Systems and Methods for Lending Based on Actuarial Calculations
AssigneeAffiliated Computer Services, Inc.
InventorsJeffrey J. Harris, Sean M. Flynn, Peter G. Lesburg, Carlo S. Salerno, Jeffrey W. Weinstein
Life of this patent
Estimating the term…
Abstract
The disclosed systems and methods relate generally to techniques for determining the expected cost of a loan repayment program over a given period of time. The systems and methods can calculate a fee for the loan repayment program based on repayment difficulty/non-repayment patterns, underlying economic conditions, and extrapolated enrollment and graduation data.
Claims20
A non-transitory computer readable storage medium comprising code executable by a processor for performing a method, the method comprising:
- receiving input from a user comprising one or more characteristics relating to a loan repayment program, the loan repayment program comprising a line of credit for a program applicant;
- calculating one or more characteristics of the loan repayment program applicant based on extrapolated post-secondary institution enrollment data;
- and
- calculating an actuarially fair fee for the loan repayment program based on the one or more calculated characteristics of the loan repayment program applicant and the one or more characteristics relating to the loan repayment program.
A system for providing a loan repayment program comprising:
- an enrollment module configured to extrapolate enrollment information for a year of a post-secondary institution after the first;
- a graduation module configured to extrapolate graduation information for a post-secondary institution;
- and
- a processor configured to calculate an actuarially fair cost of insurance based on output of the enrollment and graduation modules.
A computerized method for calculating an expected cost of a loan repayment insurance program, comprising:
- storing post-secondary institution enrollment data in a data storage device;
- storing post-secondary institution graduation data in the data storage device;
- receiving input from a user comprising one or more characteristics relating to a loan repayment program, the loan repayment program comprising a line of credit for a program applicant;
- storing the user input in the data storage device;
- calculating a characteristic of the program applicant based on extrapolation of the stored post-secondary institution enrollment data;
- calculating a characteristic of the program applicant based on extrapolation of the stored post-secondary institution graduation data;
- and
- calculating an actuarially fair fee for the loan repayment insurance program based on the calculated loan applicant characteristics.
Dependencies are inferred from the claim text.