Student Loan Servicing System (SLSS) your institution can effectively service both FFELP and Private student loans. SLSS allows you to deliver quality, customer-focused programs knowing that your administrative staff can easily and effectively service these loans on the back-end. The SLSS client base includes some of the largest secondary markets and state agencies in the United States.
With SLSS you can take advantage of functional benefits to increase customer and administrative satisfaction. One is retroactive processing that automatically and immediately adjusts records for past transactions to show the most up-to-date information of loan balances and status. With retroactive processing you can avoid the manual calculation and data entry required to update and adjust a loan.
Another unique benefit is the ability to create daily accounting and reconciliation reports that provide a detailed summary of loan balances – eliminating the lengthy process associated with gathering and comparing information from multiple sources.
SLSS Features that Enhance Loan Servicing Include:
Caller Contact Maintenance – This module provides an easy way to ensure due diligence is performed in accordance with insurance requirements.
Mass Transaction Entry – Easily import data such as new loan information, payments, disbursement, deferment and forbearance changes, from various outside sources.
Financial Calculator – Supports repayment schedule calculations based on both actual and user entered hypothetical loan data.
Borrower Incentive Control – Easily track and manage loan incentives, such as reduced interest rates or fees that competitive lenders offer.
LaRS Reporting – Automatically generates reports, in LaRS format, supporting Parts I through V of the government LaRS Form.
Additional Automatic Features of SLSS Include:
- Credit Bureau reporting
- Automated Clearinghouse (ACH) processing for bank draft borrower payments
- Late charge assessment
- Small balance write-offs
- Interest rate changes
- Letter/statement generation
- Statement suppression
- Claim package and pre-claim assistance generation
- Social Security number corrections
- NSLDS reporting
- Generation of disclosure repayment options
- Common Account Maintenance (CAM)
- Common Claims Initiative (CCI)
- Total Enrollment Reporting Process (TERP)
- Borrower Web Interface (BWI)