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Enrollment reporting is an important part of student loan servicing. Lenders and servicers rely on this information to properly track the status of borrowers’ enrollment when servicing Federal Family Education Loan Program (FFELP) loans. To streamline the enrollment reporting process, the National Student Clearinghouse (The Clearinghouse), in conjunction with the student loan community, created the Total Enrollment Reporting Process – TERP. ISAC was very involved in the testing of TERP and pleased to have been the first guarantor to utilize TERP for its lender partners.
TERP provides lenders and servicers with more timely and accurate student enrollment information in order to properly track borrowers. Through TERP, guarantors outsource their enrollment reporting to The Clearinghouse, which collects, checks and distributes the data to the guarantor’s lenders and servicers. The TERP data flow creates a centralized reporting process to lenders and servicers that comes from a single and reliable source.
TERP provides a number of benefits to ISAC’s lenders and servicers, such as:
- Provides current enrollment data more frequently – data is updated and available on a weekly basis rather than every 60 days.
- Ensures more complete enrollment information – the files contain enrollment data reported to The Clearinghouse and the NSLDS.
- Eliminates redundant enrollment records – enrollment data from NSLDS has been reconciled with date reported directly to The Clearinghouse by more than 2,800 participating institutions.
- Eliminates dual reporting -- all enrollment data is supplied by one entity, The Clearinghouse, thereby eliminating separate reports from ISAC.
- Reduces unnecessary status adjustments to borrower accounts.
- Is easier to work with -- enrollment information comes in the same media format you currently use to receive data from The Clearinghouse.
- Improves the customer service lenders/servicers provide to their borrowers and schools.
- Saves computer-processing resources.
National Student Clearinghouse
The National Student Clearinghouse, a non-profit organization founded by the higher education community, streamlines the student record verification process for colleges and universities, students and alumni, lending institutions, employers, and other organizations. The Clearinghouse maintains a comprehensive electronic registry of student records that provides a single, automated point-of-contact for organizations and individuals requiring timely, accurate verification of student enrollment, degree, and loan data. More than 2,800 colleges, representing 91% of the nation’s enrollment participates in The Clearinghouse.
Lenders that join The Clearinghouse can eliminate paperwork; reduce default rates and servicing expenses. It improves lenders’ ability to track and respond to borrowers’ enrollment status changes, including more easily identifying students who need to be converted to repayment and eligible for a deferment based on in-school status.
Participating in The Clearinghouse provides school officials with access to the following full range of services:
- LoanLocator Enables school staff, students and alumni to instantly track all their student loans online.
- Student Self-Service Allows students to print enrollment certificates and view their enrollment histories and verifications via the Web.
- EnrollmentVerify Enables school staff to fully outsource requests for enrollment verifications using data already provided to The Clearinghouse.
- EnrollmentSearch Allows for a query of The Clearinghouse database of 60 million post-secondary enrollment and degree records to improve the school’s educational research results and recruiting efforts.
- DegreeVerify Frees registrar staff from manually verifying degrees for graduates to employers, background search firms, and recruiters.
- Core Service Provides enrollment verifications and deferments for financial aid students to lending organizations and NSLDS.
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