Student loans on-line. (Boatmen's National Bank of St. Louis and University of Missouri at Columbia design format for transmitting student loan funds through Automated Clearing House system) (Operations Briefs) (Brief Article)

ABA Banking Journal, April, 1993

Student loans on-line. The Boatmen's National Bank of St. Louis and the University of Missouri-Columbia have designed a standard electronic format for transmitting the dollars and data associated with student loans through the Automated Clearing House system. The university will have handled about ,$30 million in federal student loans by the end of the 1992-93 academic year. Over half of the student loans were handled electronically.

Besides Boatmen's National of St. Louis, three other Missouri lenders participated in the project: Boone County National Bank, Commerce Bank of St. Louis, and Boatmen's Bank of Mid-Missouri. Because each lender's internal system uses its own format, a standard transaction format is required by the university's loan processing system.