This X12 Transaction Set contains the format and establishes the data contents of the Student Loan Transfer and Status Verification Transaction Set (144) for use within the context of an Electronic Data Interchange (EDI) environment.
This transaction set is used by lending institutions ("lenders"), guarantee agencies ("guarantors"), and secondary markets to send and receive information regarding the transfer of ownership of a student loan. It can also be used to verify the status of a student loan prior to and subsequent to the purchase of the loan.
The loan status verification and transfer data includes, but is not limited to, borrower, student, and loan detail information. A potential purchaser of a student loan would use this transaction set to request information, from the guarantor of the loan, regarding loan status. This transaction set would in turn be used by the guarantor to return the verified loan status information to the requester. Subsequent to the purchase of the loan, this transaction set would be used by the purchaser to notify the guarantor of a transfer of ownership.
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 related to the disposition of a student loan
To identify the specific confirmation and exception codes for loan verification
To specify disbursement dates and amounts for a loan
To specify any or all of a date, a time, or a time period
To provide information about previously guaranteed student loans
To specify identifying information
To designate the entities which are parties to a transaction and specify a reference meaningful to those entities
To sequence individual name components for maximum specificity
To supply demographic information
To specify the location of the named party
To specify the geographic place of the named party
To indicate the end of the transaction set and provide the count of the transmitted segments (including the beginning (ST) and ending (SE) segments)
