On-line higher education financing system

• US 7,062,462 B1
• Filed: 05/02/2000
• Issued: 06/13/2006
• Est. Priority Date: 07/26/1999
• Status: Expired due to Term

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: The Chase Manhattan Bank (JP Morgan Chase & Co)
• Inventors: Ireland, Leigh-Anne T., Goldberg, Michele, Strand, Marilyn, Winzer, Etienne
• Primary Examiner(s): WEISBERGER, RICHARD C
• Application Number:
  US09/563,299
• Time in Patent Office: 2,233 Days
• Field of Search: 705/35, 705/36, 705/38
• 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 method of providing a user with education financing information, comprising the acts of:

maintaining an electronic site on a computer network to which the user may connect;

receiving at the electronic site, financial award information concerning a potential student of an educational institution, the financial award information originating from an entity other than user, the financial award information including an award which may be used by the student to attend the educational institution, wherein the award comprises funds taken from at least one loan;

sending data to the user over the network for presenting at least one electronic screen which contains the financial award information;

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 including loan repayment information for the at least one loan; and

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 accept, decline, and defer a decision on, the award.

2. A method of providing users with education financing information, comprising the acts of:

maintaining an electronic site on a computer network to which the users and an administrator of an educational institution may connect;

sending data to each of the users over the network for presenting at least one electronic screen which contains financial award information concerning potential students of an educational institution, the financial award information including a monetary award which may be used for the respective students to attend the educational institution, the award including funds taken from at least one of grants, scholarships, loans, and employment of the student;

sending data to the administrator over the computer network for presenting at least one electronic screen which includes reporting information indicating whether respective users have at least one of accepted, declined, and deferred a decision on, the respective awards; and

sending modified financial award information to at least one of the potential students, the modified financial award information including at least one modified monetary award based on the reporting information.

3. The method of claim 2, wherein the financial award information includes at least one cost for respective students to attend the educational institution.

4. The method of claim 3, wherein the at least one cost includes direct and indirect costs.

5. The method of claim 4, wherein the direct costs include at least one of tuition, room, board, books, supplies, and transportation;

and the indirect costs include at least one of room, board, books, supplies, and transportation.

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

sending data to the administrator over the computer network for presenting at least one electronic screen which includes a plurality of input fields operable to receive at least one of (i) types of loans for funding the awards;

(ii) a plurality of lenders for providing each type of loan;

(iii) an amount for each type of loan;

(iv) an interest rate for each type of loan;

(v) a repayment period for each type of loan;

(vi) a priority for each type of loan;

(vii) types of grants;

(viii) an amount for each type of grant;

(ix) an annual rate of increase for each type of grant;

(x) a priority for each type of grant;

(xi) types of scholarships;

(xii) an amount for each type of scholarship;

(xiii) an annual rate of increase for each type of scholarship;

(xiv) a priority for each type of scholarship; and

(xv) type and amount of employment of the student.

7. The method of claim 6, wherein:

(i) the amount for each type of loan includes a minimum amount and a maximum amount;

(ii) the amount for each type of grant includes a minimum amount and a maximum amount;

(iii) the amount for each type of scholarship includes a minimum amount and a maximum amount; and

(iv) the amount of employment of the student includes a minimum and a maximum amount.

8. The method of claim 2, further comprising the acts of:

sending data to the administrator over the computer network for presenting at least one electronic screen which includes at least one input field operable to receive at least one search criteria to compare against a database containing the financial award information;

searching the database and extracting the financial award information which meets the search criteria; and

sending data to the administrator over the computer network for presenting at least one electronic screen which includes the financial award information which meets the search criteria.

9. The method of claim 8, wherein the search criteria is at least one of:

a student'"'"'s first name, a student'"'"'s last name, a student'"'"'s identification number, whether an award has been accepted, whether an award has been declined, whether an award is pending, a number of times that a user has accessed the electronic site, a starting date, and an ending date.

10. The method of claim 8, further comprising downloading at least one of the reporting information, reporting results based on ad hoc queries and other reports to another system of the educational institution for conversion to a format useful to the institution for updating the institution'"'"'s other system electronically.

11. An apparatus for providing users with education financing information, comprising:

a processor;

a storage medium coupled to the processor; and

a network interface coupled to the processor and operable to send and receive data over a computer network,

the processor being operable to execute instructions in accordance with a computer program which is at least partially stored in the storage medium, the computer program being operable to instruct at least one of the processor and the network interface to perform the functions of;

maintaining an electronic site on a computer network to which the users and an administrator of an educational institution may connect;

sending data to each of the users over the network for presenting at least one electronic screen which contains financial award information concerning potential students of an educational institution, the financial award information including a monetary award which may be used for the respective students to attend the educational institution, the award including funds taken from at least one of grants, scholarships, loans, and employment of the student;

sending data to the administrator over the computer network for presenting at least one electronic screen which includes reporting information indicating whether respective users have at least one of accepted, declined, and deferred a decision on, the respective awards; and

sending modified financial award information to at least one of the potential students, the modified financial award information including at least one modified monetary award based on the reporting information.

12. The apparatus of claim 11, wherein the financial award information includes at least one cost for respective students to attend the educational institution.

13. The apparatus of claim 12, wherein the at least one cost includes direct and indirect costs.

14. The apparatus of claim 13, wherein the direct costs include at least one of tuition, room, board, books, supplies, and transportation;

and the indirect costs include at least one of room, board, books, supplies, and transportation.

15. The apparatus of claim 11, wherein the computer program is further operable to instruct at least one of the processor and the network interface to perform the function of:

sending data to the administrator over the computer network for presenting at least one electronic screen which includes a plurality of input fields operable to receive at least one of (i) types of loans for funding the awards;

(ii) a plurality of lenders for providing each type of loan;

(iii) an amount for each type of loan;

(iv) an interest rate for each type of loan;

(v) a repayment period for each type of loan;

(vi) a priority for each type of loan;

(vii) types of grants;

(viii) an amount for each type of grant;

(ix) an annual rate of increase for each type of grant;

(x) a priority for each type of grant;

(xi) types of scholarships;

(xii) an amount for each type of scholarship;

(xiii) an annual rate of increase for each type of scholarship; and

(xiv) a priority for each type of scholarship; and

(xv) type and amount of employment of the student.

16. The apparatus of claim 15, wherein:

(i) the amount for each type of loan includes a minimum amount and a maximum amount;

(ii) the amount for each type of grant includes a minimum amount and a maximum amount;

(iii) the amount for each type of scholarship includes a minimum amount and a maximum amount; and

(iv) the amount of employment of the student includes a minimum and a maximum amount.

17. The apparatus of claim 16, wherein the search criteria is at least one of:

a student'"'"'s first name, a student'"'"'s last name, a student'"'"'s identification number, whether an award has been accepted, whether an award has been declined, whether an award is pending, a number of times that a user has accessed the electronic site, a starting date, and an ending date.

18. The apparatus of claim 11, wherein at least one of the reporting information, reporting results based on ad hoc queries and other reports can be downloaded to another system of the educational institution for conversion to a format useful to the institution for updating the institution'"'"'s other system electronically.