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Web-based loan processing options include, but are not limited to the following products.
ELM Resources is a not-for-profit mutual benefit corporation supported by the lenders, guarantors (including ISAC), secondary markets and servicers who are its members. ELM is a partnership of education loan providers that offers automated processing including a Web-based student loan and disbursement management process that is open and neutral (the school chooses their guarantors and lenders.) In addition to FFELP loans, it supports over 100 private loan programs at no cost to schools. ELMNet offers:
- real-time loan applications and changes, processed in seconds with real-time participating lenders;
- Web-based loan inquiry for borrowers and schools in seconds; and
- XML-based technology for real-time communication.
Laureate® is a Sallie Mae solution for managing and delivering student loan information including private loans. It provides a single point of contact for all loan information, complete control of loan disbursements, pre-disbursement rosters, the ability to review loan statuses at any time, electronic funds transfer (EFT), and easy data transfer between schools and Sallie Mae and then to the guarantor. For students, Laureate provides a rapid loan application and approval process, loan applications by Web or phone, and loan funds within 24 hours.
Sallie Mae also offers OpenNet, a flexible new data exchange tool designed to connect a school to any lender, guarantor or student loan servicer. It is designed to expedite the loan delivery process by providing schools with a single file management solution to handle all of their student loan volume.
Nelnet, Inc., the National Education Loan Network, is the coordinating company resulting from the consolidation of NHELP Inc., InTuition Inc., and UNIPAC Service Corporation, and the acquisitions of MELMAC, NHELP, GuaranTec, and EFS Inc. Products and services include the following:
Nconcert is a Web-based financial aid delivery and management system designed to reduce paperwork, streamline the approval process, and improve communication between a financial aid office and its students. The software seamlessly unites financial aid offices, lenders, students, secondary markets and servicing companies, which reduces turnaround time and eliminates the confusion faced by many students. Because it’s built with an open system framework, schools can use Nconcert and still work with the lenders of their choice.
Nteract is a Web-based student loan origination and disbursement management system. Users can inquire on disbursement and loan details online, or generate customized reports in a real-time environment. Nteract also provides a vehicle for uploading and downloading CommonLine files to meet any information system processing needs.
Ntrust is a Centralized Disbursing Agent (CDA) service that is provided by Nelnet, free of charge, to eligible educational institutions.
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