Organizational Structure

The Clearinghouse is governed by a board of directors comprised of representatives from educational institutions, guarantors, lenders, and servicers. Participating member guarantors, lenders and servicers underwrite its operating costs. There is no charge to schools for participation in the Clearinghouse's core, DegreeVerify or EnrollmentVerify services.

A school that chooses to participate signs a contract with the Clearinghouse, appointing it as the school's agent for purposes of confirming enrollment status of student financial aid recipients. Periodically, the school will report its students' enrollment status to the Clearinghouse.

The Clearinghouse will be responsible for providing status and deferment information, on behalf of the school, to guaranty agencies, lenders, servicers, and the Department of Education's NSLDS. The Clearinghouse process identifies those borrowers who:

• Have withdrawn from school and should begin repayment
• Transferred from one school to another
• Returned to school and who may be eligible for a deferment
• Continue to be enrolled in school and who are eligible for deferment extension