FALLS CHURCH, Va., Jan. 10 /PRNewswire/ -- Raytheon Company (NYSE: RTN)
was awarded a contract extension by the U.S. Department of Education for the
National Student Loan Data System (NSLDS) program. The contract extension is
valued at $16.8 million and will extend the period of performance through
fiscal year 2003.
Designed and maintained by Raytheon, NSLDS is a comprehensive database of
selected federal financial aid history information on recipients of student
assistance. The system contains three billion records for more than 140
million student loans and 33 million grants received by more than 45 million
recipients. Since 1994, NSLDS has saved the government more than $1 million
per day and enabled $374 million per year in fraud avoidance.
Authorized under Title IV of the Higher Education Act of 1965, as amended
(HEA), the NSLDS mission directly supports Education's mission to increase the
accountability of federal education programs to the President, Congress, and
the public. As the central collection point or repository of Title IV
information, NSLDS is also accessed by lending and educational institutions,
independent researchers, and other agencies such as the Department of Treasury
and the General Accounting Office.
"Raytheon's prescreening process on NSLDS has prevented more than $4
billion in loans and grants from being received by ineligible applicants, and
the national default rate has declined from 15 to 5.6 percent," said John
Carroll, Raytheon's director of Enterprise Information Systems. "We are
pleased to continue our work on these programs with the Department of
Education in a partnering effort to help streamline and improve the loan
process and the return on loan investment dollars."
With headquarters in Lexington, Mass., Raytheon Company is a global
technology leader in defense, government and commercial electronics, and
business and special mission aircraft and special mission aircraft.
Note to editors: For more information about Raytheon's Enterprise
Information Systems business and the data management systems visit the
following web address:
http://www.raytheon.com/eis
Contact:
Pennington Way IV
703.849.1635
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
Pennington Way IV of Raytheon Company,
+1-703-849-1635
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