Online Student Loan Counseling A neutral counseling option Presented by: Cathy Mueller Executive...
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Transcript of Online Student Loan Counseling A neutral counseling option Presented by: Cathy Mueller Executive...
Online Student Loan Counseling
A neutral counseling option
Presented by:Cathy Mueller
Executive Director, Mapping Your Future
History
In 1996, guaranty agency leaders saw the need to deliver online services to schools and students. By working together, the agencies could meet those needs.
Sponsors
• AES/PHEAA• American Student Assistance• College Assist• Connecticut Student Loan Foundation• ECMC • EDFUND• Education Assistance Corporation• Finance Authority of Maine• Florida OSFA• Georgia Student Finance Commission• Great Lakes Higher Education Guaranty Corporation• Illinois Student Assistance Commission• Iowa College Student Aid Commission• Kentucky Higher Education Assistance Authority• Louisiana Office of Student Financial Assistance• Michigan Higher Education Assistance Authority• Missouri Department of Higher Education• Montana Guaranteed Student Loan Program
Sponsors
• National Student Loan Program• New Hampshire Higher Education Assistance Foundation• New Jersey Higher Education Student Assistance Authority• New Mexico Student Loan Guarantee Corporation• New York State Higher Education Services Corporation• North Carolina State Education Assistance Authority• Northwest Education Loan Association• Oklahoma Guaranteed Student Loan Program• Rhode Island Higher Education Assistance Authority• South Carolina Student Loan Corporation• Student Loan Guarantee Foundation of Arkansas• Student Loans of North Dakota• Tennessee Student Assistance Corporation• TG • United Student Aid (USA) Funds, Inc.• Utah Higher Education Assistance Authority• Vermont Student Assistance Corporation
Friends
• Academic Finance Corporation• ALL Student Loan• American Student Loan Services• Arizona Federal Credit Union• Brazos Student Lending• Chase• Citibank• CollegEDGE/LoanSTAR• College Loan Corporation• Commerce Bank• Consolidation Center.com• COSTEP• Edfinancial Services• Education Finance Partners• Educational Direct• EFSI• IDAPP• Indiana Secondary Market for Education Loans, Inc.• Key Bank
Friends
• Michigan Higher Education Student Loan Authority• MOHELA• Nelnet• NEW FUTURES• New Mexico Educational Assistance Foundation• NextStudent• Panhandle-Plains Higher Education Authority• Priority Technologies, Inc.• Regent• Regions Bank• Rhode Island Student Loan Authority• SallieMae• SimpleTuition, Inc.• Southwest Student Services Corporation• Student Assistance Foundation of Montana• Student Funding Group, LLC. (StuFund)• Student Loan Finance Corporation• Student Loan Xpress• Studentloans.com
Friends
• SunTrust Bank• TCF National Bank• Total Higher Education (T.H.E.) Loan Program• U.S. Bank• Vangent• Wachovia Education Finance• Wells Fargo
Features
• Lender/guarantor neutral• Step-by-step instructions • Explanations of loan types • Annual loan limits (entrance) • Advice on borrowing conservatively
and maintaining the loan • Debt/salary wizard • Optional budget calculator• Customization options
Counseling sessions
• Stafford entrance• Stafford exit • Stafford entrance (Spanish)• Stafford exit (Spanish)• Perkins entrance • Perkins exit• Stafford and Perkins combined
entrance • Stafford and Perkins combined exit
Counseling sessions
• Nursing Student Loan entrance • Nursing Student Loan exit• Health Professions entrance• Health Professions exit• Grad PLUS entrance• Grad PLUS exit• Stafford and Grad PLUS combined
entrance• Stafford and Grad PLUS combined exit
Demo counseling session
• Choose counseling type• Select Texas as state of school• Select MYF Demo School as school• Enter false student information on
student form
School
School participation
MYF Staff
OSLC checklist
• Utilize OSLC Key Points document• Review counseling type needs• Ensure appropriate staff has access• Regularly retrieve counseling records• Utilize customization options• Review correspondence with students
and website• Sign up for the OSLC E-News• Review the OSLC User’s Guide• Training-on-Demand videos
Borrower process
• Receives instructions/directions• Starts counseling session– Mapping Your Future website– School link– Lender or guarantor link– Integrated process with MPN
• Reads content and correctly answers questions
• Completes online form• Receives confirmation number
Security
• Secure web server and password protection – Borrower form is secure – Retrieve records from secure,
password-protected FAO Access Area • Not able to share password• Change password every 90 days • Staff can’t see password
• Borrower data only online for one year
Regulatory requirements
• Maintain documentation substantiating compliance
• Provide sample repayment information– Stafford entrance– Grad PLUS entrance– Stafford exit
• Respond to borrowers' questions• Forward Stafford exit counseling
records to guaranty agency• Disclose written repayment
information to Perkins borrowers
Regulatory requirements
