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 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 service providers 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; and
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.
2 . The system of claim 1 , wherein said one or more trending analysis charts comprise a delinquency aging chart and a borrower by status graph.
3 . The system of claim 2 , wherein said delinquency aging chart displays a percentage of borrowers current on repayment, a plurality of percentages of borrowers delinquent by a range of days, and a percentage of borrowers in default.
4 . The system of claim 3 , wherein said plurality of percentages of borrowers delinquent by a range of days includes a borrowers delinquent by 1-30 days, a borrowers delinquent by 31-60 days, a borrowers delinquent by 181-270 days and a borrowers delinquent by 271-359 days.
5 . The system of claim 2 , wherein said borrower by status graph includes a number of borrowers that are current on repayment display category, a plurality of borrowers that are delinquent by a certain amount of days display categories, and a current number of borrowers who are defaulted display category.
6 . The system of claim 5 , wherein said borrower by status graph includes a view selection item associated with each respective display category that when selected causes said organization dashboard application on said at least one server to generate a report that shows each borrower's information that falls within a respective one of said display categories on said remote terminal.
7 . The system of claim 1 , wherein said organization dashboard includes a borrower portfolio count for active cohort years display, wherein said borrower portfolio count for active cohort years display shows a total number of borrowers associated with said educational institution for a set of active cohort years.
8 . The system of claim 1 , wherein said display of said history of file imports is operational to display a loan servicer name and a date in which said at least one borrower loan data file was imported to said at least one server by said educational institution using said remote terminal.
9 . The system of claim 1 , wherein said organization dashboard page includes a plurality of cohort year selection items, wherein upon selection of a respective one of said plurality of cohort year selection items said organization dashboard application automatically updates said organization dashboard page to display loan data associated with a cohort year listed in said selected cohort year selection item.
10 . The system of claim 1 , wherein said organization dashboard page includes a dashboard explorer display that includes a delinquency aging summary link that is operable to allow an external user to toggle the organization dashboard through a plurality of educational institution levels, wherein upon selection of a respective campus listed in said plurality of educational institution levels said organization dashboard application updates said delinquency aging chart, said borrower by status table, and said borrower portfolio count for active cohort years display to display data associated with said selected campus.
11 . 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 service providers 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 borrower 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; and
an organization dashboard application executable by said at least one server configured to transmit and generate an organization dashboard page on said remote terminal via said Internet based communication network, wherein said organization dashboard page includes a plurality of student loan data outputs generated from said aggregated loan database record specific to said educational institution, wherein said student loan data outputs contained in said organization dashboard page include a current borrowers data output, a delinquent borrowers data output and a defaulted borrowers data output.
12 . The system of claim 11 , wherein said current borrowers data output, said delinquent borrowers data output and said defaulted borrowers data output comprises a delinquency chart generated as a function of data contained in said aggregated loan database record.
13 . The system of claim 11 , wherein said current borrowers data output, said delinquent borrowers data output and said defaulted borrowers data output comprises a borrower by status table.
14 . The system of claim 13 , wherein said borrower by status table includes said current borrowers data output, a 1-30 days delinquent data output, a 31-60 days delinquent data output, a 61-90 days delinquent data output, a 91-120 days delinquent data output, a 121-180 days delinquent data output, a 181-270 days delinquent data output, a 271-330 days delinquent data output, and said defaulted borrowers data output.
15 . The system of claim 13 , wherein said borrower by status table includes a view selection item associated with each respective data output that when selected causes said organization dashboard application on said at least one server to generate a report that shows each borrower's information that falls within each respective one of said data outputs on said remote terminal.
16 . The system of claim 11 , wherein said organization dashboard page includes a plurality of cohort year selection items, wherein upon selection of a respective one of said plurality of cohort year selection items said organization dashboard application automatically updates said organization dashboard page to display data associated with a cohort year listed in said selected cohort year selection item.
17 . The system of claim 11 , wherein said organization dashboard page includes a file history import display showing each said loan service provider and a date associated with when each of said plurality of loan data files was uploaded to said at least one server.
18 . The system of claim 11 , wherein said organization dashboard page includes a dashboard explorer display that includes a delinquency aging summary link that is operable to allow an external user to toggle said organization dashboard page through a plurality of educational institution levels, wherein upon selection of a respective campus listed in said plurality of educational institution levels said organization dashboard application updates said current borrowers data output, said delinquent borrowers data output and said defaulted borrowers data output in said organization dashboard page to display specific data associated with said selected campus.
19 . The system of claim 11 , wherein said organization dashboard includes a dashboard explorer display that includes a messages link that when selected is configured to display one or more messages to a user.
20 . 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 service providers 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 borrower 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; and
an organization dashboard application executable by said at least one server configured to transmit and generate an organization dashboard page on said remote terminal via said Internet based communication network, wherein said organization dashboard page includes a plurality of student loan data outputs generated from said aggregated loan database record specific to said educational institution;
wherein a first student loan data output comprises a delinquency aging chart that includes a first data output for a percentage of borrowers current on repayment, a second set of data outputs indicating a percentage of borrowers delinquent by various periods of days, and a third data output for a percentage of borrowers in default on repayment;
wherein a second student loan data output comprises a borrowers by status table that includes a listing of a number of borrowers current on repayment, a plurality of listings of a number of borrowers that are delinquent in repayment for a range of days, and a listing of a number of borrowers defaulted on repayment;
wherein said organization dashboard page includes a plurality of cohort year tabs that when selected cause said organization dashboard application to update said delinquency aging chart and said borrowers by status table to display data associated with a year associated with said selected cohort year tab; and
wherein said organization dashboard page includes a dashboard explorer display that includes a plurality of organizational levels links, wherein a first organizational level link is associated with said educational institution and one or more other links are associated with a plurality of campuses associated with said educational institution, wherein when said first organizational level link is selected said organization dashboard application generates said plurality of student loan data outputs based on data associated with the entire educational institution, and wherein when a respective one of said one or more other links is selected said organization dashboard application generates said plurality of student loan data outputs based on data associated with a respective one of said plurality of campuses associated with said educational institution.