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Online Student Loan Counseling A neutral counseling option Presented by: Cathy Mueller Executive Director, Mapping Your Future.

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Presentation on theme: "Online Student Loan Counseling A neutral counseling option Presented by: Cathy Mueller Executive Director, Mapping Your Future."— Presentation transcript:

1 Online Student Loan Counseling A neutral counseling option Presented by: Cathy Mueller Executive Director, Mapping Your Future

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3 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.

4 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

5 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

6 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

7 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

8 Friends SunTrust Bank TCF National Bank Total Higher Education (T.H.E.) Loan Program U.S. Bank Vangent Wachovia Education Finance Wells Fargo

9 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

10 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

11 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

12 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

13 School School participation MYF Staff

14 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 Users Guide Training-on-Demand videos

15 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

16 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 cant see password Borrower data only online for one year

17 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

18 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

19 Final Rules/New regulations Cooperative arrangements Online Counseling vs. In-Person counseling Stafford and Grad Plus Teach Grant

20 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

21 Documentation Mapping Your Future isnt 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

22 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

23 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

24 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

25 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

26 Sample repayment amounts

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28 Borrower questions In full in individual notifications In full in confirmation records online On printable reports (may be limited if comment is long) Notation on batch notifications

29 IndividualOne message sent per counseling session BatchOne daily per counseling type with borrowers who completed counseling prior day NoneCan elect to receive message if borrowers enter questions/ comments notifications

30 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

31 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 (didnt guarantee loan for borrower)

32 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

33 Customization Require borrowers to complete all fields on student form Direct borrowers to specific web page upon completing counseling

34 Display school logo On customized start page At top of every page within session – Requires minimal programming (request documentation) – Enforces end URL

35 Customized questions Select questions from list Default questions to start Minimum number of questions required Can submit questions for inclusion in list

36 Expanded counseling Building good credit Budgeting Saving Credit card use Credit reports

37 Questions and expansion

38 Indebtedness information

39 Budget calculator By default, excluded from entrance sessions By default, included in exit sessions

40 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

41 Counseling start page Options – Wizardcreate a new page – Editedit existing page – SubmitSubmit 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

42 Counseling start page

43 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

44 Student form

45 End URL

46 FAO Access Area Meteor school access Retrieve counseling records Verify guarantors retrieve Stafford exit records Manage users Change notification options Customize counseling

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56 Contact Beth Ziehmer Customer Care/Operations Coordinator (573) Cathy Mueller Executive Director (940)


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