Department Approves Use of Real-Time Data for Loan Updates

Schools now can rely on information accessed directly from a loan holder’s database as documentation that a loan previously reported through the National Student Loan Data System as being in default no longer is in default or no longer affects a borrower’s eligibility for federal student aid. This announcement, presented by the U.S. Department of Education at its recent Electronic Access Conferences, opens the door for institutions to accept data from the Meteor Network as a source of loan-update information. Read the announcement from Meteor. You will need Adobe Acrobat Reader to view the document.