Student Loan Verifications - Easy Does It!
Participating in the Clearinghouse helps eliminate paperwork and reduce default rates and servicing expenses. It immediately improves your ability to track and respond to your borrowers' enrollment status changes, including identifying students who are eligible for:
- Loan repayment
- Deferment through transfer or return to school
- Deferment extension
You can even check borrowers' enrollment histories.
As a Clearinghouse participant, you will be able to:
- Build goodwill with schools by reducing their enrollment verification and deferment workload
- Speed conversion of 'withdrawn students' to 'repayment' status
- Save time and money by exchanging data with a single entity instead of multiple institutions
- Provide more accurate and timely deferment processing
- Eliminate paper deferment forms
- Reduce delinquency contact and collection expenses
- Reduce default rates (errors in paper enrollment certifications produce 5-10% of all defaults)
