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GSFC Loan Processing Benefits & Services for Students & Colleges

Learn about Georgia Student Finance Commission's loan processing options, advantages, and tools offered to students and colleges. Discover the benefits of using GSFC as your source for financial aid processing.

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GSFC Loan Processing Benefits & Services for Students & Colleges

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  1. Parents Financial Aid It’s Really Not a Puzzle Loan Origination Tracy Ireland, Senior Manager Originations Daniel Trammell, School Client Relations Specialist 2004 GSFC Annual Conference March 3 & 4, 2004

  2. Students GSFC Advantages • Benefits from using GSFC as your source for loan processing • Advantages of a Bundled Agency - One source for all state aid • In-House lender and guarantor • Resources remain in Georgia • Focus on customer service • Georgia centered programs

  3. Students GSFC Services Overview

  4. Colleges GSFC Processing Overview • Loan Processing Options • Electronic Loan Processing Services • Other Services • Service Cancelable Options • Coming Soon • Loan Servicing

  5. Colleges Loan Processing Options In response to requests from our school and lender partners, GSFC now offers the following loan processing options: • SSP • SSP+ • Lender Flow – Guarantee Only • Blanket Certificate of Guarantee

  6. Financial Aid SSP • Started in 1995 • Consensus model between: • Schools, GSFC, lenders • $2 billion originated since 1995 • 15 participating lenders • 60+ participating schools

  7. College SSP Single Source Partners • One source for: • File transfers & responses • E-sign process or note printing, collection & validation • Customer service – personal service from designated school relations specialist • Disbursement and refunds – multiple options

  8. Students SSP+ • Same features as SSP • Allows school to receive single disbursement and disbursement roster through NDN (national disbursement network)

  9. Financial Aid Electronic Loan Processing Services • ScholarNet • FASTLoans • Auto Debit/Auto Credit Refund Options • PLUS Pre-Credit Approval

  10. Students ScholarNet • Web-Based Tool to transmit loan certifications, guarantees and changes • Used by more than 800 schools nationwide, more than 60 in Georgia • Open system, communicates using industry standard CommonLine to any CL compliant service provider • Interfaces with most financial aid management systems

  11. Students ScholarNet • Real-time ASAP application processing and change transactions • Interfaces with GSFC’s FASTLoans product • Customized reporting features • Used for both FFELP and alternative Loans

  12. College FASTLoans • E-sign MPN • MPN’s Load in real time to GSFC System • MPN’s match to certifications in real time • Access through the school’s website • Options for placing FASTLoans in the school’s process • Flexibility in notifying the school when student completes FASTLoans process

  13. Financial Aid Other Services • ELM Resources member • Single point of data exchange • Not single point of contact • GSFC hosting ELM client meeting April 20 • Technical assistance for FAMS setup • Customized reporting • Reconciliation assistance • 24/7 IVR for all customers

  14. College Refund Options • Change transactions • Auto debit • Auto credit • Paper checks

  15. Parents PLUS Pre-Credit Approval • Electronic CommonLine app send initiated • GSFC website • Lender/Servicer options • Fax requests

  16. FFELP Service Cancelable Processing Same options as the Stafford Loans • SSP Services • ScholarNet, ELM or any CommonLine compliant product Differences • School set allocation requires that the loans do not automatically serialize • Not included in the FASTLoans process

  17. Coming Soon • FASTPLUS • E-sign PLUS note processing • Works like FASTLoans-real time • PLUS pre-approval improvements • Real time credit approval • Automated credit processing (applications) • Automated FFEL service loan processing • Application standardization initiatives • Expanded use of web for state service loans • Image workflow

  18. GSFC Loan Servicing • Life of the loan servicing in Georgia • Provides borrower statements on website • Use technology to enhance collection efforts • Experienced loan counselors • Offers automatic payment options • Work closely with GSFC’s default prevention task force

  19. What to Consider when Choosing SSP?

  20. Parents Financial Aid Students College Questions

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