Student Loan Servicing Software.

The EdLOANS!™ Solution

Overview

EdLOANS! For .Net offers loan servicing and accounting software for student loans.

Our student loan servicing system was originally developed from our commercial loan servicing system. In the beginning we worked with a large student loan lender and developed a system for their real world needs. Since then our functionality has only grown, let us show you what we have.

Application set up

Tracking your applications has never been easier. Create user-defined checklists, utilize holds or flags with optional administrator approval. Track documents, images, videos, even URLs.

Tracking applications is never mandatory, but it can definitely be a useful feature. Import your applications from some third party system or keep track as you go.

Learn more »

  • The ability to import applications using the CommonLine and XML format.
  • The ability to manually enter applications.
  • The ability to link an unlimited number of loans to one application and borrower.
  • Access to loans via their application id.

Collateral Tracking

A large portion of our system is completely user-defined, so with collateral tracking, you can set up an unlimited amount of collateral for pretty much anything. Collateral items are set up independently from loans, so you can link multiple loans to one item of collateral if you need to.

Delinquent Loan Monitoring

As much as we wished everyone was perfect, you will probably need this area. Tracking delinquent loans doesn't have to be painful though. Use our built-in inquiries and reports along with our workflow management sub-system. Workflow allows you to define action queues based on your criteria. An Action Queue is basically a rule for monitoring some aspect of our system and allocating some action to follow some trigger.

Investor Reporting and Accounting

This area is huge. Not just in the realm of the functionality but with it's importance to your business. At it's core, handling investors is simple. Each loan is linked to at least one investor or source of funds, and then you can have as many investors linked to a loan as you want. Beyond this though, we track a vast amount of information ranging from things like payments, accruals, etc. across the board for all those investors. Reporting can be handled on a very focused level to system wide.

Both internal participants and external investors can be referenced at up to three levels:

Learn more »

Investor Hierarchy

Investor

Top Level (e.g. company)

Segment

Middle Level (e.g. line of business)

Pool

Lowest Level - (e.g. product or source of funds)
Once linked, every financial transaction posted to the loan is automatically segmented, so that a history is maintained of each investor’s portion. In addition, a month end history is maintained for each of the loan’s investors which summarizes the transactions and month-end balances for the month.

Pending Changes

Set up loan adjustments whenever you'd like - today or for any time in the future. The system will know, and take these numbers into account on calculations, reporting, and everywhere you care. Increase your servicing staff's efficiency, never miss a loan change, and automate whenever possible.

Student Loan Servicing Software... Solved
EdLOANS!™ for .Net

Skip Tracing

Using our workflow and check list functionality we allow you to easily set up skip tracing activities for borrowers. Easily maintain a list of skip tracing activities that are needed for all skips.

User-Defined Loan set up

Simple or complex - it's up to you. You set the parameters, and you're always in control. Mix and match interest calculations with your interest types, and easily configure dozens of other settings like late charges, grace days, payment periods, and methods. Set up your loan scenarios the way you want.

We offer a huge variety when it comes to user configuration choices. Use our loan type templates for increased efficiency, less data entry, and improved loan set up times. And as always - it's your lingo to go with your unique servicing niche, so with our system being backed by user-defined tables use your own terms and your own parameters.

What-if Loan Restructuring

Let your marketing team go wild. Explore that niche idea that might just be the next big lending option. Imagine this as your loan sand box. In the what-if section of the system, you can essentially play with a loan to adjust parameters, and see future differences without actually affecting your loan. If you like what you see, you can then apply that to your live loan(s) without having to re-enter data.

Expanded Functionality

Additional functions that you may need.

ACH Processing

Handle your ACH needs quickly and easily.

Learn more »

  • Disbursements to Schools.
  • Disbursement Request for Funds from Investors.
  • Single Lender Loan Sales Request for Funds.
  • Borrower ACH Payments.

Billing

We support the automated billing for both internal and external servicers. The billing amount is calculated based on the payment amount of the loan. Any changes to the loan, after a bill is generated, are automatically taken into consideration at payment time.

The billing function can be run by bill cycle or by a from and thru due day, and bills are produced for the borrower. You can also have customized bills that you've developed with some third party printing process.

Capitalized Interest

You can handle the automatic calculation of capitalized interest for a restructured loan in several ways

Learn more »

A percentage of the interest due can be capitalized on the due date of the loan.
You may specify that any interest due which is greater than the loan’s P & I amount be capitalized when the payment is made.
Interest can be capitalized manually through payment processing.

Change of Enrollment Tracking

We provide support for change of enrollment tracking and enrollment verification for a borrower.

When an enrollment change or separation date change are processed for a borrower, depending on the source of the change (e.g. borrower or school) and the enrollment status (e.g. never attended or never enrolled) being processed, a workflow item may be created, indicating that a change of enrollment (COE) form needs to be sent to the borrower’s or student’s school.

Claims Processing

We provide support for claims processing. For example, default claims and default forbearance claims are set up as collection activities. When a loan reaches the number of days delinquent that you specify, a workflow item is created indicating that a claim may need to be processed for the loan.

