Transcript Slide 1

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
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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
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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
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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
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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
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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
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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
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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
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Demo counseling session
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Choose counseling type
Select Texas as state of school
Select MYF Demo School as school
Enter false student information on
student form
School participation
MYF Staff
School
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
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Borrower process
• Receives instructions/directions
• Starts counseling session
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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
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
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
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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
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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 Ziehmer
Customer Care/Operations Coordinator
[email protected]
(573) 796-3730
Cathy Mueller
Executive Director
[email protected]
(940) 497-0741