Abstract: An electronic financial system and method for integrating those involved in financial transactions with the use of various forms of communication to increase the speed and ease of financial transactions. A portal used by the electronic financial system allows each entity associated with financial transactions to interact with the system. The portal uses any form of communication including wireless, cellular, satellite, Internet, television and local area network to communicate and share data with those involved in financial transactions. A database, accessible through the portal, is used by the system to store financial transaction data of those involved in financial transactions. The financial transactions supported include student loans, automobile loans, consumer loans and home loans. The financial system uses novel methods to implement processes used to perform the financial transactions as well as to monitor the system.