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Exploring Alternative Loan Options with CommonLine: Benefits and Information

Learn about CommonLine and various alternative loan types, where to find information, and how to utilize the system for streamlined communication between schools and service providers. Discover the benefits to schools and borrowers, as well as how to access FAMS and SBS information effectively.

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Exploring Alternative Loan Options with CommonLine: Benefits and Information

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  1. Alternative Loans and CommonLine Kim Shiflette--USA Funds Kristi Blabaum--Educaid

  2. Session Objectives • To explain what CommonLine is. • To explain alternative loan types. • Where to get information. • FAMS & SBS Information

  3. CommonLine • What is CommonLine? • Electronic flat file • FFELP and Alternative Loans • How do you use it today? • How will you use it tomorrow? • XML--eXtensible Markup Language • Common Record convergence

  4. CommonLine Benefits • Facilitates communication between schools and service providers through the use of common files and simplified processes. • Enables participants to retain existing school-based software (SBS) while becoming part of a common data exchange network.

  5. Benefits to School • Can eliminate manual certification • EFT available • Borrower Initiated process available

  6. Alternative Loans • Not guaranteed by Federal Gov’t • Various participants • Various types • How they can help your students. • Borrower vs Co-signer

  7. Where to get information • For Alternative Loan Type Codes • For Guarantor information • www.nchelp.org

  8. FAMS System Information • Major FAMS systems currently handle alternative loan processing. • PowerFaids 8.0 • How to set up your loan codes • Who to contact

  9. SBS Information • School Based Software (SBS) • FAMS vs SBS • How to set up your loan codes • Who to contact

  10. Questions?

  11. Contact information • Kim Shiflette • kshiflet@usafunds.org • Kristi Blabaum • kristi_blabaum@educaid.com

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