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Slide 1© Student Lending Analytics, LLC Student Lending Analytics Flash Survey: Financial Aid Counseling June 22, 2009
Slide 2© Student Lending Analytics, LLC SLA Flash Survey: Financial Aid Counseling Background Situation: Given the current recession and the reductions that families have seen in their 529 plans and home equity, the demand for financial aid counseling has increased significantly. This survey will provide details on the topics that are most often addressed in these counseling sessions Survey Goals –Determine the extent to which the demand for financial aid counseling has changed within the past year –Identify the issues being that students/families are most concerned about –List resources that financial aid administrators rely upon to develop counseling expertise
Slide 3© Student Lending Analytics, LLC SLA Flash Survey: Financial Aid Counseling Methodology ed flash survey on June 17, 2009 with due date of June 18, 2009 In addition to demographic questions, the survey asked respondents the following questions: –Indicate the frequency with which each of these issues is discussed in counseling sessions with students and families. –Estimate the annual change in the number of students/families counseled by financial aid staff at your institution. –Describe the 2-3 most valuable resources used to train financial aid staff to effectively counsel students and families. –Describe you or your staff's greatest success achieved through counseling students or their families.
Slide 4© Student Lending Analytics, LLC SLA Flash Survey: Financial Aid Counseling Methodology (Cont.) Responses were normalized for following reasons: – addresses that did not correspond with an educational institution were excluded –Several schools provided multiple responses; only one response was analyzed –Responses that included demographic data but incomplete answers to main survey questions were excluded Overall, there were 178 survey responses analyzed
Slide 5© Student Lending Analytics, LLC SLA Flash Survey: Financial Aid Counseling Summary The five issues discussed most frequently during counseling sessions were: –Scholarships/grants –Work study/job opportunities –Professional judgment –Understanding differences between Federal and Private Loans –Impact of scholarships on financial aid 86% of financial aid administrators indicated that the number of students and families counseled had grown in the past year –19% of respondents indicated that they had seen an increase of over 20% Respondents identified the importance of these organizations in providing resources to assist them in counseling students –Experienced, in-house staff to lead training sessions –NASFAA national, state and local conferences and webinars –Department of Education –Guarantors, lenders and other state agencies
Slide 6© Student Lending Analytics, LLC SLA Flash Survey: Financial Aid Counseling Profile of Survey Participants
Slide 7© Student Lending Analytics, LLC SLA Flash Survey: Financial Aid Counseling Prevalence of Topics Discussed in Counseling Families Survey question: Indicate the frequency with which each of these issues is discussed in counseling sessions with students and families. Source: SLA Flash Survey: Financial Aid Counseling, June 2009 (178 respondents)
Slide 8© Student Lending Analytics, LLC SLA Flash Survey: Financial Aid Counseling Increase in Numbers Counseled Survey question: Estimate the annual change in the number of students/families counseled by financial aid staff at your institution. Source: SLA Flash Survey: Financial Aid Counseling, June 2009 (178 respondents)
Slide 9© Student Lending Analytics, LLC SLA Flash Survey: Financial Aid Counseling Resources Identified To Assist Financial Aid Staff Most commonly cited resources –Experienced staff leading in-office training Some indicated that junior staff sat in on counseling sessions with more seasoned staff Mock counseling sessions Cross-training to understand other services provided on-campus –Internal workshops run by College staff to generate ideas on improving customer service –Local/regional/national conferences by financial aid administrator organizations (NASFAA and local chapters) –Federal resources: IFAP, Guide to Federal Student Aid, FSA Coach, FSA Conferences, FSA University (online) –State agencies, guarantor and lender workshops and seminars Guarantors mentioned specifically: USA Funds, EdFund, PHEAA, TG, NSLP Other resources mentioned –Academic Impressions' video/webinar featuring a financial aid director and a psychologist on how best to cope with anxiety and anger –www.youcandealwithit.com (AES website for debt management)www.youcandealwithit.com –College Board Financial Aid Institute
Slide 10© Student Lending Analytics, LLC SLA Flash Survey: Financial Aid Counseling Success Stories – Representative Quotes Nothing beats helping students and families achieve the dream and goal of college. Having more students and families complete the FAFSA. Luckily, because I'm at an affordable 2-yr public, our greatest achievement is convincing students and families that an education is obtainable. There is sufficient federal assistance available to cover tuition and fees for any student, regardless of the family's income. We make all students apply for federal aid before we will process any private loan. Sometimes there is resistance, but they usually comply and many times they receive federal aid. I always think it is a success when the parent or student actually owns the information/process when I am finished counseling them (they show that they really understand). Family's realization of ability to afford the University after financial aid is awarded. A simple "Thank You" or "I appreciate it"!!!
