Program FAQs

What is BrainScratch?
BrainScratch is a packaged student loan program provided to banks and students, and administered by Student Loan Finance Corporation (SLFC), through www.BrainScratch.com.

Whom does BrainScratch serve?
SLFC created BrainScratch to serve both students and parents trying to cope with rising educational costs, and community banks that wish to offer their customers a comprehensive student loan package, with no risk or commitment on the part of the bank.

What kinds of student loans could our bank refer to its customers through BrainScratch?
SLFC provides and services all Federal Family Education Loan Program (FFELP) student loans, including the government subsidized and unsubsidized Stafford loans, PLUS loans, Graduate PLUS loans as well as consolidation loans.  SLFC also offers a private alternative student loan.

How would BrainScratch benefit our community bank?
How doesn’t it? With BrainScratch there is no risk or upfront costs. By expanding your product offerings, you increase the size and longevity of your customer base. The hard part is taken care of by the experienced staff at Student Loan Finance Corporation (SLFC) and their guarantor partners, like Great Lakes Higher Education Corporation (GLHEC), Education Assistance Corporation (EAC) and National Student Loan Program (NSLP). Just enroll, participate, and enjoy the profit!

Why wouldn’t students seek the help of larger institutions that typically service loans?
SLFC and the other support groups of BrainScratch account for decades of student loan servicing and processing experience. GLHEC alone has more than 30 years specialized experience, and SLFC has been dedicated to providing quality student loan services since 1979. If students are aware of the option to borrow for their educations through a community bank that they’re already familiar with, they will do so.

How do I set up a membership with BrainScratch for my bank?
It’s quick and easy. You can register online right now! When you register online, an e-mail is received at our office.  We will then forward you a packet of 'sample materials', along with a participation agreement.  The participation agreement is a non-binding agreement which outlines what we will provide to you.  If you chose to enroll your bank, sign the participation agreement and return it to our office.  Once accepted, your bank is on its way to offering customers a valuable service bringing immediate value to your institution.

What does my bank get with an approved membership?
Upon acceptance, your bank will receive a starter kit, including training, promotional, and informational materials. Reorder as needed quickly and easily by accessing your account online.

How much does the membership cost?
BrainScratch is a referral-based student loan program, so your participation is free. You will receive the product and your first set of marketing materials at no cost.

My bank is registered. What now?
If you’ve been accepted, you’re good to go. BrainScratch is a part of your product offerings. Your bank now provides FFELP education loans, with the help of BrainScratch’s promotional materials and support. Now it’s time to get the word out. When a prospect inquires about a student loan, refer them to BrainScratch through the Internet, give them a promotional brochure or register them yourself. It’s that simple!