FFELPs Direction With XML

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School Advisory Group September 20, 2004
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How does Meteor Work?

• Access Providers
• A Meteor Access Provider allows inquirers to
  obtain information through its web site by
  hosting a copy of the Meteor software, which
  generates the request to the Data Providers for
  the borrowers information.
• Access providers can be Schools, Guarantors,
  Lenders, Servicers, or Secondary Markets.

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How does Meteor Work?

• Data Providers
• A Meteor Data Provider hosts a copy of the Meteor
  software that enables them to respond to the
  Access Providers request for information,
  supplying data from their system.
• Data Providers are typically Lenders, Servicers,
  Guarantors, and Secondary Markets.
• In the future, the Dept. of ED, State Grant
  authorities, Schools, and others could become
  Data Providers.

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How does Meteor Work?

• Index Providers
• A Meteor Index Provider is used to identify the
  location(s) of the requested student/borrower
  information.
• The current Meteor Index Provider is the National
  Student Clearinghouse
• In the future, other indices will be added based
  on the type of data to be incorporated into the
  network.

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The Meteor Process
Access Providers
Data Providers
One
Financial Aid Professional or Student
Two
Index Providers
Three
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Current Data Providers

• AES/PHEAA
• Arkansas
• Connecticut
• EAC
• Florida
• Guarantec
• Georgia
• Great Lakes
• Illinois (Default Information)
• Kentucky
• Louisiana
• Maine
• Michigan

• Montana
• NELA
• New Hampshire
• New Mexico
• North Dakota
• Tennessee
• Texas
• Oklahoma
• Rhode Island
• Sallie Mae
• USAF

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Current Access Providers

• AES
• Connecticut
• Education Assistance Corp
• Florida
• Great Lakes Higher Education
• Tennessee/Guarantec
• Illinois Student Assistance Commission

• Kentucky
• Montana
• NELA
• New Hampshire
• Rhode Island
• Sallie Mae
• TGSLC

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A Schools Perspective
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Meteor Users View

• Provides real-time detailed access to student
  loan information for both FAAs and students.
• New technology backbone makes it easier to link
  in with other parts of a comprehensive student
  information solution.
• Not a replacement for NSLDS

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Meteor Users View

• Want to increase aggregate loan borrowing
  information to students
• How to get the complete picture not just rely
  on NSLDS
• Meteor can provide one component of an overall
  financial planning tool to help students make
  informed decisions about borrowing

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Meteor Students

• Students continue to demand instantaneous
  information
• Student web portals provide customized
  information delivered as close to real-time as
  possible
• Meteor helps to bridge the gap and provide a
  quick snapshot of data for students

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Meteor Students

• Benefits can be seen by students whose loans are
  processed by at least one of the current data
  providers
• Review of information can be a first step in a
  default aversion process
• Meteor keeps a channel of dialogue open between
  the student and the holder of the loans

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Recent Enhancements
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Enhancements

• Allow student/borrower access
• Incorporate additional data elements
• Details on fees outstanding
• Cancellation information
• Deferment and Forbearance history
• The Super Screen
• NSC Loan locator is used to display the location
  of the borrowers loans

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Enhancements

• Aggregate loan limit/underlying consolidation
  loans
• Further develop the borrower-based transitive
  trust authentication model single sign-on
  Automated software version management
• Access Provider Customer Service Role

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Future Enhancements
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Collaboration Project

• Mapping Your Future and Meteor are collaborative
  projects of the financial aid industry, both with
  primary missions of serving schools, students,
  and families. Sponsors and volunteers of both
  organizations have expressed an interest in
  collaboration between the two groups.

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Benefits and Rewards of Collaboration

• Economies of scale by leveraging of Internet
  investment of partners
• Sharing diverse education and experience
• Sharing technological expertise to solve common
  problems
• Encourages innovation and initiative

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Benefits and Rewards of Collaboration

• Enhanced vision of the industry environment,
  direction, and requirements
• Better services for customers
• Expanded promotional and public relations
  opportunities

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Meteorizing On-line Student Loan Counseling
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Meteor Data for Display

• Student name
• Loan type
• Loan balance
• Loan period (begin and end date)
• School name
• Lender
• Guarantor
• Total (guaranteed amount and loan balance)
• And more!!

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Comparison Calculators

• MYF developing two calculators
• Demonstrate effects of various repayment plans
• Demonstrate interest capitalization
• Pre-fill or display Meteor data for entry into
  calculators

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Requests From Schools

• Include Perkins Data
• Include Title VII (HHS) Loans

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Default Aversion Ideas

• Allow Skip-tracing staff to view contact
  information from all providers (if they have a
  relationship with the borrower)
• Late Stage Delinquency Information

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Meteor Screens
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FAA Screens
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Student/Borrower Screens
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Contact Information

• Adele Marsh
• [phone]
• amarsh_at_aessuccess.org
• Brian Allison
• [phone]
• ballison_at_usafunds.org