The April 15, 2009 edition of the NASFAA News contained a report from 40/29 TV about students being confused about who funds their student loans. 40/29 TV stated that "The University of Arkansas Department of Financial Aid said students are often left in the dark because their current contact information isn’t passed along to the new lender". The Meteor Advisory Team feels that it is important to respond to this article to build awareness of a useful tool that is provided by members of the Federal Family Education Loan Program (FFELP) community free of charge to schools and students nationwide - The Meteor Network.
The Meteor Network is designed to provide users with inquiry capability and loan tracking tools to manage their student loans irregardless of their source. Many colleges and universities offer access to the network via their school web-site. Campuses utilizing this process, in conjunction with the National Student Clearinghouses Student Self Service offerings, can ascertain the location of 100% of their William D. Ford Direct Loans, 100% of their FFELP loans, and billions of dollars in private/alternative loans. Many organizations also provide students with access to detailed account information, in real time, including contact information, repayment information, and deferment and forbearance histories. Additionally, several organizations, such as Mapping Your Future ® , provide access to this information through their online exit counseling process.
In short, there ARE valuable methods available to schools and students TODAY to assist in the ever-changing landscape of higher education financing. These valuable services are noteworthy tools for managing outstanding student loan debt.
To learn more about this project, visit www.meteornetwork.org or contact the Meteor project manager at meteor@nchelp.org.
Posted 04/22/09 to www.NASFAA.org. Posting of press releases is done as a service to Members and does not imply endorsement or support by NASFAA. NASFAA does not review this information for content or accuracy.
