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It’s Really Not a Puzzle

Parents. Financial Aid. It’s Really Not a Puzzle. Loan Origination Tracy Ireland, Senior Manager Originations Daniel Trammell, School Client Relations Specialist 2004 GSFC Annual Conference March 3 & 4, 2004. Students. GSFC Advantages. Benefits from using GSFC as your

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It’s Really Not a Puzzle

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  1. Parents Financial Aid It’s Really Not a Puzzle Loan Origination Tracy Ireland, Senior Manager Originations Daniel Trammell, School Client Relations Specialist 2004 GSFC Annual Conference March 3 & 4, 2004

  2. Students GSFC Advantages • Benefits from using GSFC as your source for loan processing • Advantages of a Bundled Agency - One source for all state aid • In-House lender and guarantor • Resources remain in Georgia • Focus on customer service • Georgia centered programs

  3. Students GSFC Services Overview

  4. Colleges GSFC Processing Overview • Loan Processing Options • Electronic Loan Processing Services • Other Services • Service Cancelable Options • Coming Soon • Loan Servicing

  5. Colleges Loan Processing Options In response to requests from our school and lender partners, GSFC now offers the following loan processing options: • SSP • SSP+ • Lender Flow – Guarantee Only • Blanket Certificate of Guarantee

  6. Financial Aid SSP • Started in 1995 • Consensus model between: • Schools, GSFC, lenders • $2 billion originated since 1995 • 15 participating lenders • 60+ participating schools

  7. College SSP Single Source Partners • One source for: • File transfers & responses • E-sign process or note printing, collection & validation • Customer service – personal service from designated school relations specialist • Disbursement and refunds – multiple options

  8. Students SSP+ • Same features as SSP • Allows school to receive single disbursement and disbursement roster through NDN (national disbursement network)

  9. Financial Aid Electronic Loan Processing Services • ScholarNet • FASTLoans • Auto Debit/Auto Credit Refund Options • PLUS Pre-Credit Approval

  10. Students ScholarNet • Web-Based Tool to transmit loan certifications, guarantees and changes • Used by more than 800 schools nationwide, more than 60 in Georgia • Open system, communicates using industry standard CommonLine to any CL compliant service provider • Interfaces with most financial aid management systems

  11. Students ScholarNet • Real-time ASAP application processing and change transactions • Interfaces with GSFC’s FASTLoans product • Customized reporting features • Used for both FFELP and alternative Loans

  12. College FASTLoans • E-sign MPN • MPN’s Load in real time to GSFC System • MPN’s match to certifications in real time • Access through the school’s website • Options for placing FASTLoans in the school’s process • Flexibility in notifying the school when student completes FASTLoans process

  13. Financial Aid Other Services • ELM Resources member • Single point of data exchange • Not single point of contact • GSFC hosting ELM client meeting April 20 • Technical assistance for FAMS setup • Customized reporting • Reconciliation assistance • 24/7 IVR for all customers

  14. College Refund Options • Change transactions • Auto debit • Auto credit • Paper checks

  15. Parents PLUS Pre-Credit Approval • Electronic CommonLine app send initiated • GSFC website • Lender/Servicer options • Fax requests

  16. FFELP Service Cancelable Processing Same options as the Stafford Loans • SSP Services • ScholarNet, ELM or any CommonLine compliant product Differences • School set allocation requires that the loans do not automatically serialize • Not included in the FASTLoans process

  17. Coming Soon • FASTPLUS • E-sign PLUS note processing • Works like FASTLoans-real time • PLUS pre-approval improvements • Real time credit approval • Automated credit processing (applications) • Automated FFEL service loan processing • Application standardization initiatives • Expanded use of web for state service loans • Image workflow

  18. GSFC Loan Servicing • Life of the loan servicing in Georgia • Provides borrower statements on website • Use technology to enhance collection efforts • Experienced loan counselors • Offers automatic payment options • Work closely with GSFC’s default prevention task force

  19. What to Consider when Choosing SSP?

  20. Parents Financial Aid Students College Questions

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