What is Meteor?
Meteor is an online service designed to obtain an individual borrower's student financial aid information from Meteor Network data providers and present the information in an aggregated snapshot of his or her total loan obligations.
What information is available in Meteor?
Meteor displays real-time summary and detail loan information on a borrower's student loans from the various data providers in the Meteor Network. Online access is available to students, borrowers, and financial aid professionals through a Meteor access provider. Individuals can see their cumulative debt, helping them to avoid over borrowing. Financial aid professionals can compare the information submitted for an individual borrower by all sources on the Meteor super screen, allowing them to pinpoint issues at specific organizations in order to assist students with problem resolution.
How does Meteor work?
A Meteor access provider allows inquirers to obtain information through its web site by hosting a copy of the Meteor software, which generates the request to the data providers for the appropriate individual borrower's information. Access providers can be schools, guarantors, lenders, servicers, or secondary markets.
A Meteor data provider hosts a copy of the Meteor software that enables it to respond to the access provider's request for information with data from its system. Data providers are typically lenders, servicers, guarantors, and secondary markets.
The National Student Clearinghouse serves as the Meteor index provider identifying the location of the data provider(s) holding the requested borrower information. For more, see How Meteor Works.
How does Meteor protect individual borrower data?
Access providers sign an agreement to comply with all Meteor data handling policies and the privacy laws restricting data access and use. Meteor uses a transitive trust model wherein each access provider leverages its existing authentication processes, eliminating the need for a separate Meteor sign-on.
Data is sent directly from the data provider's system and is not altered in any way within Meteor. All data is securely transmitted using SSL encryption.
In addition, access to the index and a centralized registry are bundled into the Meteor software to efficiently locate and validate data providers as well as ensure data security. The centralized registry permits access and data providers into the network and periodically updates information as new participants join. This further ensures that all data is secure and gives participants confidence that the shared data is reliable.
Is there any cost to use or participate in Meteor?