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; and
wherein said data processing application comprises:
a scrubbing application configured to remove invalid data records from a plurality of data records contained in each borrower loan data file;
a parsing application configured to parse data contained in said borrower loan data file into a plurality of fields based on a plurality of row and column delimiters thereby forming a plurality of parsed data;
a file editor application configured to load said parsed data into a table on said server;
a mapping application configured to map said table to a standard table;
a business rules application configured to apply a plurality of rules to said data contained in said standard table;
a locking application configured to lock all borrower records for import; and
an import application configured to import said data into said aggregated loan database record associated with said educational institution.
2 . The system of claim 1 , wherein said scrubbing application removes records in each said borrower loan data file that have a duplicate loan identifier, wherein said scrubbing application removes records in each said borrower loan data file that have an invalid OPEID, wherein said scrubbing application removes records in each said borrower loan data file in which a calculated cohort year is outside a cohort range, and wherein said scrubbing application removes records in which a loan type is not imported.
3 . The system of claim 1 , wherein if a field is truncated during parsing said parsing application enters a notification into an import log specifying a row number and field where truncating occurred.
4 . The system of claim 1 , wherein said mapping application is configured to map data in batches and if an issue occurs while mapping a status is flagged with a mapping error.
5 . The system of claim 1 , wherein said plurality of rules include said business rules application determining if an OPEID field is matched to a list of OPEID fields assigned to said educational institution, wherein if said OPEID field is not matched an associated record contained in said data is flagged to a do not import status.
6 . The system of claim 1 , wherein said plurality of rules include said business rules application checking a cohort year field associated with each record and if said cohort year field is outside a current cohort year said record is set to a do no import status.
7 . The system of claim 1 , wherein said plurality of rules include said business rules application matching a borrower identifier contained in each record to an existing borrower identifier in said aggregated loan database record, wherein if there is no match said business rules application imports said record as a new borrower.
8 . The system of claim 1 , wherein said plurality of rules include said business rules application matching a loan identifier contained in each record to an existing loan identifier in said aggregated loan database record, wherein if there is no match said business rules application imports said record as a new loan.
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 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 including a plurality of records associated with said educational institution; and
wherein said data processing application comprises:
a scrubbing application configured to remove invalid data from a plurality of data contained in each borrower loan data file;
a parsing application configured to parse said data contained in said borrower loan data file into a plurality of fields based on a plurality of row and column delimiters thereby forming a plurality of parsed data;
a file editor application configured to load said parsed data into a table on said server;
a mapping application configured to map said table to a standard table;
a business rules application configured to apply a plurality of rules to said data contained in said standard table;
a locking application configured to lock all borrower records for import;
an import application configured to import said data into said 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 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.
10 . The system of claim 9 , wherein said plurality of rules include said business rules application determining if an OPEID field is matched to a list of OPEID fields assigned to said educational institution, wherein if said OPEID field is not matched an associated record contained in said data is flagged to a do not import status.
11 . The system of claim 10 , wherein said plurality of rules include said business rules application checking a cohort year field associated with each record and if said cohort year field is outside a current cohort year range said record is set to a do no import status.
12 . The system of claim 11 , wherein said plurality of rules include said business rules application matching a borrower identifier contained in each record to an existing borrower identifier in said aggregated loan database record, wherein if there is no match said business rules application imports said record as a new borrower.
13 . The system of claim 12 , wherein said plurality of rules include said business rules application matching a loan identifier contained in each record to an existing loan identifier in said aggregated loan database record, wherein if there is no match said business rules application imports said record as a new loan.
14 . The system of claim 13 , wherein said plurality of rules include said business rules application checking a days delinquent field and if said days delinquent field is missing said business rules application calculates a days delinquent value for said days delinquent field as a function of a delinquency date field.
15 . The system of claim 14 , wherein said plurality of business rules include said business rules application checking a loan status field and if said loan status field is missing or was unable to be mapped said record is flagged to a do not import state.