College Zone - Printable Version - Lender Zone - Processes

collegezone.com	Print page	Close window

During the in-school, grace, and in-school deferment periods, guarantors and the U.S. Department of Education, monitor the enrollment status of the borrower, or the student on whose behalf a parent has borrowed a PLUS loan, to determine whether the student is maintaining continuous enrollment on at least a half-time basis. This is done via the National Student Loan Data System (NSLDS). As a result, schools are required to supply enrollment information for students.

Student enrollment status reporting is an important part of student loan servicing since lenders and/or servicers rely on this information to properly track the status of borrowers’ enrollment when servicing Federal Family Education Loan Program (FFELP) loans. In an effort to streamline the enrollment reporting process, the National Student Clearinghouse (The Clearinghouse) has enhanced enrollment reporting. ISAC is pleased to be the first guarantor to participate in this enhanced process known as the Total Enrollment Reporting Process (TERP).

The Clearinghouse data is also used to populate the Meteor network. In January 2004, ISAC announced an exciting new service to Financial Aid Administrators (FAAs) - the availability of real-time borrower-specific loan data presented in a consolidated, online view via INFOnet. INFOnet, a new ISAC initiative with a familiar name, provides a gateway to NCHELP's Meteor network through College Zone so FAAs can access all forms of student-specific financial aid data in a real-time environment, starting with student loan data.

Since the Meteor network is a national financial aid community initiative, FAAs can access and view students' financial aid loan (Federal Stafford, PLUS, Consolidation, and some Alternative) information regardless of the lender, servicer or guarantor. Ultimately, INFOnet (powered by Meteor) will be expanded to incorporate Federal Direct and Perkins loan information, as well as data for all types of student financial assistance, including the Federal Pell grant, campus-based aid programs and state gift assistance programs.