SYSTEM AND METHOD FOR MANAGING EDUCATIONAL INSTITUTION BORROWER DEBT
A system is disclosed that makes it easy for educational institutions to contact and counsel student loan borrowers to promote successful loan repayment. The system is a web-based tool that automates borrower communication through telephone, letter and email campaigns, using loan information that is obtained through third-party loan servicers by the educational institution and then uploaded into the system. The self-service default prevention tool aggregates loan data form multiple sources in one place to perform borrower outreach, offers targeted communication campaigns to address borrowers in repayment, displays real-time estimated default rate trends, and provides on-demand reports. A dashboard is generated that provides a snapshot of the educational institution's entire portfolio, projected cohort default rates, trending analysis charts, important messages and a history of file imports.
1 . A system, comprising:
at least one server in communication with a remote terminal via an Internet based communication network, wherein said remote terminal is associated with an educational institution;
a data import application associated with said server configured to allow an external user to import one or more borrower loan data files obtained by said educational institution from one or more third party loan servicers to said server;
a data processing application associated with said server configured to aggregate a plurality of loan records contained in each of said one or more borrower loan data files into an aggregated loan database record associated with said educational institution;
an organization dashboard application associated with said server configured to generate an organization dashboard page on said remote terminal, wherein said organization dashboard page provides said educational institution with a display of one or more trending analysis charts generated as a function of data contained in said aggregate loan database record, a display of messages, and a display of a history of file imports;
a configure campaigns application associated with said server configured to allow said user to configure one or more letter campaigns, one or more phone campaigns, and one or more email campaigns;
a generate campaigns application associated with said server configured to allow said external user to generate said one or more letter campaigns, said one or more phone campaigns, or said one or more email campaigns;
a campaign history application associated with said server configured to generate a campaign history page on said remote terminal that allows said external user to view real-time data associated with campaigns that have been implemented by said generate campaigns application; and
a find my borrowers application associated with said server configured to allow said external user to locate borrowers contained in said aggregated loan database record.
2 . The system of claim 1 , wherein said display of one or more trending analysis charts generated as a function of data contained in said aggregate loan database record includes a chart displaying a percentage of borrowers who are current on repayment, a percentage of borrowers who are delinquent by a period of days, and a percentage of borrowers who are in default.
3 . The system of claim 2 , wherein said display of one or more trending analysis charts generated as a function of data contained in said aggregate loan database record includes a chart displaying a number of borrowers who are current on repayment, a number of borrowers who are delinquent by a period of days, and a number of borrowers who are in default.
4 . The system of claim 1 , wherein said configure campaigns application is configured to generate a configure campaigns page on said remote terminal, wherein said configure campaigns page displays a list of campaigns associated with said educational institution.
5 . The system of claim 1 , wherein said data import application is configured to generate a file import page on said remote terminal, wherein said file import page includes an add files selection item that is operable to allow an external user to designate said one or more borrower loan data files obtained from said one or more loan service providers, wherein said file import page includes an import files selection item that is operable to cause said data import application to upload said plurality of borrower loan data files from a storage medium associated with said remote terminal to a database associated with said server.
6 . The system of claim 1 , wherein said generate campaigns application is configured to generate a generate campaigns page on said remote terminal, wherein said generate campaigns page includes a list of active campaigns associated with said educational institution that have been created using said configure campaigns application, wherein said generate campaigns page includes a plurality of generate campaign selection items each associated with a respective one of said active campaigns contained in said list of active campaigns, wherein upon selection of a respective one of said plurality of generate campaign selection items said generate campaigns application is configured to implement said selected active campaign.
7 . The system of claim 1 , wherein said campaign history page displays a plurality of data entries, wherein said data entries comprise a list of campaigns, wherein each campaign in said list of campaigns includes a date in which said campaign was implemented, a campaign type, a user identification of who created said campaign, a borrower count displaying a number of borrowers in said campaign, and a status entry.
8 . The system of claim 1 , wherein said find my borrowers application is configured to generate a find my borrowers page on said remote terminal, wherein said find my borrowers page includes one or more search criteria entry fields and a search selection item, wherein upon entry of data in said one or more search criteria entry fields and selection of said search selection item said find my borrowers application is configured to search said aggregated loan database record and generate search results containing a list of one or more borrowers that match data entered in said one or more search criteria entry fields.
