Press Release
Online LoanLocatorSM Service Now Providing Real-Time, Detailed Student Loan Origination, Disbursement And Repayment Information
Post-Secondary Educational Institutions Benefit From National Student Clearinghouse’s Enhanced, Online Student Loan Database
HERNDON, VA, OCTOBER 18, 2001 – The National Student Clearinghouse, a national not-for-profit student record reporting organization, today announced enhanced features to its LoanLocatorSM service. These new features will enable financial aid professionals to access instantaneous, real-time student loan origination, disbursement, and repayment information 24-hours-a-day, 7-days-a-week, directly via the Clearinghouse web site at www.studentclearinghouse.org. This service will be particularly useful for financial aid counselors wishing to view loans in the origination process, examine a student’s entire loan history and provide comprehensive graduation exit counseling.
Launched in Spring 2000, LoanLocator provides financial aid professionals at colleges and universities with a comprehensive source of non-commercial student loan information, including data on newly originated loans and a complete participant list. The site currently maintains direct links to lender and guarantor sites, with additional direct links on a subject student’s loan history to Sallie Mae, Great Lakes Higher Education Corporation, and National Student Loan Program (NSLP) sites. Further direct borrower-specific links are coming soon.
According to Daniel Boehmer, president of the National Student Clearinghouse, "The Clearinghouse is very pleased to be working with lenders across the country, such as Sallie Mae, NSLP and Great Lakes, to offer this enhanced service to the financial aid community. Previously, to access detailed loan information on a specific student, financial aid professionals were required to log-in first to LoanLocator, and then re-login multiple times on multiple individual lender or guarantor sites to obtain student-specific loan data. Now with the enhancement, professionals logging in via the password-protected Clearinghouse web site may link directly to the borrower’s real-time loan details."
"LoanLocator is a tool that makes life easier for our school customers, as it simplifies the search for student loan information and provides it in a real-time, instantaneous format," said Thomas J. Fitzpatrick, president and chief operating officer of Sallie Mae. "By working with the National Student Clearinghouse, we were able to respond to the needs of our customers, and prove once again our commitment to providing the best possible services and solutions."
Financial aid professionals at colleges and universities are equally enthused about the enhancement. "We are very excited to have a user-friendly way to obtain accurate and up-to-date information on students' overall indebtedness," said Brian Paskvan, director of financial aid with Owens Community College, a Great Lakes Higher Education Corporation member school.
About The National Student Clearinghouse
The National Student Clearinghouse, a not-for-profit corporation founded by the higher education community, maintains a comprehensive electronic registry of post-secondary student records, including enrollment, degree and loan data. Our mission is to help improve the overall efficiency of higher education administrative offices and assist in the enhancement of services to alumni, students and external verification requestors by streamlining the student record verification process. Through the regular accumulation and aggregation of student records from participating post-secondary educational institutions into a centralized national registry, the Clearinghouse provides a single, highly-automated point-of-contact for organizations requiring timely, accurate verification of student enrollment, degree, and loan data.
Today over 2,500 colleges, representing 86% of the nation’s enrollment, participate in the Clearinghouse by providing regular student record updates on all of their currently enrolled students to our national databases. Student loan providers, employers, student credit card issuers, student health insurance providers and the federal government access the Clearinghouse’s registry over 100 million times annually to conduct electronic student record verifications.
For more information, visit www.studentclearinghouse.org.
Press Inquiries:
Kathleen Dugan
Marketing Director
703-742-4208
dugan@studentclearinghouse.org
