EDI Document Type - 144 Student Loan Transfer and Status Verification
What is a 144 Student Loan Transfer and Status Verification document?
The 144 Student Loan Transfer and Status Verification document contains information regarding the 144 Student Loan Transfer and Status Verification Transaction Set (144) for use within the context of an Electronic Data Interchange (EDI) environment.Standard EDI formats include X12, ANSI, EDIFACT and its subsets. Click here to read more about supported EDI Standards.
What makes up the 144 Student Loan Transfer and Status Verification document?
A 144 Student Loan Transfer and Status Verification document is organized into the following segment and data elements. A segment can contain at least one data element. Each data element contains a data field. Examples of data elements on the 144 EDI document include, borrower, student, and loan detail information.
How is it used?
The 144 Student Loan Transfer and Status Verification document is used by lending institutions ("lenders"), guarantee agencies ("guarantors"), and secondary markets to send and receive information regarding the transfer of ownership of a student loan. This EDI document can be used to verify the status of a student loan prior to and subsequent to the purchase of the loan. Furthermore, a potential purchaser of a student loan would use this transaction set to request information, from the guarantor of the loan, regarding loan status. The 144 Student Loan Transfer and Status Verification document would in turn be used by the guarantor to return the verified loan status information to the requester. Following to the purchase of the loan, the 144 EDI document would be used by the purchaser to notify the guarantor of a transfer of ownership.
The Process and Standards
An EDI solution is required to process the EDI documents received into a financial system (click here to view all available financial systems eBridge integrates into) or into a readable format for manual entry. Each trading partner will have an EDI Implementation guide outlining the specific segments, data elements, values accepted, and the applicable business rules to be followed.
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