On-line higher education financing system

• US 7,831,509 B2
• Filed: 08/22/2005
• Issued: 11/09/2010
• Est. Priority Date: 07/26/1999
• Status: Expired due to Fees

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Ireland, Leigh-Anne T., Goldberg, Michele, Strand, Marilyn, Winzer, Etienne
• Primary Examiner(s): Weisberger; Richard C
• Application Number:
  US11/207,992
• Publication Number:
  US 20060080202A1
• Time in Patent Office: 1,905 Days
• Field of Search: 705 35- 45
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A method of providing a user with education financing information, includes the acts of: maintaining an electronic site on a computer network to which the user may connect; sending data to the user over the network for presenting at least one electronic screen which contains financial award information concerning a potential student of an educational institution, the financial award information including a monetary award which may be used for the student to attend the educational institution; and sending data to the user over the network when requested for presenting at least one electronic screen which contains cost projection information, the cost projection information being a function of the award and including an amount of money required for the student to attend the educational institution.

Claims

1. A computer-implemented method of providing a user with education financing information, the method incorporating a network server including a processor, and comprising the acts of:

implementing the processor for executing instructions for storing an electronic site accessible to the user over a network;

sending data to the user over the network for presentation in at least one electronic screen containing financial award information concerning a potential student of an educational institution, the financial award information including a monetary award usable by the student to attend the educational institution;

receiving a user request at the electronic site for cost projection information;

producing the cost projection information through a cost projection calculator implemented by the processor, the cost projection calculator utilizing educational institution data stored in a storage medium accessible to the processor, the educational institution data including at least a cost of attendance at the educational institution;

sending the cost projection information to the user over the network for presentation in at least one electronic screen, the cost projection information being a function of the award and including an amount of money required for the student to attend the educational institution;

sending an input field to the user over the computer network in at least one electronic screen, the input field operable to receive a user decision for transmission over the computer network indicating the input field allowing decisions including acceptance, rejection, and modification of the award;

receiving the user decision entered in the provided input field; and

selecting information for transmission through an additional electronic screen based on the received user decision.

2. The method of claim 1, wherein the award comprises funds taken from at least one of grants, scholarships, loans, and employment of the student.

3. The method of claim 2, wherein:

the grants include at least one of a Federal Pell Grant, a Federal SEOG Grant, and a state grant;

the scholarships include at least one of an institutional scholarship, a non-institutional scholarship, a state scholarship, and a private scholarship;

the loans include at least one of a Federal Perkins loan, A Federal Subsidized Stafford loan, a Federal Unsubsidized Stafford loan, an institutional loan, a PLUS loan, a private loan, and a private signature loan; and

the employment of the student includes at least one of a federal work study, an institutional work study, and a teaching assistantship.

4. The method of claim 2, wherein the financial award information is displayed on the at least one electronic screen as respective funds of the award taken from any of the grants, scholarships, loans, and employment of the student.

5. The method of claim 4, wherein the funds of the award are displayed for a defined time period.

6. The method of claim 5, wherein the defined time period is at least one of a school term and a school year.

7. The method of claim 5, wherein the financial award information includes an aggregate of the respective funds of the award displayed for the defined time period.

8. The method of claim 6, wherein the financial award information includes a plurality of sets of funds of the award which are displayed according to corresponding time periods, respective funds of each set being taken from any of the grants, scholarships, loans, and employment of the student.

9. The method of claim 8, wherein the defined time periods are at least one of school terms and school years.

10. The method of claim 8, wherein the financial award information includes respective aggregates of the sets of funds of the award.

11. The method of claim 1, wherein the financial award information includes at least one of (i) a cost for the student to attend the educational institution;

(ii) an expected monetary contribution to the educational institution;

(iii) the student'"'"'s financial need;

(iv) the award;

(v) unmet need.

12. The method of claim 11, wherein:

the cost, the expected monetary contribution, the student'"'"'s financial need, the award, and the unmet need are displayed according to corresponding time periods of at least one of a school term and a school year;

the student'"'"'s financial need corresponds to the cost less the expected monetary contribution; and

the unmet need is the amount of money required for the student to attend the educational institution, which corresponds to the student'"'"'s financial need less the award.

