Using open source CRC testing tools lowers costs and simplifies the process for student lenders, guarantors and schools to upgrade to a better, more efficient way of sharing information. Using CRC helps students by enabling more information to be shared faster and with far greater security. This is the kind of innovation that only comes from open, fair competition
San Diego, CA (PRWEB) January 23, 2008
NCHELP, the National Council of Higher Education Loan Programs, and JustIQ, a leading provider of custom technology solutions for student loan companies, joined forces to develop and deliver an open source Common Record: CommonLine (CRC) testing tool.
JustIQ volunteered to donate development, maintenance and technical support for the next generation of testing tools. CRC is the first testing tool to be completed. The CRC testing tool is fully functional without the purchase of any additional software and costs nothing to download.
NCHELP's Electronic Standards Committee (ESC) developed CRC as an electronic communications standard to streamline and simplify data exchange processes for FFELP, alternative loan, direct loan and Pell grant originations. CRC uses Extensible Markup Language (XML) to enable real-time file transmissions and processing. Today, NCHELP provides valuable resources and a wealth of information on best practices for implementing CRC. To further support the student loan industry, NCHELP teamed up with JustIQ to deliver an open source testing tool for CRC.
"JustIQ's technical knowledge and experience added tremendous value to the efforts of the NCHELP Electronic Standards Committee. They understand and align with the objectives of our members and the financial aid industry. We are pleased to be able to provide this very necessary tool that will greatly assist organizations as they implement CRC," said Mark Putman, Chief Technology Officer for NCHELP.
"Using open source CRC testing tools lowers costs and simplifies the process for student lenders, guarantors and schools to upgrade to a better, more efficient way of sharing information. Using CRC helps students by enabling more information to be shared faster and with far greater security. This is the kind of innovation that only comes from open, fair competition," said Olin Hyde, VP of Sales and Marketing for JustIQ.
Based in Washington, DC, the National Council of Higher Education Loan Programs, Inc. (NCHELP) represents a nationwide network of guaranty agencies, secondary markets, lenders, loan servicers, collectors, schools and other organizations involved in the administration of the Federal Family Education Loan Program (FFELP). Since its founding, NCHELP has represented its members on public policy and regulatory issues with the legislative and executive branches of the federal government. NCHELP continues to work to meet the challenges associated with providing financial assistance to millions of American students each year.
With over 300,000 hours of experience, JustIQ specializes in building information systems for education finance companies. We build customized solutions to streamline processes, increase efficiency and reduce costs. Unlike our competitors, our unique business model combines the effectiveness of on-site project control with the advantage of off-site developers. This enables us to rapidly develop quality software at the lowest cost using highly experienced industry specialists.