The Coming REVOLUTION (??)in Student Aid Delivery
November 2, 1998Sponsored by NASFAA, AACRAO, HEWIWashington, D.C.
“Modernization of Student Loans”
Dr. Keith Jepsen(www.nyu.edu/classes/jepsen)Director of Financial AidNew York University
Project EASI Core Team
Evolution not Revolution, but . . . Let’s keep going
• “Revolution”---just a trick to get you here
• Change (modernization) is usually incremental
• Carly wasn’t yet 1 year old when Secretary Riley charged us to: “design, integrate, and develop a world-class comprehensive student financial aid delivery system using state-of-the-art information technology” (Project EASI).
• Last week we celebrated Carly’s 4th birthday.
• Per current ED discussions, Carly will be 9 years old when EASI/ED is “implemented.”
• There’s lots for all of us, not just ED, to do to implement Project EASI (more later).
Past, Present, and Future of Loans, etc. (using NYU for example)
Two Reauthorizations ago:
# Lenders serving NYU clients: 200 +
$ Borrowed: $30 million FFELP
$5 Private
Delivery: Many forms
No standards
“Stovepipe” systems
Past, Present, and Future of Loans, etc. (using NYU for example)
Now:
# Lenders serving NYU clients: 95% in 4
$ Borrowed: $300 mil Federal (DL?) $50 mil Private (incl. International loans)
Delivery: Project EASI -- including EASI/ED -- including SSGSFAFSA on the Web (no other forms)Standards Council -- with ANSIFastWEB.comMulti-Year NoteAccess America for StudentsNY Mentor“NYU On-line, Inc.” (See Chronicle 10/8/98)Clearinghouse
* * * Schools “connected” by 2000 * * *
Performance-Based Organization
Past, Present, and Future of Loans, etc. (using NYU for example)
# Lenders serving NYU clients:
The Future (before the next Reauthorization):
3 (maybe NYU as lender FFELP) [caution re: DL]
$ Borrowed: ? Most students --- private loans too
--- especially international
Delivery:
(“point and click” generation)
Access America = student account
Line of credit
“Web-centric” student services 24 x 7
Open, common, integrated (per Carly)
All providers delivering and being “graded” (SSGS)
Electronic signatures
Personal assistance/assistants
Simulations by clients before “purchase”
NY Mentor--- “choose lender” from the School’s preferred lender list
One-stop shopping
More distance learning
(Stock in “NYU On-line, Inc.”)
What should we do to prepare?How will we get there?
• Support ED to deliver EASI/ED “on time” or sooner
• Schools plan systems with software vendors to do non-ED portion of Project EASI vision
• Get web-enabled
• Think from client’s (Carly’s) perspective
• Think global
• Support the Clearinghouse -- for all students’ enrollment verification
• Support Standards Council
• Support ELM
• Support Access America for Students -- expand pilots
• Work with your state to bring Mentor to your state
• Push for distance learning financial aid
• EASI Corp.??
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