13. The method of claim 2, further comprising the act of:

sending data to the user over the computer network for presenting at least one electronic screen which includes an input field operable to receive data from the user representing funds other than those of the award to aggregate with the award and obtain a modified award.

14. The method of claim 13, wherein:

the at least one electronic screen includes a plurality of input fields, each being operable to receive data from the user representing respective funds other than those of the award to aggregate with the award and obtain the modified award, the respective funds corresponding to at least one of grants, scholarships, and loans.

15. The method of claim 2, wherein the cost projection information includes:

(i) respective funds of the award taken from any of the grants, scholarships, loans, and employment of the student;

(ii) a cost for the student to attend the educational institution;

(iii) an expected monetary contribution to the educational institution;

(iv) the student'"'"'s financial need;

(v) the award; and

(vi) unmet need.

16. The method of claim 15, wherein the at least one of:

(i) respective funds of the award, cost, expected monetary contribution, student'"'"'s financial need, award, and unmet need are displayed according to a corresponding time period.

17. The method of claim 16, wherein the time period is at least one of a school term and a school year.

18. The method of claim 15, wherein the cost projection information includes sets of information, each set of information corresponding to a respective time period and including at least one of:

(i) respective funds of the award taken from any of the grants, scholarships, loans, and employment of the student, for the corresponding time period;

(ii) a cost for the student to attend the educational institution, for the corresponding time period;

(iii) an expected monetary contribution to the educational institution for the corresponding time period;

(iv) the student'"'"'s financial need for the corresponding time period;

(v) the award for the corresponding time period; and

(vi) unmet need for the corresponding time period.

19. The method of claim 18, wherein the time periods are at least one of school terms and school years.

20. The method of claim 15, wherein the cost for the student to attend the educational institution includes and is displayed in terms of tuition costs and non-tuition costs.

21. The method of claim 20, wherein the non-tuition costs include at least one of room, board, books, supplies and transportation.

22. The method of claim 2, wherein the cost projection information includes loan repayment information for at least one loan of the award, the loan repayment information including:

(i) an amount of the loan;

(ii) a number of months for repayment of the loan;

(iii) an interest rate of the loan;

(iv) an amount of interest over the life of the loan;

(v) an aggregate of the amount of the loan and the amount of interest of the loan; and

(vi) a monthly payment required to pay off the loan.

23. The method of claim 22, wherein the loan repayment information includes sets of information corresponding to respective loans of the award, each set of information including at least one of:

(i) an amount of the loan;

(ii) a number of months for repayment of the loan;

(iii) an interest rate of the loan;

(iv) an amount of interest over the life of the loan;

(v) an aggregate of the amount of the loan and the amount of interest of the loan; and

(vi) a monthly payment required to payoff the loan.

24. The method of claim 23, wherein the loan repayment information includes aggregates of at least one of:

(i) amounts of the loans;

(ii) amounts of interest over the lives of the loans;

(iii) aggregates of the amounts of the loans and the amounts of interest of the loans; and

(iv) monthly payments required to pay off the loans.

25. The method of claim 24, wherein the loan repayment information is displayed in terms of a defined time period.

26. The method of claim 25, wherein the defined time period is at least one of a school year and a number of years that the student would attend the educational institution.

27. The method of claim 2, further comprising the act of:

sending data to the user over the computer network for presenting at least one electronic screen which includes at least one possible lender for providing the funds for at least one of the loans, wherein the at least one electronic screen further includes an input field operable to receive a command for transmission over the computer network indicating which of the possible lenders the user has selected to provide the funds for a corresponding loan of the award.

28. The method of claim 27, wherein the at least one electronic screen further includes a plurality of possible lenders for providing the funds for at least one of the loans.

29. The method of claim 28, wherein the at least one electronic screen further includes:

a list of each loan of the award and a corresponding plurality of possible lenders for providing the funds for each of the loans; and

at least one input field for each loan, the input fields being operable to receive respective commands for transmission over the computer network indicating which of the possible lenders the user has selected to provide the funds for the corresponding loans of the award.

30. The method of claim 29, further comprising the act of:

sending data to the user over the computer network for presenting at least one electronic screen which includes an input field operable to receive a command for transmission over the computer network indicating that the user wishes to at least one of confirm and decline the selected lenders.