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 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;
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 configured 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.
2 . The system of claim 1 , wherein said campaign type may comprise a grace all campaign type, a grace graduated campaign type, a grace less than half-time campaign type, a grace withdrawn campaign type, a grace other campaign type, a deferment campaign type, a forbearance campaign type, one of a plurality days delinquent campaign types, and a default campaign type.
3 . The system of claim 1 , wherein said generate campaigns application uses said campaign type to obtain borrower loan records from said aggregated loan database record to implement said selected active campaign.
4 . The system of claim 3 , wherein said generate campaigns application queries said aggregated loan database record to obtain borrowers that satisfy predetermined criteria applicable to said selected active campaign as a function of said campaign type.
5 . The system of claim 4 , wherein said generate campaigns application generates a borrower list containing borrower contact data applicable to said selected active campaign.
6 . The system of claim 1 , wherein said generate campaigns page includes a view borrowers list selection item that is operable to display a borrower list with respect to each active campaign.
7 . The system of claim 1 , wherein selection of said configure new campaign selection item is operable to allow said user to create a new letter campaign, a new phone campaign, or a new email campaign.
8 . The system of claim 7 , wherein if said user elects to create said new letter campaign said configure campaigns application is operable to generate a new letter campaign configuration page on said remote terminal, wherein said new letter campaign configuration page includes a campaign type selection item, a content entry field, and a signatory definition entry field.
9 . The system of claim 8 , wherein said content entry field is automatically filled with content as a function of selection of said campaign type selection item.
10 . The system of claim 7 , wherein if said user elects to create said new phone campaign said configure campaigns application is operable to generate a new phone campaign configuration page on said remote terminal, wherein said new phone campaign configuration page includes a campaign type selection item and a sort by field name selection item, wherein the sort by field name selection item allows said user to determine an order in which information will be displayed in a call queue.
11 . The system of claim 7 , wherein if said user elects to create said new email campaign said configure campaigns application is operable to generate a new email campaign configuration page on said remote terminal, wherein said new email campaign configuration page includes a campaign type selection item, a content entry field, and a signatory definition entry field.
12 . The system of claim 11 , wherein said content entry field is automatically filled with content as a function of selection of said campaign type selection item.
13 . 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;
a create campus application associated with said server that is configured to generate a create campus page on said remote terminal, wherein said create campus page allows said external user to enter information related to one or more campuses that are associated with said educational institution that is stored in said database associated with said server;
a create campaign group application associated with said server that is configured to generate a create campaign group page on said remote terminal, wherein said create campaign group page is configured to allow said external user to create one or more campaign groups that are stored in said database associated with said server, wherein said create campus page includes a campaign group selection item configured to allow said external user to assign each respective campus to a respective one of said one or more campaign groups;
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 includes a campaign display area that is configured to display a plurality of campaigns that have be created by said educational institution, wherein said configure campaigns page includes a configure new campaign selection item that allows said user to create a new letter campaign, a new phone campaign, and a new email campaign to be added to said plurality of campaigns, wherein said new letter campaign, said new phone campaign, and said new email campaign are created as a function of a campaign type; 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 generate campaign selection item that is configured to cause said generate campaign application to implement at least one of said plurality of campaigns when selected by said external user, wherein said generate campaigns application determines what borrowers to be included in said selected campaign by determining what borrowers contained in said aggregated loan database record satisfy predefined criteria as a function of said campaign type.
14 . The system of claim 13 , wherein said create campaign group page includes a servicer order preference field that contains a list of loan service providers associated with said educational institution, wherein said servicer order preference field is configured to allow said external user to select a respective loan service provider contained in said list of loan service providers, wherein upon selection of said loan service provider said create campaign group application is configured to allow said external user to prioritize loan service providers by moving them up or down in said list of loan service providers, wherein by default said system is configured to automatically use contact information for borrowers ranking higher in said list of loan service providers over contact information for borrowers ranking lower in said list of loan service providers.
15 . The system of claim 13 , wherein said campaign type may comprise a grace all campaign type, a grace graduated campaign type, a grace less than half-time campaign type, a grace withdrawn campaign type, a grace other campaign type, a deferment campaign type, a forbearance campaign type, one of a plurality days delinquent campaign types, and a default campaign type.
16 . The system of claim 13 , wherein said generate campaigns application uses said campaign type to obtain borrower loan records from said aggregated loan database record to implement a respective campaign.
17 . The system of claim 16 , wherein said generate campaigns application queries said aggregated loan database record to obtain borrowers that satisfy predetermined criteria applicable to said campaign as a function of said campaign type.
18 . The system of claim 13 , wherein if said user elects to create said new letter campaign said configure campaigns application is operable to generate a new letter campaign configuration page on said remote terminal, wherein said new letter campaign configuration page includes a campaign type selection item, a content entry field, and a signatory definition entry field, wherein said content entry field is automatically filled with content as a function of selection of said campaign type selection item.
19 . The system of claim 13 , wherein if said user elects to create said new email campaign said configure campaigns application is operable to generate a new email campaign configuration page on said remote terminal, wherein said new email campaign configuration page includes a campaign type selection item, a content entry field, and a signatory definition entry field, wherein said content entry field is automatically filled with content as a function of selection of said campaign type selection item.
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 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;
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, wherein selection of said configure new campaign selection item is operable to allow said user to create a new letter campaign, a new phone campaign, or a new email campaign;
wherein if said user elects to create said new letter campaign said configure campaigns application is operable to generate a new letter campaign configuration page on said remote terminal, wherein said new letter campaign configuration page includes a first campaign type selection item, a first content entry field, and a first signatory definition entry field;
wherein if said user elects to create said new phone campaign said configure campaigns application is operable to generate a new phone campaign configuration page on said remote terminal, wherein said new phone campaign configuration page includes a second campaign type selection item and a sort by field name selection item, wherein the sort by field name selection item allows said user to determine an order in which information will be displayed in a call queue;
wherein if said user elects to create said new email campaign said configure campaigns application is operable to generate a new email campaign configuration page on said remote terminal, wherein said new email campaign configuration page includes a third campaign type selection item, a second content entry field, and a second signatory definition entry field;
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.