for the aggregation of financial aid data to both financial aid professionals and student/borrowers.

  4. Meteor is, continued... • The software and service to obtain a student or borrower’s financial aid information from various sources. • In its completed form, the Meteor software can be installed on almost any web site -- a school, lender, guaranty agency, secondary market, or servicer. • The software is Open Source, meaning: • developed free of charge by the Meteor sponsors • a “gift” from the Meteor sponsors to the financial aid community • the code can be extended by many to meet specific needs

  5. Meteor Objectives • Provide an aggregated view of student loan information for borrowers • Consolidate information for financial aid professionals • Provide for an open source, secure code implementation that can possibly be extended to other application • Make the software freely available to any participating Meteor “player”

  6. How does Meteor Work? Meteor uses the concepts of Access Providers and Data Providers. • A Meteor Access Provider allows inquirers to obtain information through its web site by hosting a copy of the Meteor software, which generates the request to the Data Providers for the borrower’s information. Access providers can be Schools, Guarantors, Lenders, Servicers, or Secondary Markets. • A Meteor Data Provider hosts a copy of the Meteor software that enables them to respond to the Access Provider’s request for information, supplying data from their system. Data Providers are typically Lenders, Servicers, Guarantors, and Secondary Markets. In the future, the Dept. of ED, State Grant authorities, Schools, and others could become Data Providers.

  7. Simplified Meteor Illustration Access Providers Data Providers Student School Guarantor Servicer Index Financial Aid Professional Lender Guarantor

  8. The first step… The student chooses a portal to their Financial Aid information

  9. Next, a secure connection

  10. Requests sent... XML Guaranty Agencies NSC Lenders / Servicers SFA

  11. Responses returned XML NSC XML Lender Servicer XML GA XML SFA

  12. Aggregated data in portal

  13. Student wants details

  14. Detail screen displayed

  15. Meteor Standards • Business messaging using XML • Software components using Java • Systems design using UML and object-oriented development methodologies • Directory of participants using an indexed or indexing based model such as • NSC • Registry

  16. Authentication • Interim solution • Users authenticated by Access Providers • Data providers may request additional data if higher level of authentication is required from user • Mold interim solution into industry standard when available

  17. Simplified Authentication Model Step 1 Step 2 user Access Provider Step 3 Data Provider

  18. Meteor “History” • Initiated as a response to the Department’s Modernization Blueprint • Proof of concept validated at sponsor meeting in March 2001 at University of Delaware • Project team consisting of sponsor organization participants formed in June 2001 to begin production work. • Consulting work now being provided by Priority Technologies Inc. (PTI)

  19. Meteor Implementation Phases • Current Phase • Has Loan Detail information • Financial aid professional (school) access only to loan summary data and loan detail data • Multiple data providers • Multiple access providers

  20. Meteor Implementation Phases • Next phase • Financial aid professional and student/borrower access to both loan summary and loan detail data • Multiple data providers • Multiple access providers

  21. The Current State of Meteor Affairs • The initial Meteor reference implementation and technology has proven very successful in accomplishing its objectives • Estimated current phase final code delivery (for project team testing) set for June of 2002 • Estimated current phase public code release set for August 1, 2002 • Early adopter implementation begins at public release through the end of 2002

  22. Meteor Benefits • Ability to access any participating data provider • Aggregation of all student loan data • Student/borrower sees a list of all their loans • Will provide the most current and accurate information available • Long term ability to access all financial aid information (alternative loans, scholarships, grants, state based aid, Perkins, Pell, campus based, Direct Loan)

  23. Meteor Benefits, continued... • A collaborative effort to enhance customer service • Product that can be integrated with existing web-based systems • Enhance ability of participants to provide web capable products • Changes the focus from competition based on technology to competition based on service • Gift to the student aid industry

  24. Proposed Screens • Meteor Query - Initial query screen. • Award Summary - Aggregated loan data at the summary level. • Award Details - Detailed information for each award. • Disbursements - Detailed information regarding the disbursements at the award level. • Repayment Details - Information regarding specifics of repayment at the award level. • References - Demographic information regarding the borrower’s references. • Default Details - Default related information • Entity Details - Demographic/contact information for various entities associated with the loan.

