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Helping you Help Students Avoid Default: Debt Management Tools for Schools and Students. Russell Judd Great Lakes Higher Education Corp. Doug Falk National Student Clearinghouse. Annual Conference 2008. Meteor.

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helping you help students avoid default debt management tools for schools and students

Helping you Help Students Avoid Default:Debt Management Tools for Schools and Students

Russell Judd

Great Lakes Higher Education Corp.

Doug Falk

National Student Clearinghouse

Annual Conference 2008


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

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
Legislative Changes
  • Legislative changes may make it difficult for students and schools to keep track of their debt
    • Schools and students will need to work with more providers
  • Meteor can help!
    • Single, impartial point of access to multiple loan providers
  • Meteor Overview & Functionality Review
  • Software Customization
    • Mapping Your Future
    • NYHESC
    • Others
  • The National Student Clearinghouse
    • as the Meteor Index Provider
    • Campus Based Authentication
meteor overview

Meteor Overview

Annual Conference 2008

in the beginning
In the beginning….
  • Pre-Meteor Environment
    • Lenders, Guarantors, Servicers, Schools and others all offer independent, proprietary web services
    • Access requires multiple logins
  • FFELP Providers Solution
    • 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 beginning1
In the beginning….
  • Foundation Principles
      • Open Source
      • Open Collaboration
      • Freely Available
      • Controlled Participation Network
      • Not tied to a specific website, school product, or organization
  • Policy and Technology Decisions
      • The technical solutions were easy
      • The policy decisions required collaboration and teamwork…“co-opetition”
        • similar to CommonLine and CR:C
the result
The Result….
  • Non-proprietary, open source software that brings together data from distributed databases across the higher education financing community.
  • Anyone can participate!
    • Lenders
    • Guarantors
    • Servicers
    • Schools
    • U.S. Department of Education
    • And others!

Meteor Features

Access real-time, student-specific financial aid information from multiple sources with an intuitive user interface and navigation

Currentlyprovides information on FFELP and alternative loans (capability exists to include Direct Loans & Perkins Loans)

meteor today
Meteor Today
  • 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

How Meteor Works

Annual Conference 2008

meteor participant types
Meteor Participant Types
  • Organizations that implement the Meteor software
    • Access Providers (AP)
    • Authentication Agents (AA)
    • Data Providers (DP)
    • Index Providers (IP)
the meteor process
The Meteor Process

Authentication (by AP or AA)

Access Provider

Data Providers



Student/Borrower or

Financial Aid Professional orAccess Provider RepresentativeorLender


Index Provider


meteor customization
Meteor Customization
  • Data integration to existing web applications
    • i.e. several Meteor members have integrated data from the Meteor Network into their exit counseling processes
      • Great tool for debt management and default aversion
        • 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
Mapping Your Future’s Online Student Loan Counseling
  • Integration of real-time data
    • NYHESC/Meteor/MYF Implementation
  • Advice on borrowing conservatively and maintaining debt
  • Debt/salary wizard
  • Optional budget calculator
  • School customization options
usa funds exit counseling
USA Funds Exit Counseling
  • 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 customization1
Meteor Customization
  • Style sheet changes
  • Integration of data into other online services
other customization options
Other Customization Options
  • How Could You Use Meteor Data?
    • Integration into Debt Management Solutions
    • Integration into CSR/Call Center Solutions
  • What’s the Catch?
    • Need prior approval from M.A.T.
    • Need to implement Meteor Access Provider
online award letter pilot
Online Award Letter Pilot
  • Will serve as a debt management tool
    • 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
    • Total current outstanding
    • New total outstanding with the addition of the new loan
    • Repayment scenarios based on aggregates
the nsc as the meteor index provider
The NSC as the Meteor Index Provider
  • 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

NSC Campus Based Authentication

Annual Conference 2008

campus based authentication
Campus Based Authentication
  • 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
NSC Student Self-Service
  • Meteor is integrated into NSC Student Self-Service Application
  • For schools that wish to provide students with Meteor access, Meteor loan detail is incorporated into the LoanLocator display
for more information
For More Information….
  • Interactive Web Site Launched
    • Audio presentation
    • Interactive demonstration version of the software
    • Link to the Meteor project site
  • Project
    • Implementation Information
    • Current Provider List
    • User Guide and other documentation

Contact Information

Tim CameronMeteor Project Manager(954)

Doug FalkNational Student

Russ JuddGreat Lakes Higher Education