Virtual financial aid office
First Claim
1. A computer-readable medium comprising instructions for executing a web-based application for providing a multi-level financial aid system featuring integrated and automated on-line financial aid features specific to a given educational institution to a user, wherein said web-based application comprises:
- a first information collection service for obtaining requested personal and financial information about a given student;
a financial aid estimation service for evaluating the information obtained via said first information collection service and generating a predicted amount of monetary aid that may be available for the student to use for education-related expenses at a given educational institution;
a federal link service for receiving an electronic copy of an Institutional Student Information Report (ISIR) document for the given student;
a service for comparing information obtained via said first information collection service and the given student'"'"'s ISIR document;
a service for determining an authorized amount of financial aid the given student is eligible for at the given educational institution; and
a service for providing an award notice to the given student based on the determination of authorized financial aid eligibility.
1 Assignment
0 Petitions
Accused Products
Abstract
A virtual system and method is disclosed for administering, evaluating, and processing financial aid for post-secondary students. The subject virtual system is preferably hosted in a web-based environment and is accessible by and/or interactive with various entities such as students, educational institutions, student financial aid processing centers, government agencies related to educational funding, and loan guarantors. Particular features and methodology are preferably provided in accordance with the virtual system such that a student can conveniently obtain educational funding within a completely automated and integrated online process. The virtual system preferably provides features such as direct links to applications for federal funding, an electronic messenger service to communicate among networked system entities, and a financial aid estimator to predict amounts of aid for which a student is eligible. A user of the virtual system can apply for a personal identification number (PIN) and complete a student interview process to initiate a financial aid processing. Such information is then preferably combined into a personalized user file with information electronically obtained and verified from outside sources. This file then undergoes a review process, including compliance checks, quality control, and loan certification. Once a file is sufficiently reviewed, aid can then be routed to a student'"'"'s specified institution for use towards his or her educational expenses. Review and reporting services are preferably available throughout this automated process such that a user can conveniently track certain information, including progress of the financial aid process steps.
23 Citations
21 Claims
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1. A computer-readable medium comprising instructions for executing a web-based application for providing a multi-level financial aid system featuring integrated and automated on-line financial aid features specific to a given educational institution to a user, wherein said web-based application comprises:
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a first information collection service for obtaining requested personal and financial information about a given student; a financial aid estimation service for evaluating the information obtained via said first information collection service and generating a predicted amount of monetary aid that may be available for the student to use for education-related expenses at a given educational institution; a federal link service for receiving an electronic copy of an Institutional Student Information Report (ISIR) document for the given student; a service for comparing information obtained via said first information collection service and the given student'"'"'s ISIR document; a service for determining an authorized amount of financial aid the given student is eligible for at the given educational institution; and a service for providing an award notice to the given student based on the determination of authorized financial aid eligibility. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer-readable medium comprising instructions for executing a web-based application, for providing a multi-level financial aid system featuring integrated and automated on-line financial aid features specific to a given educational institution, wherein said web-based application comprises:
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an information collection service for obtaining requested personal and financial information about one or more students; a financial aid estimation service for evaluating the information obtained via said first information collection service and generating a predicted amount of monetary aid that may be available for each student to use for education-related expenses at a given educational institution; a service for determining an authorized amount of financial aid each student is eligible for at the given educational institution; a service for providing an award notice to each student based on the determination of authorized financial aid eligibility; a reporting service, available to the given educational institution, for generating reports of selected students and their respective financial aid packages; a federal link service for receiving an electronic copy of an Institutional Student Information Report (ISIR) document for the given student; and a service for comparing information obtained via said first information collection service and the given student'"'"'s ISIR document. - View Dependent Claims (17, 18, 19, 20, 21)
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Specification