Press Release
Education Assistance Corporation (EAC) Goes Live With Clearinghouse TERP
Service
HERNDON, VA, December 10, 2004 - The National Student Clearinghouse
today announced that the Education Assistance Corporation (EAC) in South
Dakota has become the latest student loan guarantor to go live with its
Total Enrollment Reporting Process (TERP). To date, six guarantors,
representing 36% of the nation's FFELP guaranteed student loan volume, are
live with TERP. In addition to EAC, TERP participants include Illinois
Student Assistance Commission (ISAC), National Student Loan Program (NSLP)
in Nebraska, North Carolina State Education Assistance Authority (NCSEAA),
Tennessee Student Assistance Corporation (TSAC), and USA Funds.
"EAC is proud to participate in yet another initiative that improves
the FFELP process for schools, borrowers and lenders," said Clark Wold,
president of EAC.
TERP, a cooperative industry initiative supported by NCHELP and SLSA,
centralizes enrollment reporting and creates a single and reliable source of
enrollment data for loan guarantors and servicers. Participants designate
the Clearinghouse as their sole agent for all enrollment reporting
activities, including collecting enrollment information from NSLDS, the
Department of Education's national student aid database, and distributing
enrollment information to applicable lenders and servicers. Conflicting and
redundant data are eliminated, making loan processing simpler and more
accurate.
All of the nation's 36 guarantee agencies belong to the Clearinghouse,
which provides them with reports on the enrollment and deferment status of
financial aid recipients. Guarantors pay a monthly fee to the Clearinghouse
based on the number of their borrowers who are in attendance at
participating Clearinghouse colleges and universities. Guarantors that
participate in TERP receive a 22% discount on their Clearinghouse fee.
Participation in TERP is free.
For more information on TERP, visit www.studentclearinghouse.org/gls/terp.htm.
The list of guarantors that participate in the Clearinghouse is available at
http://www.studentclearinghouse.org/gls/guarantors.htm.
About The National Student Clearinghouse
The National Student Clearinghouse is the most trusted source for enrollment and degree
verification in the US. A non-profit organization established by the
higher education community in 1993, the Clearinghouse serves as a central
repository and single point of contact for the collection and timely exchange of
accurate, comprehensive enrollment, degree and certificate records on behalf of
participating institutions.
More than 3,200 colleges, enrolling 91% of US college students, participate
in the Clearinghouse. Student loan providers, employers, student credit issuers,
student health insurance providers, the U.S. Department of Education, and others
access the Clearinghouse's registry over 100 million times annually to conduct
electronic student record verifications.
For more information, visit www.studentclearinghouse.org.
For Questions About This Press Release Only, Contact:
Kathleen Dugan
Marketing Director
703-742-4208
dugan@studentclearinghouse.org
For Help With or Questions About Any Clearinghouse Service, Contact:
703-742-4200
service@studentclearinghouse.org
