The concept for Meteor – a network to provide aggregated financial aid information to schools and students – was developed in the spring of 2000 by executives from the nation's guaranty agencies and other student loan providers at a meeting sponsored by the National Council of Higher Education Loan Programs (NCHELP).
During the first quarter of 2001, a proof-of-concept prototype for Meteor was developed and implemented by Instructional Media & Magic (IM&M), in collaboration with the National Student Clearinghouse. In July 2001, the first Meteor Advisory Team was convened and in April 2002, the first release of Meteor software was made available to financial aid professionals.
Since its release, many financial aid providers have implemented Meteor, which has won several awards for its innovative contribution to higher education. The Meteor Advisory Team has continued to work with the industry to introduce new features and custom applications, including extending access to the Meteor network to students and borrowers, lenders, and customer service staff.
In 2004, real time data from Meteor was integrated into "Mapping Your Future," the free online exit counseling service provided by the nation's guaranty agencies. This led to the development of several custom debt management implementations.
In 2008, access to Meteor's real time data was integrated into the National Student Clearinghouse's LoanLocator service. LoanLocator provides financial aid professionals at colleges and universities with a comprehensive source of non-commercial student loan information, including data on newly originated loans and a complete participant list.
In February 2011, Meteor was acquired by the National Student Clearinghouse, which is committed to preserving Meteor as an open source, timely, student-specific financial aid resource.