San Diego, CA (PRWEB) September 12, 2007 -
NCHELP, the National Council of Higher Education Loan Programs and JustIQ, a leading provider of information technology solutions for student loan companies, are teaming up to provide updated testing tools for CommonLine®, CommonRecord and Common Account Maintenance (CAM) files to student loan companies. These tools will make it easier and reduce the costs to implement the use of secure electronic file formats to share information among guarantors, lenders and schools.
JustIQ volunteered to develop and maintain updated testing tools in addition to providing free technical support and documentation. The source code for the testing tools will also be provided at no cost to all NCHELP members. Additionally, the JustIQ development team will design the testing tools to be fully-functional without the purchase of any additional software. The first of these tools will be available in January 2008. JustIQ is donating over 3,200 hours for the design and development of this project.
Mark Putman, NCHELP Chief Technology Officer commented, “Student loan providers are facing impending federal legislation that makes severe cuts to the student loan programs. In order to ensure service to students and schools can be maintained at current levels the higher education loan community must streamline processes and reduce operating costs.”
“We strongly support NCHELP’s mission to assist guarantors, lenders, servicers, schools and students alike. JustIQ has more than 300,000 project hours of experience building information systems for student loan companies. Donating these testing tools is the one of the best ways we can help deliver the best technology solutions to the education finance industry at the lowest possible cost,” said Olin Hyde, VP of Sales and Marketing for JustIQ. “We embrace an ‘open business model’ for the testing tools, where core technologies are free, collaborative and accessible. We hope these testing tools will speed the adoption of more advanced technology that will help the industry operate more efficiently.”
NCHELP created the CommonLine® workgroup, now the Electronic Standards Committee, to design a single, standard XML-based file type to streamline submission processes for financial aid data by schools. CommonLine® files facilitate the processing of Family Federal Education Loans (FFELP) and Alternative Loans. CommonLine® files enable schools to effectively communicate with every participating service provider. Common Account Maintenance (CAM) files were developed to facilitate the sharing of student loan data between lenders, servicers and guarantors. NCHELP works to improve all lines of communication, effectively improve financial aid office processes and help students to more quickly obtain the aid they are eligible to receive.
About NCHELP
Based in Washington, DC, the National Council of Higher Education Loan Programs, Inc. (NCHELP) represents a nationwide network of guaranty agencies, secondary markets, lenders, loan servicers, collectors, schools and other organizations involved in the administration of the Federal Family Education Loan Program (FFELP). Since its founding, NCHELP has represented its members on public policy and regulatory issues with the legislative and executive branches of the federal government. NCHELP continues to work to meet the challenges associated with providing financial assistance to millions of American students each year. To learn more please visit NCHELP
About JustIQ
JustIQ specializes in providing information technology solutions for the student loan industry. The company develops custom software solutions and provides custom implementation services to student loan companies. Its custom solutions help student lenders improve existing processes, enhance the value of current technology investments and reduce operating costs. To learn more please visit JustIQ.
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