Press Release

Education Assistance Corporation (EAC) Goes Live With Clearinghouse TERP Service

HERNDON, VA, December 10, 2004 - The National Student Clearinghouse today announced that the Education Assistance Corporation (EAC) in South Dakota has become the latest student loan guarantor to go live with its Total Enrollment Reporting Process (TERP). To date, six guarantors, representing 36% of the nation's FFELP guaranteed student loan volume, are live with TERP. In addition to EAC, TERP participants include Illinois Student Assistance Commission (ISAC), National Student Loan Program (NSLP) in Nebraska, North Carolina State Education Assistance Authority (NCSEAA), Tennessee Student Assistance Corporation (TSAC), and USA Funds.

"EAC is proud to participate in yet another initiative that improves the FFELP process for schools, borrowers and lenders," said Clark Wold, president of EAC.

TERP, a cooperative industry initiative supported by NCHELP and SLSA, centralizes enrollment reporting and creates a single and reliable source of enrollment data for loan guarantors and servicers. Participants designate the Clearinghouse as their sole agent for all enrollment reporting activities, including collecting enrollment information from NSLDS, the Department of Education's national student aid database, and distributing enrollment information to applicable lenders and servicers. Conflicting and redundant data are eliminated, making loan processing simpler and more accurate.

All of the nation's 36 guarantee agencies belong to the Clearinghouse, which provides them with reports on the enrollment and deferment status of financial aid recipients. Guarantors pay a monthly fee to the Clearinghouse based on the number of their borrowers who are in attendance at participating Clearinghouse colleges and universities. Guarantors that participate in TERP receive a 22% discount on their Clearinghouse fee. Participation in TERP is free.

For more information on TERP, visit www.studentclearinghouse.org/gls/terp.htm. The list of guarantors that participate in the Clearinghouse is available at http://www.studentclearinghouse.org/gls/guarantors.htm.

About The National Student Clearinghouse®

The National Student Clearinghouse (a non-profit formed in 1993) is the unique and trusted source for higher education enrollment and degree verifications. The Clearinghouse serves as a single point of contact for the collection and timely exchange of accurate and comprehensive enrollment, degree and certificate records on behalf of its more than 3,300 participating higher education institutions, which represent 96% of all students in public and private U.S. institutions. The Clearinghouse also provides thousands of high schools and districts with continuing collegiate enrollment, progression, and completion statistics on their alumni. 

Through its verification and reporting services, the Clearinghouse saves higher education institutions cumulatively nearly four hundred million dollars annually. Most Clearinghouse services are provided to colleges and universities at little or no charge, including enhanced transcript and research services, enabling institutions to redistribute limited staff and budget resources to more important student service efforts. All Clearinghouse services are operated in full compliance with the Family Educational Rights and Privacy Act (FERPA). 

In addition, the Clearinghouse provides accurate, FERPA compliant verifications to student loan providers, employers, student credit issuers, the U.S. Department of Education, and others who access its registry more than half a billion times annually.

 

For more information, visit www.studentclearinghouse.org.

For Questions About This Press Release Only, Contact:
media@studentclearinghouse.org

For Help With or Questions About Any Clearinghouse Service, Contact:
service@studentclearinghouse.org