EDI 135
Data contents of the Student Loan Application Transaction Set (135) for use within
the context of an Electronic Data Interchange (EDI) environment.
This trans-action
set can be used by lending institutions ("lenders"), colleges, universi-ties
and trade schools ("schools"), and loan guarantee agencies
("guarantors") to exchange information relating to the certification, approval,
and guarantee of specific student loan applications. This information includes,
but is not limited to, student and applicant identification, school enrollment
data, borrowing history, and the terms of the loan.
The student loan application process typically begins with an applicant sub-mitting
a student loan application to the financial aid officer at the student's
school. The financial aid officer adds school-related information and certifies
the application. The school then forwards the loan application to the lender for
review. If the review is satisfactory, the lender adds information to the applica-tion,
approves the loan, and forwards the application to the guarantor. The
guarantor reviews the lender-approved application and if appropriate, issues
a guarantee. The lender disburses the loan proceeds when a guarantee is
received.
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