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Meteor General Information

Meteor General Information. May 16, 2006. Types of Data Available. Meteor FFELP Alternative/Private Loans State Grants & Scholarships (Summer 2006) Perkins (In development) Direct Loans (Planned) Pell Grants (Planned). Who Can Access Meteor?. Meteor Federated Model: Transitive Trust

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Meteor General Information

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  1. Meteor General Information May 16, 2006

  2. Types of Data Available • Meteor • FFELP • Alternative/Private Loans • State Grants & Scholarships (Summer 2006) • Perkins (In development) • Direct Loans (Planned) • Pell Grants (Planned)

  3. Who Can Access Meteor? • Meteor • Federated Model: Transitive Trust • Multiple points of access • User Roles • School • Student/Borrower • Customer Service Representatives • Lenders

  4. Use of data approved by FSA • FSA approval for use of real-time data • Collaborative effort to bring about change to the requirements for schools to solely rely on NSLDS • Allows schools to resolve discrepancies by using real time data that comes directly from the loan holders databases

  5. “In my 15 years of Default Management training,  I have not seen a more efficient product for viewing borrower data than Meteor. The access to timely data for borrowers that Meteor provides is extremely necessary for school's to efficiently manage their Default Rates.” Clemente P.  La Pietra Loan Servicing  Manager Monroe  College

  6. Clearinghouse as Meteor Index • 100% of FFELP guarantee volume • Over 5.6 million Direct Loan Program accounts • Over 13.2 million FFELP servicer accounts • Over 1.6 million Perkins/Private/Alternative Loan servicer accounts (including some managed by schools themselves)

  7. Meteor in Relationship to Other Industry Initiatives

  8. Recently Added Functionality

  9. Consolidated View • School and Customer Service Use • Side-by-side view of all data elements provided by all data providers

  10. Mapping Your Future • MYF as an Access Provider • Provides a program and participant neutral access point to the Meteor Network • MYF provides access to nearly 2,500 schools • Borrower Implementation • Over 1 million borrower counseling sessions in 2005

  11. The National Student Clearinghouse • NSC as an Access Provider (in development) • Provides a program and participant neutral access point to the Meteor Network • NSC provides access to nearly 3,000 schools • Borrower Implementation

  12. Meteor Customization • Meteor screens can be customized to blend with the service providers current web services • Meteor allows a service provider to customize the use of the data provided in the Meteor Network • i.e. MYF Exit Counseling application • Not a standard Meteor implementation • Customized screens • Further integration is possible! • Meteor software can be used in other internal applications

  13. Meteor Support and Implementations

  14. Production Support • Production Support • Successful transition to the National Student Clearinghouse November 2005 • Registry Support and Maintenance • Help Desk Support • Testing Support

  15. Meteor Volume • Organizations providing real-time data through the Meteor Network currently represent: • 81% of FFELP Loan Guarantee Data • 60 % of FFELP Loan Servicing Data • 64% of Alternative Loan Data (in production or currently in development)

  16. Meteor Implementations • Implementation Status • Implementation Matrix • Current Providers • 14 Access Providers • 22 Data Providers • Planned Implementations

  17. Meteor Data Providers

  18. Meteor Access Providers

  19. Usage Statistics • Meteor Usage • FAA Statistics • Usage has been increasing since FSA announcement about use of real time data • Borrower Statistics • Meteor…not just an inquiry network • In addition to providing access to and aggregation of financial aid award information, the Meteor software can also be used by organizations to enhance their current services. • MYF integration • Internal usage of the software at member organizations

  20. Future Meteor Enhancements

  21. Where we plan to go… • FSA Ombudsman access update • Meteor has offered to provide access to the FSA Ombudsman’s staff to assist with problem resolution • Meeting with FSA staff to be scheduled for February 2006 • ADvance • Meteor is continuing to monitor the progress of FSA’s systems integration initiative • Thus far, the technologies being used are the same as what Meteor has developed

  22. Where we plan to go… • NSC LoanLocator opt-in’s • Working with the last few organizations that have not opted into allowing NSC to provide the LoanLocator service link to Meteor for their data • State Grants & Scholarships • Project team has been formed to identify enhancements required for implementation • New York HESC plans to develop the changes and donate the code to the Meteor project • Perkins Loans • Continue to work with Perkins servicers and COHEAO

  23. Where we plan to go… • Debt management & default aversion • Collaboration with the NCHELP Debt Management Committee • Student Aid Inquiry standard • PESC initiative co-chaired by Meteor and ELM • Security • National Institute of Standards and Technology guidelines • Federal banking security legislation • Multi-factor authentication • State security legislation • Requirements for reporting security breaches • Working with School Based Software Providers • SCT • Datatel

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