High-Tech Phraseology You Should Know
by Keith Jepsen

As published in the January 1999 issue of The Greentree Gazette; The Business Magazine of Campus Finance. Copyright (c) 1999 The Greentree Gazette

Along with new hardware, new software, new business processes, technological change brings with it new language as well. Here are phrases and acronyms that are making the buzz in campus aid offices. They should be familiar to you if you or your staff handle student money.

Access America for Students
A coming breakthrough in secured electronic commerce for doing business with the federal government that’s in its early design stage now. The project’ primary first-year target is to perfect electronic signatures especially for financial aid applications among a group of 7 pilot schools.
(See www.nyu.edu/financial.aid/access_america.html).

Project EASI.
Easy Access for Students and Institutions is a collaboration of business, government, and education leaders to re-design student aid delivery. Project EASI has formulated concepts and progressed into implementation planning. EASI'’s objectives are fairly well defined. However, EAS'’ implementation and mechanics are still evolving as technology changes and more players get involved. EASI will create workflows and business processes that will affect campus administrative software. Have your staff look over Project EASI’s visio statement with an eye to your administrative software plans for the next 3 to 5 years.
(See www.easi.ed.gov and click on "inside Project EASI").

Postsecondary Electronic Standards Council.
An organization of organizations. Most of the DuPont Circle organizations are members. The Standards Council's objectives are to establish industry-wide data definitions and standards for electronic data interchange. The promise of successful standards-making is information management on campus at lower costs.
(See www.StandardsCouncil.org).

ELM
The private sector (lenders, guarantors, schools) effort to streamline FFELP student loan processing. ELM Resources is a mutual benefit corporation with members such as Bank of America, Citibank, Key Bank, and most recently USA Group. ELM moves the data and coordinates the activities of the multiple entities that are necessary to originate and disburse FFEL student loans. Your Bursar and Financial Aid Director should make sure your preferred lenders and guarantors are members of ELM. This will help you retard the growth of administrative expenses related to student loans. Also, student perception of your service will improve.
(See www.elmresources.com).

NSLC
National Student Loan Clearinghouse. A mutual benefit corporation which has greatly reduced the paperwork and reporting overhead associated with student loan administration, particularly enrollment verification. For example within the first year of NYU’s clearinghouse membership, we wer able to reassign the equivalent of 3 staffers. Some 80% of America’ college and university enrollment is now in the Clearinghouse, and it will benefit the rest of us if the remaining 20% get in.
(See www.nslc.com).

Mentor
A software suite that coaches prospects through college planning, college application, and college financing. Mentor is a product of XAP Corporation being implemented by the California State University and the U.S. Department of Education. All higher ed institutions in New York will be using a "mentor" system in 1999-2000. It should reduce the administrative workload and costs in the admissions and financial aid offices.
(See www.xap.com).

Copyright (c) 1999 The Greentree Gazette