On-line higher education financing system

• US 7,835,985 B2
• Filed: 01/12/2007
• Issued: 11/16/2010
• Est. Priority Date: 05/02/2000
• Status: Expired due to Term

• 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: Goldberg, Michele, Ireland, Leigh-Anne T, Strand, Marilyn, Winzer, Etienne
• Primary Examiner(s): Weisberger; Richard C
• Application Number:
  US11/622,761
• Publication Number:
  US 20070130036A1
• Time in Patent Office: 1,404 Days
• Field of Search: 705 35- 45
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 50/20 Education

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 system for providing educational financing information, the system comprising:

a processor;

a storage medium coupled to the processor;

a network interface for transmitting and receiving data over a network; and

a lender selection module;

wherein the processor executes one or more instructions stored in at least the storage medium to perform the functions of;

maintaining an electronic site on the network;

sending data over the network for presenting at least one electronic screen at the electronic site, wherein the data comprises an offer including a plurality of loans related to educational financing for attending an educational institution and wherein the at least one electronic screen provides an electronic worksheet for helping a user make an informed decision regarding the offer for attending the educational institution;

permitting the user to modify the offer by allowing the user to selectively modify the plurality of loans;

providing through the lender selection module a list of predetermined lenders associated with the educational institution, wherein the list of predetermined lenders is created, modified, and prioritized by an authorized administrator of the educational institution; and

offering selectable options for a student applicant to select at least one of the predetermined lenders for a loan in a financial award offer.

3. The system of claim 1, wherein the electronic site permits the user to at least one of accept and decline the offer.

4. The system of claim 1, wherein the offer includes a plurality of loans and the electronic site further permits the student applicant to selectively modify loans.

15. The system of claim 1, wherein the list of predetermined lenders are prioritized by at least one of the following:

name of lender, type of lender, minimum or maximum amounts of funding, interest rate, repayment period, and preference of the educational institution.

16. The system of claim 1, wherein the lender selection module provides an input option to receive data for modifying a funding amount associated with a lender from the list of predetermined lenders.

17. The system of claim 1, wherein the lender selection module provides an input option to add a lender by entering the lender'"'"'s name.

18. The system of claim 17, wherein the lender selection module provides an input option to add a funding amount associated with the lender.

19. The system of claim 1, wherein the lender selection module provides a confirmation screen to confirm a user'"'"'s selection of a lender from at least one of a list of predetermined lenders or a newly added lender.

2. A computer-implemented method implemented with at least one processor, at least one storage medium, and a network, the method for interactively providing educational financing information, the method comprising:

maintaining, through implementation of the at least one processor, an electronic site on the network;

sending data over the network for presenting at least one electronic screen at the electronic site, wherein the data comprises information related to educational financing;

implementing the data for providing an interactive decision tool, accessible through the electronic screen, for helping a user make an informed decision regarding the information related to educational financing at an educational institution, wherein the information related to educational financing comprises a student financial aid award package offer;

providing a lender selection module including a list of predetermined lenders associated with the educational institution; and

accepting input from an authorized administrator of the educational institution for creating, modifying, and prioritizing the list of predetermined lenders.

5. The method of claim 2, wherein the method further comprises receiving uploads of financial award offer data from school administrators from a plurality of educational institutions.

6. The method of claim 2, wherein the method further comprises receiving uploads of financial award rules from school administrators from a plurality of educational institutions.

7. The method of claim 2, wherein the method further comprises receiving uploads of cost data from school administrators from a plurality of educational institutions.

8. The method of claim 2, wherein the electronic site further provides at least one electronic screen comprising selectable options for a student applicant to select specific lenders for a loan in a financial award offer.

9. The method of claim 2, wherein the electronic site further provides at least one electronic screen comprising a financial award offer, school cost information, and information of any unmet need.

10. The method of claim 2, wherein the decision tool includes an electronic worksheet that provides a user the option to make changes relating to the student financial aid award package.

11. The method of claim 10, wherein the electronic worksheet comprises one or more input fields for receiving data from the user for modifying the student financial aid award package.

12. The method of claim 11, wherein the data received for modifying the student financial aid award package comprises at least one of the following:

increasing or decreasing funds associated a funding source, adding or subtracting a name and a corresponding amount of a funding source, and invoking a cost projection calculator to obtain repayment information.

13. The method of claim 12, wherein a summary of modifications to the student financial aid award package is provided to the user.

14. The method of claim 10, wherein an error message is sent to the user in the event invalid data is received from the user.