• Borrowers not be able to circumvent or exit counseling before session is complete
• Information in counseling sessions meets applicable regulatory requirements
• OSLC team and staff continue to monitor regulations
Final Rules/New regulations
• Cooperative arrangements• Online Counseling vs. In-Person
counseling• Stafford and Grad Plus• Teach Grant
Documentation
• Retrieve paper counseling records from FAO Access Area– Daily records box (on day at a time)– Reports tab • Counseling session reports: View or
print for specific date range or since the last time• Ad hoc reports: Search specific fields• Search tab: Last name or SSN
• Export counseling records from FAO Access Area
• Create automated method
Documentation
• Mapping Your Future isn’t record keeper
• Archive policy– Schools have access to one year of
data– Two more years are available by
customer service request– All prior data is unavailable
Sample repayment amounts
• Stafford entrance– Range of indebtedness or – Average indebtedness of borrowers
who obtained Stafford Loans for attendance at school or in program of study
– If student borrows Stafford AND Grad PLUS loans, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness
Sample repayment amounts
• Grad PLUS entrance– Range of debt levels or – average indebtedness of Grad PLUS
borrowers at school or in program of study
– If student borrows Stafford AND Grad PLUS loans, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness
Sample repayment amounts
• Stafford exit– Borrower's actual indebtedness or – Average indebtedness of borrowers
who obtained Federal Stafford or SLS loans at school or in program of study
Sample repayment amounts
• Display information with monthly payment amount at maximum interest rate – With instructions to borrower– On your website– On customized counseling start page
• Use indebtedness customization
Sample repayment amounts
Sample repayment amounts
Borrower questions
• In full in individual e-mail notifications • In full in confirmation records online• On printable reports (may be limited if
comment is long) • Notation on batch e-mail notifications
• Individual—One message sent per counseling session
• Batch—One daily e-mail per counseling type with borrowers who completed counseling prior day
• None—Can elect to receive message if borrowers enter questions/comments
e-mail notifications
ExitExpress
• Must share Stafford exit information to guarantor within 60 days of student completing counseling
• Clearinghouse provides guarantor name on Stafford exit record
• Mapping Your Future provides record to guarantor
• Guarantor retrieves record• School ensures guarantor retrieves
record
ExitExpress
• Individual confirmations: Asterisk and a date indicates when guarantor retrieved report
• Exit report list: "Status" under GA• Guarantor Exception Report: List of
records guarantor has not retrieved• Guarantor Rejection Report: List of
exit records guarantor rejected (didn’t guarantee loan for borrower)
Customization
• Display school logo in session • Choose questions borrowers must
answer• Expand counseling content with
money management information• Add average indebtedness
information• Determine whether students must
complete budget• Customize counseling start page
Customization
• Require borrowers to complete all fields on student form
• Direct borrowers to specific web page upon completing counseling
Display school logo
• On customized start page• At top of every page within session– Requires minimal programming
(request documentation)– Enforces end URL
Customized questions
• Select questions from list • Default questions to start• Minimum number of questions
required• Can submit questions for inclusion in
list
Expanded counseling
• Building good credit• Budgeting• Saving• Credit card use• Credit reports
Questions and expansion
Indebtedness information
Budget calculator
• By default, excluded from entrance sessions
• By default, included in exit sessions
Counseling start page
• Provide important school-specific information to borrowers– Important dates– Disbursement procedures– Refund policies– Sample repayment amounts– Contact information
• Template simplifies development (no HTML knowledge needed)
• One page per counseling type
Counseling start page
• Options– Wizard—create a new page– Edit—edit existing page– Submit—Submit page for approval
• To add school logo, insert URL for logo in image box
• Type text directly into Pagemaster Edit box
• Save changes every 15 minutes• Link to customized page from school,
lender, or guarantor website
Counseling start page
Student form
• Require borrowers to complete all fields– Get references during entrance
counseling– Great for schools with high drop-out
rates
• Default setting requires borrowers to complete only regulatory required fields
Student form
End URL
FAO Access Area
• Meteor school access• Retrieve counseling records• Verify guarantors retrieve Stafford
exit records• Manage users • Change e-mail notification options• Customize counseling
Contact
Beth ZiehmerCustomer Care/Operations [email protected](573) 796-3730
Cathy MuellerExecutive [email protected](940) 497-0741