Method, computer program product, and system for assuming a loan
OwnerMark Merithew, Laura Hardmaninventors
Life of this patent
Estimating the term…
Abstract
A system, computer program product, and method that enable a parent's Federal PLUS Loan to be refinanced by the student into a new private loan product. The system includes a computer network, server, storage device and Web Site. The system, computer program product and method all allow for online application by student for the new loan, storing of the application information, electronic signature of the promissory note, electronic provision of income documentation and proof of identity, credit qualification checks completed on student by computer, creation of a new loan in the student's name, payment-in-full of the parent's PLUS loan, notification to parents of payment-in-full status, and disclosure of the new loan to the student.
Claims18
A computer system for refinancing parent loans, the system comprising:
- a computer network;
- at least one server in communication with the computer network;
- at least one database in communication with the server;
- a Web site in communication with the server, the Web Site providing a user interface for enabling a student to fill out an online application form for a student's loan product to payoff a parent's loan, provide information related to the financial status of the student, and electronically sign a promissory note for the student's loan;
- and
- a loan refinance module that facilitates a decision of whether to approve or deny the student's loan to the student.
A computer system for financial aid institutions, the system comprising:
- a computer network;
- at least one server in communication with the computer network;
- at least one Web site linked to the server through the computer network, the Web site providing a user interface for enabling a student to fill out an online application form for a student's loan to pay off a parent's Federal PLUS loan, electronically sign a promissory note for the loan product, and provide income documentation and proof of identity;
- a database in communication with the server for storing student information from the application form, the income documentation, and the proof of identity;
- a loan refinance module for enabling a computer to run a credit bureau check based on the information collected from the student in the application form, compare the student's credit qualifications to preestablished criteria, determine credit qualification based on the comparison, issue a positive or negative credit qualification decision, pay the parent's PLUS loan in full upon issuance of a positive credit qualification decision, and create the student's loan, notify the parent that the PLUS loan is paid-in-full, and notify the student of the creation of the student's loan.
A method of enabling a student to refinance a parent's loan, the method comprising:
- providing at least one product access Web Site located on a server in communication with a computer network that provides a user interface through which a student can fill out an online application form for a new loan product for paying off a parent's loan, electronically sign a promissory note for the new loan product;
- analyzing the student's qualifications and comparing the student's qualifications to pre-established criteria;
- and
- based on the comparison, issuing a positive or negative credit decision.
A computer software program product for financial aid embodied on a computer useable medium, comprising:
- a loan refinance application that runs on a server in communication with a computer network that provides a user interface through which a student can fill out an online application form for a new loan product for paying off a parent's loan, and electronically sign a promissory note for the new loan product, the loan refinance application configured to enable the server to check the student's qualifications, compare the student's qualifications to pre-established criteria, and issue a positive or negative credit decision based on the comparison.
Dependencies are inferred from the claim text.