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Electronic Initiatives

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The Current State of Meteor Affairs ... Loan status reporting is more detailed. Replaced ... Revised the records for post-withdrawal return/refund detail ... – PowerPoint PPT presentation

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Title: Electronic Initiatives


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

2
Meteor Where 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
    borrowers 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 borrowers 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 Providers 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 Departments
    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 borrowers 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_at_usafunds.org
  • 317-806-1286

41
Questions Feedback
42
Whats 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)
51
Loan Status Code Overlay rules for Guarantor
Status Code
A date/time field is linked with this field and
is key to the overlay process. Except as noted
below, the most recent dated code should always
overlay an older dated code.
Codes 01 and 05 may be overwritten by any other
coderegardless of the date/stamp Code 01 may be
overwritten by code 05regardless of the
date/stamp Codes 01 and 05 may not overwrite any
other coderegardless of the date/stamp Code 40
may not be overwritten by any other
coderegardless of the date/stamp
52
Functionality Change Transaction File
  • Many types of changes can be requested (both pre
    post disbursement)
  • Loan period, grade level, anticipated grad date
  • Loan cancellation
  • Disbursement cancellation, change, reinstatement
  • Reallocation between sub unsub
  • Loan increases
  • E-mail information updates

53
Release 5 Enhancements Change Transaction File
  • Ability to send demographic changes
  • Revised the records for post-withdrawal
    return/refund detail
  • Revised the record to reverse post-withdrawal
    return/refund detail
  • Redundant data eliminated from records
  • Only one change type per record

54
Release 5 Enhancements Change Transaction File
  • Release 4 _at_7 single record
  • Loan period change and/or
  • Grade level change and/or
  • Anticipated graduation date change
  • Release 5 _at_7 multiple records
  • _at_7A loan period change
  • _at_7B grade level change
  • _at_7C anticipated graduation date change

55
Release 5 Enhancements Change Transaction File
  • Change transaction responses are more detailed
  • The response file will contain a copy of the
    record submitted the status for requested
    change
  • Processed
  • Duplicate change request
  • Forwarded to another provider for processing
  • Pending
  • Rejected (includes error codes)

56
Functionality Disbursement Information File
  • Provides the school with detailed disbursement
    information
  • What loans
  • How much
  • How funded (check, EFT, etc.)
  • What lenders
  • Provides the necessary information to reconcile
    the school records

57
Release 5 Enhancements Disbursement Information
File
  • Can be used for disbursement forecast file
  • Provides a single file format for both
    disbursement forecast disbursement roster files
  • Remember, you can have more than 4 disbursements!

58
Testing Tool Available
  • NCHELP ESC (Electronic Standards Committee)
    decided to invest in building a PC-based file
    testing tool
  • Tool is designed to run basic CommonLine edits on
    files
  • Available to all free of charge via the NCHELP
    website www.nchelp.org

59
Implementation
  • Beginning date is April 1, 2002
  • Some will implement in full
  • Others (probably the majority) will partially
    implement beginning with
  • App Send/Response
  • Disbursement
  • Change Send/Response
  • Check with your service providers!

60
CommonLine Release 5 Setting the Standard!
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