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Loan Processing: ELITE

Fast, free electronic loan processing


ELITE is our free Internet-based loan application software that helps speed electronic transfer of data and funds to schools and lenders. We designed the software to stand alone, or we can integrate it into existing financial aid systems---the choice is yours. It's an open system schools can use to process Stafford, PLUS, and alternative loans with any lender or guarantor they choose.

 

What You Can Do With ELITETM

  Reduce data entry. You can import data from your financial aid system or from EDExpress.  
   
        Eliminate errors. Loan information goes through a comprehensive set of edits before it's transmitted, so your loans are processed quickly and accurately.
   
        Accommodate electronic loan changes. Corrections and changes can be imported from your financial aid management system or entered directly into ELITE for transmission to lenders or servicers.
   
        Track application status. ELITE tracks loan application information from the time you transmit the loan data through the time the loan is disbursed.


ELITE's Value-Added Dimensions

        Convenience on the web. Because it's an Internet tool, ELITE offers:
  • Easy access and availability any time, anywhere.
  • Flexibility to set access and function controls so anyone with Web access can use it.
  • Fast, simple updates---the latest version is always on the Web.
The requirements are simple. ELITE uses the same minimum technical specifications as the U.S. Department of Education.
   
        Free support and technical assistance. We provide free, personal demonstration, installation and training for ELITE. You also receive free, on-going technical assistance that includes a toll-free number for technical support and customer service.
   
        Timely upgrades and enhancements. We enhance ELITE based on feedback we receive from our schools and lenders, and we keep it up-to-date with the latest CommonLine standards.
   
        Many reports and features. ELITE's full complement of reports and features lets you access the information that makes you more efficient.

Reports include:
  • Application and change transaction tracking for Stafford, PLUS, and alternative loans.
  • Change transaction roster to help process, reconcile, and return funds.
  • Disbursement roster of funds received by check or EFT.
  • Scheduled disbursement report.
  • Application data sheets that list loan information and change transactions.
You can also print:
  • Stafford and PLUS loan applications and loan guarantees.
  • Packing list to send applications to the lender.
  • Letters to borrowers for loan approval and rejection.

ELITE--it's easy, efficient, user-friendly, and free. For more information or a free demonstration, call NSLP Business Development at 800-735-8778, ext. 6618.

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