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Online Student Loan Counseling A clearing in the regulatory jungle Presented by: Beth Ziehmer Customer Care/Operations Coordinator November 10, 2008 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 National Student Loan Program New Hampshire Higher Education Assistance Foundation Sponsors • • • • • • • • • 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 Commerce Bank COSTEP Edfinancial Services Education Finance Partners Educational Direct EFSI IDAPP Indiana Secondary Market for Education Loans, Inc. Key Bank • • • • • • • • • • • • • • Michigan Higher Education Student Loan Authority MOHELA Nelnet 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 Friends • • • • • • • • • • • • Student Funding Group, LLC. (StuFund) Student Loan Finance Corporation Student Loan Xpress Studentloans.com SunTrust Bank TCF National Bank Total Higher Education (T.H.E.) Loan Program U.S. Bank Vangent Wachovia Education Finance Wells Fargo Western States Learning Corporation Features Neutral Instructions Loan types Limits Borrow conservatively Debt/salary wizard Budget calculator Customization Counseling sessions 1. Stafford entrance 2. Stafford exit 3. Stafford entrance (Spanish) 4. Stafford exit (Spanish) 5. Perkins entrance 6. Perkins exit 7. Stafford and Perkins combined entrance 8. Stafford and Perkins combined exit Counseling sessions 9. Nursing Student Loan entrance 10. Nursing Student Loan exit 11. Health Professions entrance 12. Health Professions exit 13. Grad PLUS entrance 14. Grad PLUS exit 15. Stafford and Grad PLUS combined entrance 16. Stafford and Grad PLUS combined exit 17. TEACH Grant initial and subsequent Demo counseling session Counseling type Texas MYF Demo School Enter false student information New school School MYF Staff Current OSLC schools Counseling types Staff access Retrieve counseling records Customize sessions Review correspondence OSLC E-News OSLC User’s Guide Training-ondemand videos Printable instructions Meet regulatory requirements Requirements Maintain documentation Sample repayment information Respond to questions Stafford exit data to guaranty agency Written repayment information to Perkins borrowers • Provide contact information* • Definition of half-time enrollment* • Appropriate offices if withdraw* • • • • • Requirements • Prevent borrowers from circumventing or exiting counseling before complete • OSLC team and staff continue to monitor regulations Documentation • Paper records – Daily records – Reports tab • Export • SchoolExpress SchoolExpress • Automated method – CSV – TXT – XML • Requires programming • Request documentation Archive policy • Mapping Your Future isn’t record keeper • Archive policy – One year of data online – Two prior years available by customer service request – Prior data is unavailable Sample repayment • 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, must include both Stafford and Grad PLUS Sample repayment • 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, must include both Stafford and Grad PLUS Sample repayment • 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 – If student borrows Stafford AND Grad PLUS loans, must include both Stafford and Grad PLUS Sample repayment • 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 Counseling start page Indebtedness Respond to questions In full in individual e-mail notifications Notation on batch e-mail In full in online records On printable reports (may be limited) ExitExpress Clearinghouse provides guarantor name School ensures guarantor retrieves record Mapping Your Future provides record to guarantor Guarantor retrieves record ExitExpress • • • • Individual confirmations Exit report list Guarantor Exception Report* Guarantor Rejection Report Other information • Contact information – On customized page – Possible contact customization later • Definition of half-time enrollment • Appropriate offices to notify if withdraw Maintaining OSLC accounts Users • Super user – – – – Grant access Inactivate access Customize Retrieve records • Additional users – Account • Customize • Retrieve records – Retrieval Updating accounts • Super user and account access – Change notification options – Customize account • Mapping Your Future staff – – – – Inactivate super user Change school name Change OPE-ID Add counseling types Customization options Customization Test questions Expanded content Indebtedness information Budget calculator Counseling start page Student form End URL School logo Customized questions • • • • Default questions Select questions Minimum number Can submit new questions Expanded counseling Building good credit Budgeting Saving Credit card use Credit reports Indebtedness levels Indebtedness display Budget calculator • Excluded from entrance • Included in exit Counseling start page • School-specific information – – – – – – – Dates Disbursement procedures Refund policies Sample repayment* Contact information* Half-time definition* Appropriate offices* • Template • One page per session Counseling start page • Options – Wizard – Edit – Submit • • • • • School logo Type text Make links open in new window Save changes Link to page Example End URL Follow link to counseling Complete counseling Click “Exit” to end URL Display school logo • Customized start page • At top of all pages – Programming – Rename Exit button Student form • Regulatory fields vs. all fields • Require borrowers to complete all fields – References during entrance – Great if high drop-out rates Summary Resources • • • • • • • • Conduct sample counseling session OSLC User’s Guide Training-on-demand videos Printable borrower instructions OSLC E-News SchoolExpress documentation Cobranding documentation Customized page e-mail Future of OSLC • • • • New counseling sessions Reengineering database Future releases of OSLC PESC Online Loan Counseling standard Contact • Beth Ziehmer Customer Care/Operations Coordinator [email protected] (573) 796-3730 • Kara Horstman Customer Care Assistant • Contact Us links on website