We are committed to helping to solve the education finance industry’s business problems with technology. We maintain these tools as an ongoing effort to reduce costs. In the current liquidity crisis, we feel cost reduction is one of the greatest values of technology
San Diego, CA (Vocus) October 2, 2008
NCHELP, the National Council of Higher Education Loan Programs, and JustIQ, a leading provider of custom technology solutions for student loan companies, worked together to deliver a new version of the Open Source Common Record: CommonLine (CRC) testing tool. These tools help student lenders develop more reliable electronic communications so they can provide better, more cost effective services. Changes to the credit markets and regulations affecting student loans have put on pressure to reduce the costs of making, servicing and guaranteeing loans.
In late 2007, JustIQ volunteered to donate development, maintenance and technical support for the next generation of testing tools. NCHELP and JustIQ worked quickly to deliver the CRC testing tool in January of this year. Both organizations continue to show a solid commitment to provide the student loan industry with easily accessible tools to help drive down operating costs.
The updated version of the CRC testing tool includes several significant updates including:
- Improved error-handling and tracking features
- Automatic detection of intent of change in change transaction documents
- Validation of and ability to reject documents when tested against the CRC schema
- Addition of new, more precise error codes
"The implementation of standards that offer efficiencies, like CRC, are more critical than ever before. It has always been one of NCHELP's core goals to facilitate these types of student loan initiatives," said Mark Putman, Chief Technology Officer for NCHELP.
"We are committed to helping to solve the education finance industry’s business problems with technology. We maintain these tools as an ongoing effort to reduce costs. In the current liquidity crisis, we feel cost reduction is one of the greatest values of technology," 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 student loan 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. JustIQ is a subsidiary of Integrant Inc.
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