Friday, April 25, 1997
ACU students go online for financial aid
By BRIAN BETHEL
Staff Writer
Abilene Christian University students can process their guaranteed
student loans with the speed and ease of surfing the World Wide
Web.
Dubbed "Instant Guarantee," the service was developed
through a partnership between the university and the Texas Guaranteed
Student Loan Corp.
ACU is the first school in the state - and possibly the first
in the nation, TGSLC representatives said - to have such a technologically
advanced tool at its fingertips.
Making the loan process available via the web works out well
for everyone involved, said Phil Schubert, director of student
financial services.
"It makes things a lot easier and a lot more convenient,"
he said. "... We worked very diligently to make certain everything
worked well together before we unveiled this, and the end result
is big news for students."
Here's how the process works:
-- The institution uses software to transmit a file of partially-completed
Stafford Loan applications to TGSLC.
-- Students can then complete loan applications on the web
at computer terminals located on-campus.
The service for now is confined to two computers in the college's
Welcome Center, but ACU officials said they eventually want to
have it available from any terminal on the ACU campus and eventually
any computer in America via the web.
-- Once the application is sent, it is coded for security and
then sent to TGSLC. In minutes, the student receives notification
as to whether or not their loan is guaranteed.
-- If the answer is yes, students can print out the loan application/promissory
note for them to sign right there.
The entire process makes getting a loan a procedure that takes
days instead of weeks.
It is expected that once the pilot program at ACU is fully
under way, the streamlined process will spread through Abilene's
two other universities and then out into Texas proper, TGSLC officials
said at a press conference Thursday.
"The convenience is incredible," said Jack Rich,
ACU executive vice president. "And not only does it eliminate
paperwork, it means students can get their money faster."
Financial aid officers can use all that new free time generated
by the system for a valuable purpose, Rich said: Helping students.
"We wanted a system that was easy to use and even a little
bit fun," said Andrew Bergstrom, in charge of new product
development for TGSLC. "We think we've succeeded with the
Instant Guarantee system. It really removes some of the tedium
associated with loan applications."
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Abilene Reporter-News / Texnews / E.W. Scripps Publications
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