This Draft Standard for Trial Use contains the format and establishes the data contents of the Student Loan Application Transaction Set (135) for use within the context of an Electronic Data Interchange (EDI) environment. This transaction set can be used by lending institutions ("lenders"), colleges, universities and trade schools ("schools"), and loan guarantee agencies ("guarantors") to exchange information relating to the certification, approval, and guarantee of specific student loan applications. This information includes, but is not limited to, student and applicant identification, school enrollment data, borrowing history, and the terms of the loan.
The student loan application process typically begins with an applicant submitting a student loan application to the financial aid officer at the student's school. The financial aid officer adds school-related information and certifies the application. The school then forwards the loan application to the lender for review. If the review is satisfactory, the lender adds information to the application, approves the loan, and forwards the application to the guarantor. The guarantor reviews the lender-approved application and if appropriate, issues a guarantee. The lender disburses the loan proceeds when a guarantee is received.
To indicate the start of a transaction set and to assign a control number
To indicate the beginning of a transaction set
To provide information for the loan under consideration
To specify disbursement dates and amounts for a loan
To provide information related to student loan delayed repayment
To specify any or all of a date, a time, or a time period
To designate the entities which are parties to a transaction and specify a reference meaningful to those entities
To transmit information in a free-form format, if necessary, for comment or special instruction
To provide school data relative to the applicant or the student
To provide financial status information about an applicant for a student loan
To indicate the total monetary amount
To specify physical measurements or counts, including dimensions, tolerances, variances, and weights
(See Figures Appendix for example of use of C001)
To specify school type
To specify any or all of a date, a time, or a time period
To specify the authority for authorizing an action and the date authentication is made
To identify a party by type of organization, name, and code
To specify the location of the named party
To specify the geographic place of the named party
To specify identifying information
To identify a person or office to whom administrative communications should be directed
To provide information about an existing loan
To identify a party by type of organization, name, and code
To specify the location of the named party
To specify the geographic place of the named party
To provide identification of an individual or entity
To sequence individual name components for maximum specificity
To supply demographic information
To supply additional demographic identification
To reference a line number in a transaction set
To identify a party by type of organization, name, and code
To specify the location of the named party
To specify the geographic place of the named party
To specify any or all of a date, a time, or a time period
To identify a person or office to whom administrative communications should be directed
To indicate the end of the transaction set and provide the count of the transmitted segments (including the beginning (ST) and ending (SE) segments)