Slide 11© Student Lending Analytics, LLC SLA Flash Survey: Financial Aid Counseling Success Stories – Representative Quotes Greater recognition of accurate, early filing and a reduction in trying to "game" the system. It is always heartwarming to hear a family express their thanks when we have helped them find some resources that they did not know about/were not initially eligible to receive. Working in the local high schools with recruiting counselors to provide admission/financial aid/scholarships information to students during the day and parental workshops at night. Access to college for first generation college students through extensive outreach.
Slide 12© Student Lending Analytics, LLC Thank You Thank you again for your participation! Please contact Tim Ranzetta if you have any additional comments or questions regarding this survey –Send to –Phone: Look for more upcoming SLA Flash Surveys in the future For more information on Student Lending Analytics, proceed to the final six slides
Slide 13© Student Lending Analytics, LLC Student Lending Analytics Background Founded in 2007 Independent Research and Advisory Service with NO lender affiliations Mission: Find best lenders for students through an analytically rigorous, unbiased and comprehensive process Services –RFI Management of FFEL and Private Loans –Research Successes to Date –Managed RFI process at institutions with over one billion dollars in loan volume –Inside Student Lending, our monthly newsletter, reaches over 5,000 financial aid administrators –Student Lending Analytics Blog has become the go-to source for breaking developments and analysis on the student lending industry –SLA Flash Surveys have included the insights from over 1,500 financial aid professionals on a variety of timely topics –Private Loan Options and the SLAs 2009 Alternative Loan Guide provides students and financial aid offices with an objective and focused list of private lenders –SLA Student Satisfaction Surveys measures student satisfaction with lenders
Slide 14© Student Lending Analytics, LLC Unlocking the Mysteries of Private Student Loans Student Lending Analytics: Resources Available SLA Private Student Loan Ratings 2009 SLA Private Loan Series –2009 SLA Private Loan Guide Paying For College Blog Student Satisfaction Surveys Coming Soon: Private Loan Quiz
Slide 15© Student Lending Analytics, LLC Unlocking the Mysteries of Private Student Loans Private Student Loan Ratings Available at Featured on front page of New York Times BusinessNew York Times Business Focused on evaluating eight lenders that appeared most frequently on over 700 school lender lists that SLA researched Includes the following factors in ratings: –Expected loan cost –Borrower benefit savings –Fee structure –Flexibility of repayment options –Customer service –Financial stability SLA receives no compensation from any lenders on this list New Service: Student Loan Forum to capture real-time information about interest rates and approvals
Slide 16© Student Lending Analytics, LLC Unlocking the Mysteries of Private Student Loans 2009 SLA Private Loan Series Most popular post: Shopping for Private Student Loans Makes a Difference!Shopping for Private Student Loans Makes a Difference! –Results from 6 student loan applications yields interest rates between 7% - 12% Before You Apply for a Private Student Loan –Provides checklist of items to complete prior to considering a private student loan What About Credit UnionsWhat About Credit Unions? –Explores the increasing role that credit unions are providing in the private student loan market "Miss A Payment On Your Private Student Loan, You Could See Your Interest Rate Rise" –Highlights two lenders that have clauses in promissory notes which could result in 2% increases in interest rates triggered by one late payment Borrower Benefits on Private Student Loans –Provides examples of savings opportunities available to private loan borrowers What Ingredients Go Into the "Secret Sauce"? –Insights into the factors that lenders consider in making their credit decisions Does It Make Sense To Shop Around For Private Student Loans? –Provides details on new Fair-Isaac policy about the impact of applying for multiple student loans on your credit score (hint: it helps student borrowers) The Promissory Note –Highlights the key terms to be aware of when evaluating lender promissory notes What is the Meaning of "Instant Credit Response"? –Reviews the on-line application process and analyzes the speed of lender credit reviews Private Loan Fee Structure –Benchmarks most common fees assessed by private lenders for both origination and servicing of loans
Slide 17© Student Lending Analytics, LLC The Student Lending Analytics Process RFI Management
Slide 18© Student Lending Analytics, LLC Student Lending Analytics Research Services Inform financial aid offices on industry developments (implications for their lender lists and relationships) –Student Lending Analytics BlogStudent Lending Analytics Blog Key resource for thousands of professionals in the student lending industry Timely insights to developments in student lending industry –Alerts Legislation, lender exits, earnings calls, industry insight –Monthly newsletters –Webinars December 2008 – A Conversation about FFELP and Direct Lending May 2009 – Unlocking the Mysteries of Private Student Loans –Surveys (summaries available on our website)website FFEL vs. Direct Lending RFI Practices Implementing Increased Federal Stafford loan limits Availability of Alternative Loans –Legislative and regulatory updates –White papers –Help Line to answer questions/resolve issues throughout the year
Slide 1© Student Lending Analytics, LLC Student Lending Analytics Flash Survey: FFELP and Direct Lending July 27, 2009.
Slide 1© Student Lending Analytics, LLC Student Lending Analytics Direct Lending Transition Process May 19, 2010.
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