Complete field specifications for student loan accounts. These guidelines are specific to your industry and should be used in conjunction with specifications in the Metro 2® Format.
| M2R Program Field | What to Report for Lender/Servicer/Secondary Market | What to Report for Post-Default Loans | Notes |
|---|---|---|---|
| Portfolio Type | I (Installment Loan) | O (Open) | |
| Account Type | 12 (Education) | 12 (Education) | |
| Date Opened | Date the account was originally opened | Date the defaulted claim was paid to the lender | |
| High Credit / Original Amount | Original amount of the loan, excluding interest payments | Claim amount that was paid to the lender | |
| Terms Duration | • Maximum number of months allowed for repayment of the loan • When payments are not required (initial in-school, grace, deferment, forbearance), report Blank. • When loans no longer guaranteed and in collections, report '001'. |
'001' (for one payment due as scheduled) | For Portfolio Type O (Open) M2R will default 001 for Terms Duration. |
| Terms Frequency | M (monthly) or D (deferred) | Blank fill | |
| Scheduled Payment | • Monthly payment amount for repayment plan in which borrower is enrolled during current reporting period • For loans in IDR plan, amount the consumer is required to pay for each month in the IDR plan, which can be as low as $0 |
Zero fill | |
| Account Status | • 11, 13, 78, 80, 82 – 84, DA, DF • For loans no longer guaranteed: 62, 64, 93, 97 |
62, 93, DA, DF | See references for Account Status for more information. DA & DF will delete consumer account from the credit bureau. |
| Special Comment | AH = Sold AU = Special Payment Arrangements O, AT = Transferred AW = Other Blank = Removal of comment |
AM = Legal Action B, C, AC, AI, AU = Special Payment Arrangements S, V, AW = Other Blank = Removal of comment |
See references for Special Comment Codes for more information. |
| Compliance Cond. Code | XB, XC, XH, XR | XB, XC, XH, XR | See references for Compliance Condition Codes for more information. |
| ECOA Code | 1 (Individual) • 2 (Joint) • 5 (Co-maker/Guarantor) • 7 (Maker) • T (Terminated) • X (Deceased) • W (Business) • Z (Delete Consumer) | 1 (Individual) • 2 (Joint) • 5 (Co-maker/Guarantor) • 7 (Maker) • T (Terminated) • X (Deceased) • W (Business) • Z (Delete Consumer) | Use Z to delete inaccurate consumers or deceased when no other liable consumer remains. X requires legally-sufficient death notice. ECOA Code 3 is no longer applicable. |
| Original Creditor Name & Classification | Not applicable | Complete name of the lender to whom the claim was paid & Creditor Classification = 07 | Outside Agencies tab in M2R |
| Special Payment | Payment Type = Deferred Deferred Payment Start Date = date the first payment is due. If not available, date on which the deferred/forbearance period will end. |
Do not use, not applicable. | See the Special Payment button under the Account tab in M2R |
| M2R Program Field | What to Report for Installment | What to Report for Line of Credit | Notes |
|---|---|---|---|
| Portfolio Type | I (Installment Loan) | C (Line of Credit) | |
| Account Type | 12 (Education) | 15 (Line of Credit) | |
| Credit Limit | Zero fill | Assigned credit limit | |
| Highest Credit / Original Amount | Original amount of the loan, excluding interest payments | Highest amount of credit utilized by the consumer | |
| Terms Duration | Number of months of the loan | Constant of 'LOC' | For Portfolio Type C (Line of Credit) M2R will default LOC for Terms Duration. |
| Term Frequency | M (monthly) or D (deferred) | M (monthly) or D (deferred) | |
| Scheduled Payment | Regular scheduled monthly payment | Minimum amount due based on the balance, not including any amounts past due | |
| Account Status | 11, 13, 62, 64, 71, 78, 80, 82 – 84, 93, 97, DA, DF | 11, 13, 62, 64, 71, 78, 80, 82 – 84, 93, 97, DA, DF | See references for Account Status for more information. DA & DF will delete consumer account from the credit bureau. |
| Special Comment | AM = Legal Action AS = Refinanced AH = Sold AC, AU, BT = Special Payment Arrangements O, AT = Transferred AW, CH, CO = Other Blank = Removal of comment |
M, AP, CJ = Closed AM = Legal Action AH = Sold AC, AU, BT = Special Payment Arrangements O, AT = Transferred AW, CH, CO = Other Blank = Removal of comment |
See references for Special Comment Codes for more information. |
| Compliance Condition | XB, XC, XH, XR | XA – XE, XH, XR | See references for Compliance Condition Codes for more information. |
| ECOA Code | 1 (Individual) • 2 (Joint) • 5 (Co-maker/Guarantor) • 7 (Maker) • T (Terminated) • X (Deceased) • W (Business) • Z (Delete Consumer) | 1 (Individual) • 2 (Joint) • 5 (Co-maker/Guarantor) • 7 (Maker) • T (Terminated) • X (Deceased) • W (Business) • Z (Delete Consumer) | Use Z to delete inaccurate consumers or deceased when no other liable consumer remains. X requires legally-sufficient death notice. ECOA Code 3 is no longer applicable. |
| Special Payment | Payment Type = Deferred Deferred Payment Start = date the first payment is due. If not available, date on which the deferred/forbearance period will end. |
Payment Type = Deferred Deferred Payment Start = date the first payment is due. If not available, date on which the deferred/forbearance period will end. |
See the Special Payment button under the Account tab in M2R |