a Student Loan Portfolio Report Standard that aims to help schools manage work related to default prevention, gainful employment, default calculations and student loan repayment.
PESC works to encourage efficient and secure real-time exchange of student data. Brian Allison, USA Funds® vice president of product development, is a member of the organization’s board and co-chaired the workgroup that developed the new standard.
Data files and reports have been “provided by various organizations in their own proprietary formats, leaving the schools to deal with multiple, disparate file formats/reports,” Allison said in the PESC announcement.
The new standard provides a single format intended to better support the efforts of various parties in the student loan community — including schools, lenders, servicers and guarantors.
Schools are encouraged to contact their federal loan servicers and ask them to quickly implement the standard.