Collection Processing

EdLOANS! For .Net uses its flexible, built-in Workflow Management and Action Queues functions to identify delinquent loans and set up collections activities for each of the identified loans. You define the delinquency periods (e.g. 30 or 60 days) and the collections activities needed (e.g. borrower phone call or co-signer letter).

Learn more »

The Workflow Management and Action Queues functions also allow you to:

  • Indicate the status the loan must be in to be delinquent (e.g. loan sub-status equals repayment or forbearance.)
  • Set up activities specific to a guarantor.
  • Have new collection activity set up automatically based on the action taken (e.g. contact made with borrower, attempted borrower phone call). For example, if two phone attempts are required and the first attempt is unsuccessful (e.g. borrower is not contacted), a second workflow item can be created automatically, indicating a second phone call attempt is needed.
  • The Action Codes you set up indicate what actions may be taken when performing collections activities, such as “attempted borrower phone contact” or “letter sent to borrower”.
  • When a user enters an Action Taken of “attempted borrower phone contact”, you can have the system automatically create a new collection activity for a follow-up phone call within the number of days you specify.

Consolidation Loans w/ Subsidy

The EdLOANS! For .Net system provides support for subsidized, consolidation loans.

Deferment & Forbearance Processing

We provide support for deferment and forbearance processing for a loan. A new deferment or forbearance may be added, a deferment or forbearance may be inserted into a prior period, and an existing deferment or forbearance may be adjusted.

Disbursement Processing

We provide support for internal and third-party disbursements.

Learn more »

  • Initial disbursements and subsequent, automated scheduled disbursements.
  • Multiple principal disbursements.
  • Tracking of disbursement statuses (e.g. scheduled, posted) and types (e.g. check or electronic funds transfer/ACH).
  • The ability to view the GL entries generated prior to their being exported, and make corrections as needed.
  • Tracking of school and guarantor information for each disbursement.
  • Automatic linking of refunds and cancellations to individual disbursements.
  • Consideration of disbursement information during 799 reporting.
  • ACH support for requesting funds from investors and disbursing funds to schools.

Financial History

A complete record of each financial transaction is stored when entered into the system. This history includes the transaction’s financial information and many of the loan’s key balances prior to the transaction. You can easily access all of this transaction history via inquiries and reports.

This allows you to enter payments days after they were actually received, and still have them reflected correctly in your loan balances. You can maintain as many years of financial history as you wish, being limited only by the amount of disk storage you’ve allocated.

GL Interface

We provide an automated, user-defined interface for linking your financial data in with your general ledger system(s).

Learn more »

  • The ability to set up as many interfaces as you’d like, and the ability to link to more than one GL system and/or more than one set of accounts for the same GL(e.g. by loan and by investor).
  • The ability to generate GL entries based on specific payment transactions or month end balances.
  • The ability to define the general ledger accounts to be used based on optional selection criteria, such as loan type, dollar limit, or whether a loan is agent serviced.
  • Automated calculation of financial statements.
  • The ability to view the GL entries generated prior to their being exported, and make corrections as needed.
Student Loan Servicing Software... Solved
EdLOANS!™ For .Net

Incentive Programs

We provide the ability to set up investor specific incentive programs, for variable rate and fixed rate loans. Each investor may offer at least one incentive program, allowing interest rate discounts, as well as cash and non-cash rebates for their loans.

Learn more »

  • Support for multiple insurance types.
  • The tracking of escrow and non-escrow policies.
  • The reporting of expiring policies.
  • The tracking of insurance policy deficiencies if required by the loan’s insurer.
  • And the handling of insurance disbursements when escrow has been collected for the policy.

Multi-Basis Tax Reporting

Set up as many reporting types as you'd like. This can include statutory, GAAP, tax, and others if needed.

For each reporting type, you’re allowed to define rules which are used in the calculation of interest reserve, book value, earned income, discount/premium amounts, and other values. EdLOANS! For .Net then automatically computes and stores these numbers for each loan and for each reporting type.

Payment Processing

We allow you to enter payments and process them in real-time or delay their processing until a later date. If you wish, the latter can be done as part of a nightly batch. Both methods calculate the amount due at the time of processing, taking into consideration any pending changes which have not yet been implemented, any floating interest rate changes, any adjustments which have been entered, and any scheduled principal payments which have not yet been paid.

Easily reverse payments, ACH for debit and credit, lock box processing, non-cash processing, manual payment entry, etc.

Payoff Processing

Quickly create payoff quotes based on any date. This can be useful when your borrower calls in and wants their information immediately.

The system can automatically create payoff letters which you can then mail or email. Easily reverse payoffs if necessary. You can even continue to post fees and escrow disbursements if needed after a loan has paid off.

Project Tracking

Creates projects for whatever reason you need. Easily link one of more loans to a project for billing, program identification, reporting, etc.

School/Campus Information

You'll be able to maintain extensive school and campus information, and provide support for tracking of school information for each disbursement.

The school and campus information is stored separately from the student, and can therefore be reused for other students. So you can set up the school and campus information one time, and then link it to as many students as you wish.

Write-Ups and Write-Offs

We support the automatic write-up and write-off amounts for loans when handling payment transactions.