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Helping you Help Students
Avoid Default:
Debt Management Tools
for
Schools and Students
Annual Conference 2008
Russell Judd
Great Lakes Higher Education Corp.
Doug Falk
National Student Clearinghouse
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Meteor is a valuable tool that provides
Financial Aid Professionals and borrowers
secure access to real-time financial aid
information.
Information from multiple data providers
is aggregated to assist the FAP and the
borrower with the financial aid process,
repayment and default aversion.
Meteor is a neutral, collaborative effort of
the FFELP community.
Benefits to Students
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Accurate, real-time information
Receive loan information and, in many
cases, exit counseling in a single web visit
Some implementations allow a student to
do “what-if” analysis with counseling
calculators
More likely to remember loan status,
holder, etc.
Legislative Changes
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Legislative changes may make it difficult
for students and schools to keep track of
their debt
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Schools and students will need to work with
more providers
Meteor can help!
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Single, impartial point of access to multiple
loan providers
Agenda
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Meteor Overview & Functionality Review
Software Customization
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Mapping Your Future
NYHESC
Others
The National Student Clearinghouse
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as the Meteor Index Provider
Campus Based Authentication
Meteor Overview
Annual Conference 2008
In the beginning….
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Pre-Meteor Environment
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Lenders, Guarantors, Servicers, Schools and
others all offer independent, proprietary web
services
Access requires multiple logins
FFELP Providers Solution
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Spring 2000: In response to Federal
Modernization Blueprint, NCHELP members
move to create a platform and program
neutral information network to provide
aggregated financial aid information.
In the beginning….
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Foundation Principles
Open Source
 Open Collaboration
 Freely Available
 Controlled Participation Network
 Not tied to a specific website, school product, or
organization
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Policy and Technology Decisions
The technical solutions were easy
 The policy decisions required collaboration and
teamwork…“co-opetition”
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similar to CommonLine and CR:C
The Result….
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Non-proprietary, open source software that
brings together data from distributed databases
across the higher education financing
community.
Anyone can participate!
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Lenders
Guarantors
Servicers
Schools
U.S. Department of Education
And others!
Meteor Features
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Access real-time, student-specific financial
aid information from multiple sources with
an intuitive user interface and navigation
Currently provides information on FFELP
and alternative loans (capability exists to
include Direct Loans & Perkins Loans)
Meteor Today
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14 Independent points of access to the
Network
20 Data providers
Several customized implementations
Leading the way for transitive trust in
higher education financing
How Meteor Works
Annual Conference 2008
Meteor Participant Types
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Organizations that implement the Meteor
software
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Access Providers (AP)
Authentication Agents (AA)
Data Providers (DP)
Index Providers (IP)
The Meteor Process
Users
Authentication
(by AP or AA)
Access
Provider
One
Student/Borrower
or
Financial Aid
Professional
or
Access Provider
Representative
or
Lender
Data Providers
Two
Index
Provider
Three
Meteor Access Providers
AES
www.aesSuccess.org
Montana Guaranteed Student Loan Program
www.mgslp.state.mt.us
CSLF
www.cslf.org/enroute
National Student Clearinghouse
www.nationalstudentclearinghouse.org
Florida OSFA
www.fldoe.org
NELA
www.educationassistance.net
Great Lakes
www.mygreatlakes.com
New Hampshire
www.nhheaf.org
Illinois Student Assistance
www.collegezone.com
Rhode Island
www.riheaa.org
Kentucky
www.kheaa.org
Sallie Mae
www.salliemae.com/school/index.html
Mapping Your Future
www.mapping-your-future.org
United Student Aid Funds
http://portal.usafunds.org
NOTE: EASFAA Region Providers are Highlighted
Meteor Real Time
Data Providers
AES/PHEAA
Montana Guaranteed Student Loan Program
Connecticut Student Loan Foundation
National Student Loan Program
Education Assistance Corporation
NELA
Finance Authority of Maine
New Hampshire Higher Education Assistance
Foundation
Florida Office of Financial Assistance—OSFA
New York State Higher Education Services
Corporation
Georgia Higher Education Assistance Corp.
Oklahoma State Regents for Higher Education
Great Lakes Educational Loan Services, Inc
Rhode Island Higher Education Assistance
Authority
Kentucky Higher Education Assistance Authority
Sallie Mae
Louisiana Office of Student Financial Assistance
Student Loan Guarantee Foundation of Arkansas
Michigan Higher Education Assistance Authority
Student Loans of North Dakota
NOTE: EASFAA Region Providers are
Highlighted
USA Funds
Data Available Through
the Meteor Network
Annual Conference 2008
Meteor Customization
Options and Examples
Annual Conference 2008
Meteor Customization
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Data integration to existing web
applications
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i.e. several Meteor members have
integrated data from the Meteor Network
into their exit counseling processes
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Great tool for debt management and default
aversion
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One stop service – no need for the student to collect
their outstanding loan information in separate
sessions.
Student sees THEIR actual outstanding loan debt in
the counseling session.
Mapping Your Future’s
Online Student Loan Counseling
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Integration of real-time data
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NYHESC/Meteor/MYF Implementation
Advice on borrowing conservatively and
maintaining debt
Debt/salary wizard
Optional budget calculator
School customization options
USA Funds Exit Counseling
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Using the XML data provided in a Meteor
inquiry response, USA Funds populates
their exit counseling loan screens with
real-time data from the Meteor Network
Meteor Customization
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Style sheet changes
Integration of data into other online
services
Meteor
network data
is presented
in NELA
branded style
sheets
Other Customization Options
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How Could You Use Meteor Data?
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Integration into Debt Management Solutions
Integration into CSR/Call Center Solutions
What’s the Catch?
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Need prior approval from M.A.T.
Need to implement Meteor Access Provider
Online Award Letter Pilot
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Will serve as a debt management tool
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Borrowing history presented BEFORE a new award is
accepted
Ensures that borrower is aware of the potential
impact of increasing his aggregate loan(s)
amount
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Total current outstanding
New total outstanding with the addition of the new
loan
Repayment scenarios based on aggregates
The National Student
Clearinghouse
Annual Conference 2008
The NSC as the Meteor Index
Provider
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100% (over 25 million) of FFELP guarantee
volume
100% (over 6.5 million) of Direct Loan
Program accounts
Over 19.2 million FFELP servicer accounts
Over 2.9 million Perkins/Private/Alternative
Loan servicer accounts
NSC Campus Based
Authentication
Annual Conference 2008
Campus Based Authentication
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Schools that have entered into an electronic
services agreement with the NSC will act as
Authentication Agents.
NSC will review the school’s authentication
policies & procedures
Students campus issued credentials will be
utilized to access Meteor and other NSC services
via NSC Student Self-Service Web site
NSC Student Self-Service
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Meteor is integrated into NSC Student SelfService Application
For schools that wish to provide students with
Meteor access, Meteor loan detail is
incorporated into the LoanLocator display
For More Information….
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Interactive Web Site Launched
www.MeteorNetwork.org
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Audio presentation
Interactive demonstration version of the
software
Link to the Meteor project site
Project Documentation
www.NCHELP.org/Meteor.htm
 Implementation Information
 Current Provider List
 User Guide and other documentation
Contact Information
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Tim Cameron
Meteor Project Manager
(954) 565-7229
[email protected]
Doug Falk
National Student Clearinghouse
[email protected]
Russ Judd
Great Lakes Higher Education Corp.
[email protected]