Mapping Your Future ® MappingYourFuture.org

MASFAA 2008 Tools to Connect to Student Success

Presented by: Cathy Mueller Mapping Your Future

A valuable resource

• • Mapping Your Future provides services to schools for the ultimate benefit of the student.

Mapping Your Future's loan counseling meets regulatory requirements and does not limit student choice of lenders and/or guarantors.

A valuable resource

• • Mapping Your Future provides a variety of resources for students and families, including career exploration, college preparation, paying for college and money management tools.

Mapping Your Future provides neutral content and encourages students to look at all sources of free funding.

Features and Services

CareerShip ®

• • • • Online career exploration adventure English and Spanish versions Interest survey Detailed career descriptions

Success in college

• • For prospective and current college students Topics: – – – – – Goals and priorities Academically and financial preparation Time and money management Getting advice Getting around roadblocks

College planning calendars

• • • Junior year planning tips Month-by-month senior year calendar Tips for parents of juniors and seniors

Pay for college

• • • • Save for college Use education loyalty and affinity programs Explore financial aid options Claim tax credits and deductions for education

Explore financial aid options

• • • • • • • Review eligibility Apply (FAFSA) Review the Student Aid Report Review award letter and accept aid Find scholarships and grants Consider work-study programs Borrow student loans

Manage money

• • • • • • • • Establishing financials Balance checkbook Budgeting Saving money Credit cards Credit reports Identity theft Student loan debt

Manage student loan debt

• • • • • Repayment terms Calculate loan payments Advice for troops Loan options while continuing education Loan cancellation, forgiveness, and discharge

Manage student loan debt

• • • 10 steps for managing student loan debt Solutions for repayment problems Delinquency and default

Budget calculator

• • Methods to develop budget Control finances by calculating income and expenses

Checkbook balancing tool

• • Allows consumers to reconcile their bank statements to their check register Does not store the user’s information

Savings calculator

Debt/salary wizard

• • • Encourages responsible borrowing Provides borrowing limits based on expected future earnings Estimates future income needed to support debt

Loan repayment calculator

Show Me the Future ®

• • • Life skills and financial literacy game Teaches basic skills in financial planning, goal setting, and decision making Helps students envision their futures

Show Me the Future ®

Services for Counselors and Financial Aid Professionals

Newsletters

• • • Reprint articles (in full or partial) Early Awareness E-News – – Articles for students/families Tips/advice for counselors/educators OSLC E-News – – – Advice on using OSLC News about features and services Notices about site outages/issues

Other services

• • Constitution and Citizenship Day Presentations – – – Preparing for college • • Middle school High school Make High School Count Student loan default prevention

Other services

• • • Student retention and default prevention techniques Downloads and forms Glossary of terms/acronyms

Online Student Loan Counseling

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

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 Automated method

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, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness

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, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness

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, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness

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

Example

Indebtedness

Respond to questions

In full in individual e-mail notifications In full in online records On printable reports (may be limited) Notation on batch e-mail

ExitExpress

Clearinghouse provides guarantor name School ensures guarantor retrieves record Mapping Your Future provides record to guarantor 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)

Other information

• • Contact information – – On customized page Possible contact customization later Definition of half-time enrollment and information on offices to notify if withdraw: on customized page

Customize

Customization

School logo Questions Money management content Average indebtedness Budget Start page Student form End URL

Customized questions

• • • • Default questions Select questions Minimum number Can submit

Expanded counseling

Building good credit Budgeting Saving Credit card use Credit reports

Questions and expansion

Indebtedness

Indebtedness

Budget calculator

• • Excluded from entrance Included in exit

Counseling start page

• • • School-specific information – – – – – Dates Disbursement procedures Refund policies Sample repayment* Contact information* – – Withdrawal contacts* Half-time definition* Template One per session

Counseling start page

• • • • • Options – – – Wizard—create a new page Edit—edit existing page Submit—Submit page for approval School logo (insert URL in image box) Type text directly into Pagemaster Save changes every 15 minutes Link to page

Counseling start page

Student form

• • Default setting: only regulatory required fields Require borrowers to complete all fields – – References during entrance Great if high drop-out rates

Student form

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

Participate fully

Counseling types Staff access Retrieve records Customize Check correspondence and website OSLC E-News User’s Guide Watch videos

Resources

• • Conduct sample counseling session OSLC User’s Guide

Demo counseling session

Counseling type Texas MYF Demo School Enter false information

Future of OSLC

• • • • • Reengineering database PESC Online Loan Counseling standard TEACH Grant exit counseling Financial literacy counseling?

Future releases

Contact

[email protected]

(573) 796-3730 Cathy Mueller Mapping Your Future 940-497-0741 [email protected]