Press Release
Over One-Third of Nation's FFELP Guaranteed Student Loan Volume Now Live
With Clearinghouse TERP Service
HERNDON, VA, December 2, 2004 - The National Student Clearinghouse
today announced that the North Carolina State Education Assistance Authority
(NCSEAA) has become the latest student loan guarantor to go live with its
Total Enrollment Reporting Process (TERP). To date, five guarantors,
representing 34% of the nation's FFELP guaranteed student loan volume, are
live with TERP. In addition to NCSEAA, TERP participants include USA Funds, National Student Loan Program (NSLP) in Nebraska,
Tennessee Student Assistance Corporation (TSAC), and Illinois Student
Assistance Commission (ISAC).
TERP, a cooperative industry initiative supported by NCHELP and SLSA,
centralizes enrollment reporting and creates a single and reliable source of
enrollment data for loan guarantors and servicers. Participants designate
the Clearinghouse as their sole agent for all enrollment reporting
activities, including collecting enrollment information from NSLDS, the
Department of Education's national student aid database, and distributing
enrollment information to applicable lenders and servicers. Conflicting and
redundant data are eliminated, making loan processing simpler and more
accurate.
All of the nation's 36 guarantee agencies belong to the Clearinghouse,
which provides them with reports on the enrollment and deferment status of
financial aid recipients. Guarantors pay a monthly fee to the Clearinghouse
based on the number of their borrowers who are in attendance at
participating Clearinghouse colleges and universities. Guarantors that
participate in TERP receive a 22% discount on their Clearinghouse fee.
Participation in TERP is free.
"North Carolina is proud to participate in TERP and the FFELP
industry's continued efforts to improve the student aid process for schools
and borrowers," said Steven E. Brooks, Executive Director of the North
Carolina State Education Assistance Authority.
"TERP offers a simple way for guarantors to immediately improve
their enrollment reporting," said Clearinghouse Chairman Dr. Keith J.
Jepsen, "As important, it allows every participant in the student
lending process to benefit from increased reporting efficiency and accuracy:
guarantors, lenders and servicers, schools and borrowers."
For more information on TERP, visit www.studentclearinghouse.org/gls/terp.htm.
The list of guarantors that participate in the Clearinghouse is available at
http://www.studentclearinghouse.org/gls/guarantors.htm.
About The National Student Clearinghouse
The National Student Clearinghouse is the most trusted source for enrollment and degree
verification in the US. A non-profit organization established by the
higher education community in 1993, the Clearinghouse serves as a central
repository and single point of contact for the collection and timely exchange of
accurate, comprehensive enrollment, degree and certificate records on behalf of
participating institutions.
More than 3,200 colleges, enrolling 91% of US college students, participate
in the Clearinghouse. Student loan providers, employers, student credit issuers,
student health insurance providers, the U.S. Department of Education, and others
access the Clearinghouse's registry over 100 million times annually to conduct
electronic student record verifications.
For more information, visit www.studentclearinghouse.org.
For Questions About This Press Release Only, Contact:
Kathleen Dugan
Marketing Director
703-742-4208
dugan@studentclearinghouse.org
For Help With or Questions About Any Clearinghouse Service, Contact:
703-742-4200
service@studentclearinghouse.org
