MEMBERSHIP INITIATIVES
NCHER and its membership have started several projects, highlighted in the modules below, which help students, families, schools, organizations, and governments move the industry forward.
COMMONLINE℠
The CommonLine℠ Network is a set of file specifications and data exchange guidelines, originally developed in 1995, by the National Council of Higher Education Loan Programs (NCHELP) community of service providers (guaranty agencies, lenders, and servicers) and schools to facilitate electronic processing of the former Federal Family Education Loans (FFEL) and now, exclusively for, Private Education Loans.
COMMON CLAIM INITIATIVE
Prompted by the 1992 Reauthorization of the Higher Education Act that required the standardization of forms and procedures for all federal student loans, the Common Claim Initiative (CCI) provides the means to realize operational efficiencies while maintaining the integrity of both default aversion activities and claim filing processes, through standardized forms and their electronic equivalent.
COMMON REVIEW INITIATIVE
The Common Review Initiative (CRI) is a U.S. Department of Education-approved lender program review process where participating guaranty agencies cooperate to conduct reviews by sharing staff and costs while using common review procedures. CRI focuses on conducting comprehensive reviews using “best practices,” and serves student loan trading partners by eliminating redundant guaranty agency reviews.
INCOME-DRIVEN REPAYMENT
Income-driven repayment (IDR) plans sets monthly federal student loan payment at an amount intended to be affordable based on income and family size. Specifically, IDR plans set payments at a percentage of discretionary income and includes loan forgiveness for any remaining balance after the required repayment period.The Direct Loan program has four IDR plans.
INCOME-BASED REPAYMENT
Income-based repayment (IBR) is a type of income-driven repayment plan intended to lower monthly federal student loan payments. The payment limits, expressed as a percentage of discretionary income, and loan forgiveness eligibility conditions, after either 20 or 25 years of repayment, depend on when borrowers took out their first federal student loan.