What is an EDI 144 Student Loan Transfer and Status Verification Document?
EDI 144 is an electronic document containing information related to the ownership transfer and verification status of a student loan. The data contents and format of an EDI 144 Student Loan Transfer and Status Verification are used for the electronic interchange of information. This transaction set can be used for the following reasons:
- To exchange information related to the ownership transfer of a student loan
- To verify a loan’s status before and after its purchase
- To request information regarding the loan status from its guarantor
- To provide the requested information about the verified loan status to a potential buyer of the loan
- To notify the guarantors about the ownership transfer after the loan’s purchase
Workflow for the Exchange of an EDI 144 Student Loan Transfer and Status Verification Document
Lending institutions, secondary markets, and guarantee agencies use the EDI 144 Student Loan Transfer and Status Verification transaction set for sending and receiving information about the transfer of ownership of a student loan. It is also used for the verification of the status of a student loan. The transaction set is used in conjunction with an EDI 139 Student Loan Guarantee Result to verify the status of a requested loan.
Stay EDI Compliant with EDIConnect
EDIConnect is an enterprise-grade EDI solution that simplifies the process of sending and receiving EDI messages. It is designed to handle X12, EDIFACT, and HL7 transaction sets through its built-in parser, validator, and transaction builder. It also offers features to help businesses comply with EDI requirements and communicate seamlessly with their trading partners