Online LoanLocator(SM) 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

Oct 18, 2001, 01:00 ET from National Student Clearinghouse

    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 .  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.
     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 .
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SOURCE National Student Clearinghouse