HERNDON, Va., Oct. 18 /PRNewswire/ -- The National Student Clearinghouse,
a national not-for-profit student record reporting organization, today
announced enhanced features to its LoanLocator(SM) 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
http://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 and Great Lakes Higher Education
Corporation 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 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
"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
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
For more information, visit http://www.studentclearinghouse.org .
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SOURCE National Student Clearinghouse