Meteor General Information

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Meteor General Information

• May 16, 2006

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Types of Data Available

• Meteor
• FFELP
• Alternative/Private Loans
• State Grants Scholarships (Summer 2006)
• Perkins (In development)
• Direct Loans (Planned)
• Pell Grants (Planned)

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Who Can Access Meteor?

• Meteor
• Federated Model Transitive Trust
• Multiple points of access
• User Roles
• School
• Student/Borrower
• Customer Service Representatives
• Lenders

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Use of data approved by FSA

• FSA approval for use of real-time data
• Collaborative effort to bring about change to the
  requirements for schools to solely rely on NSLDS
• Allows schools to resolve discrepancies by using
  real time data that comes directly from the loan
  holders databases

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• In my 15 years of Default Management training, 
  I have not seen a more efficient product
  for viewing borrower data than Meteor. The
  access to timely data for borrowers that Meteor
  provides is extremely necessary for school's to
  efficiently manage their Default Rates.
•  
• Clemente P.  La Pietra
• Loan Servicing  Manager
• Monroe  College

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Clearinghouse as Meteor Index

• 100 of FFELP guarantee volume
• Over 5.6 million Direct Loan Program accounts
• Over 13.2 million FFELP servicer accounts
• Over 1.6 million Perkins/Private/Alternative Loan
  servicer accounts (including some managed by
  schools themselves)

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Meteor in Relationship to Other Industry
Initiatives
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Recently Added Functionality
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Consolidated View

• School and Customer Service Use
• Side-by-side view of all data elements provided
  by all data providers

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Mapping Your Future

• MYF as an Access Provider
• Provides a program and participant neutral access
  point to the Meteor Network
• MYF provides access to nearly 2,500 schools
• Borrower Implementation
• Over 1 million borrower counseling sessions in
  2005

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The National Student Clearinghouse

• NSC as an Access Provider (in development)
• Provides a program and participant neutral access
  point to the Meteor Network
• NSC provides access to nearly 3,000 schools
• Borrower Implementation

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Meteor Customization

• Meteor screens can be customized to blend with
  the service providers current web services
• Meteor allows a service provider to customize the
  use of the data provided in the Meteor Network
• i.e. MYF Exit Counseling application
• Not a standard Meteor implementation
• Customized screens
• Further integration is possible!
• Meteor software can be used in other internal
  applications

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Meteor Support and Implementations
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Production Support

• Production Support
• Successful transition to the National Student
  Clearinghouse November 2005
• Registry Support and Maintenance
• Help Desk Support
• Testing Support

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Meteor Volume

• Organizations providing real-time data through
  the Meteor Network currently represent
• 81 of FFELP Loan Guarantee Data
• 60 of FFELP Loan Servicing Data
• 64 of Alternative Loan Data
• (in production or currently in development)

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Meteor Implementations

• Implementation Status
• Implementation Matrix
• Current Providers
• 14 Access Providers
• 22 Data Providers
• Planned Implementations

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Meteor Data Providers
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Meteor Access Providers
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Usage Statistics

• Meteor Usage
• FAA Statistics
• Usage has been increasing since FSA announcement
  about use of real time data
• Borrower Statistics
• Meteornot just an inquiry network
• In addition to providing access to and
  aggregation of financial aid award information,
  the Meteor software can also be used by
  organizations to enhance their current services.
• MYF integration
• Internal usage of the software at member
  organizations

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Future Meteor Enhancements
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Where we plan to go

• FSA Ombudsman access update
• Meteor has offered to provide access to the FSA
  Ombudsmans staff to assist with problem
  resolution
• Meeting with FSA staff to be scheduled for
  February 2006
• ADvance
• Meteor is continuing to monitor the progress of
  FSAs systems integration initiative
• Thus far, the technologies being used are the
  same as what Meteor has developed

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Where we plan to go

• NSC LoanLocator opt-ins
• Working with the last few organizations that have
  not opted into allowing NSC to provide the
  LoanLocator service link to Meteor for their data
• State Grants Scholarships
• Project team has been formed to identify
  enhancements required for implementation
• New York HESC plans to develop the changes and
  donate the code to the Meteor project
• Perkins Loans
• Continue to work with Perkins servicers and
  COHEAO

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Where we plan to go

• Debt management default aversion
• Collaboration with the NCHELP Debt Management
  Committee
• Student Aid Inquiry standard
• PESC initiative co-chaired by Meteor and ELM
• Security
• National Institute of Standards and Technology
  guidelines
• Federal banking security legislation
• Multi-factor authentication
• State security legislation
• Requirements for reporting security breaches
• Working with School Based Software Providers
• SCT
• Datatel