9 . A system, comprising:
at least one server in communication with a remote terminal via an Internet based communication network, wherein said remote terminal is associated with an educational institution;
a data import application associated with said at least one server configured to generate a file import page on said remote terminal, wherein said file import page includes an add files selection item that is operable to allow an external user to designate a plurality of borrower loan data files obtained from a plurality of third party loan servicers that provide student loan servicing to students associated with said educational institution, wherein each of said plurality of borrower loan data files includes a plurality of loan records associated with one or more students of said educational institution, wherein said file import page includes an import files selection item that is operable to cause said data import application to upload said plurality of borrower loan data files from a storage medium associated with said remote terminal to a database associated with said server;
a data processing application associated with said server that is configured to aggregate said plurality of loan records contained in each of said plurality of borrower loan data files into an aggregated loan database record associated with said educational institution;
an organization dashboard application associated with said server configured to generate an organization dashboard page on said remote terminal, wherein said organization dashboard page includes a plurality of data outputs specific to said educational institution generated as a function of loan data contained in said aggregated loan database record;
a configure campaigns application associated with said server that is configured to generate a configure campaigns page on said remote terminal, wherein said configure campaigns page displays a list of campaigns associated with said educational institution that includes one or more letter campaigns, one or more phone campaigns, and one or more email campaigns;
a generate campaigns application associated with said server that is configured to generate a generate campaigns page on said remote terminal, wherein said generate campaigns page includes a list of active campaigns associated with said educational institution that have been created using said configure campaigns application, wherein said generate campaigns page includes a plurality of generate campaign selection items each associated with a respective one of said active campaigns contained in said list of active campaigns, wherein upon selection of a respective one of said plurality of generate campaign selection items said generate campaigns application is configured to implement said selected active campaign;
a campaign history application associated with said server configured to generate a campaign history page on said remote terminal, wherein said campaign history page includes a plurality of campaign data outputs that allow said user to determine a campaign status associated with each campaign in said list of active campaigns; and
a find my borrowers application associated with said server configured to generate a find my borrowers page on said remote terminal, wherein said find my borrowers page includes one or more search criteria entry fields and a search selection item, wherein upon entry of data in said one or more search criteria entry fields and selection of said search selection item said find my borrowers application is configured to search said aggregated loan database record and generate search results containing a list of one or more borrowers that match data entered in said one or more search criteria entry fields.
10 . The system of claim 1 , wherein said data outputs on said organization dashboard page includes a delinquency aging chart and a borrower by status table.
11 . The system of claim 1 , wherein said configure campaigns page includes a configure new campaign selection item that is operable to allow said user to generate one or more new campaigns, wherein said one or more new campaigns are generated based on a campaign type selected by said user.
12 . The system of claim 1 , wherein said data entries comprise a list of campaigns, wherein each campaign in said list of campaigns includes a date in which said campaign was implemented, a campaign type, a user identification of who created said campaign, a borrower count displaying a number of borrowers in said campaign, and a status entry.
13 . The system of claim 1 , wherein a view selection item is included next to each borrower contained in said list, wherein upon selection of said view selection item associated with a respective borrower said find my borrowers application is configured to generate a borrower details page on said remote terminal.
14 . A system, comprising:
at least one server in communication with a remote terminal via an Internet based communication network, wherein said remote terminal is associated with an educational institution;
a data import application associated with said server configured to generate a file import page on said remote terminal, wherein said file import page includes an add files selection item that is operable to allow an external user to designate a plurality of borrower loan data files obtained from a plurality of loan servicers that provide student loan servicing to students associated with said educational institution, wherein each of said plurality of borrower loan data files includes a plurality of loan records associated with one or more students of said educational institution, wherein said file import page includes an import files selection item that is operable to cause said data import application to upload said plurality of borrower loan data files from a storage medium associated with said remote terminal to a database associated with said server;
a data processing application associated with said server that is configured to aggregate said plurality of loan records contained in each of said plurality of borrower loan data files into an aggregated loan database record associated with said educational institution;
an organization dashboard application associated with said server configured to generate an organization dashboard page on said remote terminal, wherein said organization dashboard page includes a plurality of data outputs specific to said educational institution generated as a function of loan data contained in said aggregated loan database record, wherein said data outputs include a delinquency aging chart that displays percentages of borrowers in various repayment states and a borrower by status table that displays numbers of borrowers in various repayment states;
a configure campaigns application associated with said server that is configured to generate a configure campaigns page on said remote terminal, wherein said configure campaigns page displays a list of campaigns associated with said educational institution that includes one or more letter campaigns, one or more phone campaigns, and one or more email campaigns, wherein said configure campaigns page includes a configure new campaign selection item that is operable to allow said user to generate one or more new campaigns, wherein said one or more new campaigns are generated based on a campaign type selected by said user; and
a generate campaigns application associated with said server that is configured to generate a generate campaigns page on said remote terminal, wherein said generate campaigns page includes a list of active campaigns associated with said educational institution that have been created using said configure campaigns application, wherein said generate campaigns page includes a plurality of generate campaign selection items each associated with a respective one of said active campaigns contained in said list of active campaigns, wherein upon selection of a respective one of said plurality of generate campaign selection items said generate campaigns application is configured to implement said selected active campaign;
a campaign history application associated with said server configured to generate a campaign history page on said remote terminal, wherein said campaign history page includes a plurality of campaign data entries that allow said user to determine a campaign status associated with each of said plurality of campaigns, wherein said data entries comprise a list of campaigns, wherein each campaign in said list of campaigns includes a date in which said campaign was implemented, a campaign type, a user identification of who created said campaign, a borrower count displaying a number of borrowers in said campaign, and a status entry; and
a find my borrowers application associated with said server configured to generate a find my borrowers page on said remote terminal, wherein said find my borrowers page includes one or more search criteria entry fields and a search selection item, wherein upon entry of data in said one or more search criteria entry fields and selection of said search selection item said find my borrowers page is configured to generate search results containing a list of one or more borrowers that match data entered in said one or more search criteria entry fields, wherein a view selection item is included next to each borrower contained in said list, wherein upon selection of said view selection item associated with a respective borrower said find my borrowers application is configured to generate a borrower details page on said remote terminal.