  25. Meteor Query

  26. Award Summary

  27. Award Details

  28. Award Details, continued...

  29. Disbursements

  30. Repayment Details

  31. Repayment Details, continued...

  32. References

  33. Default Details

  34. Entity Details

  35. Meteor Sponsors (as of 1/8/2002) American Education Services American Student Assistance Bank One Chase Manhattan College Foundation, Inc. [NC] College Board/College Credit Education Loan Program Connecticut Student Loan Foundation Educational Credit Management Corporation Education Assistance Corporation Education Funding Association Florida Department of Education, OSFA

  36. Meteor Sponsors Georgia Higher Education Assistance Corporation Great Lakes Higher Education Guaranty Corporation GuaranTec, LLP Higher Education Student Assistance Authority Illinois Student Assistance Commission Iowa Student Loan Liquidity Corporation Kentucky Higher Education Assistance Authority Key Education Resources LoanStar Systems, Inc. Michigan Higher Education Assistance Authority Montana Guaranteed Student Loan Program

  37. Meteor Sponsors National Student Loan Program, Inc. New Hampshire Higher Education Assistance Foundation New Mexico Educational Assistance Foundation New York State Higher Education Services Corporation NCS Pearson North Carolina State Education Assistance Authority Northwest Education Loan Association (NELA) Oklahoma Guaranteed Student Loan Program Oregon Student Assistance Commission Panhandle-Plains Student Loan Center Rhode Island Higher Education Assistance Authority

  38. Meteor Sponsors Sallie Mae, Inc. Southwest Student Services Corporation Student Loan Finance Association Student Loan Guarantee Foundation of Arkansas Student Loans of North Dakota Texas Guaranteed Student Loan Corporation United Student Aid Funds Vermont Student Assistance Corporation

  39. Meteor Ongoing Status For current status and updates: go to www.NCHELP.org and click on the Meteor Project logo.

  40. Meteor Ongoing Status Feel free to contact me: Brian Allison, USA Funds ballison@usafunds.org 317-806-1286

  41. Questions & Feedback

  42. What’s Up with CommonLine Release 5?

  43. Functionality – Application Send File • Generally begins the process • School requests processing option • Guaranty only • Guaranty & print • Print & guaranty • Print only

  44. Release 5 Enhancements –Application Send File • Credit only request • Credit & print request • Request more than 4 disbursements • Up to 20 is the standard

  45. Pre-approval Credit Requests - Credit Only (CO) • The sending organization transmits an application Send File to obtain a credit check. • Upon Receipt, service provider performs a credit check and generates a response file with Credit Results • If credit is approved, a subsequent Application Send Correction Record may be submitted changing the processing type code to GP, GO or PG to allow continuous processing of the loan application

  46. Pre-approval Credit Request Credit and Print (CP) • The sending organization will transmit an Application Send File to obtain a credit check and have a loan application printed. • Upon Receipt, service provider will perform a credit check and generate a Response file with credit results, and if approved, print a note • If credit is approved, a subsequent Application Send Correction Record may be submitted changing the processing type code to GO to allow continuous processing of the loan application

  47. Functionality – Response File • Provides status information to the schools • Status of the loan • Approved loan & disbursement amounts • Approved disbursement dates • Error codes for rejected records • Also used to begin the school certification request (SCR) process

  48. Release 5 Enhancements –Response File • Loan status reporting is more detailed • Replaced single loan phase code with multiple • status codes • Guarantor status • Lender-servicer status • Promissory note status • Credit status

  49. Loan Status Code Guarantor Status Codes (01-20)

  50. Loan Status Code Guarantor Status Codes (25-40)

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