1. Financial Awareness Counseling Tool Julie Aloisio U.S. Department of Education 1

2. Agenda Financial Awareness Counseling Objective Financial Awareness Counseling Tool Overview School Functionality Walkthrough 2

3. Financial Awareness Counseling Tool (FACT) A centralized, online source of financial literacy information for students Tools to inform postsecondary funding decisions School financial literacy resource Support efforts to improve financial capability 3

4. FACT Functionality Overview Available on StudentLoans.gov View NSLDS student loan information when signed in Disbursement of funds cannot depend on FACT session completion Cannot substitute for Entrance Counseling 4

5. FACT Overview The 5 Financial Awareness Counseling topics are… 5

6. School Functionality FACT information on COD Web –Financial Awareness Counseling Responses –Counseling Search –Counseling Report –Batch Search 6

7. Responses Receive –Yes or No –‘On-Demand’ or ‘Daily’ Default –‘Yes’ and ‘On-Demand’ 7

8. Counseling Search Date range –Remains one week Defaults –Type “All Counseling” –Award Year Most recent 8

9. Counseling Report Existing DL Entrance Counseling Report renamed “Counseling Report” Each row represents one completed counseling session Possible multiple Entrance or Financial Awareness Counseling records per student 9

10. Counseling Report Includes: –New Counseling Type Indicator value –Sorted Ascending by SSN Descending by –Completion Date and Completion Time –CSV with headers 10

11. Walkthrough – Introduction 11

12. Topic 1 - Understand Your Loans Customized breakdown of loans and an overview of: –Common loan terms and concepts –Suggestions to maximize financial aid and minimize loans –Student loan types 12

13. Walkthrough – Step 1 13

14. Topic 2 - Manage Your Spending Budget Basics –In-school expenses and funding –Planning for and controlling expenses –Benefits of paying interest while in school to reduce interest costs 14

15. Walkthrough – Step 2 15

16. Topic 3 - Plan to Repay Post school budgeting –Living expenses vs. estimated income –Project loan balance –Compare basic repayment plans –When to contact the loan servicer 16

17. Walkthrough – Step 3 17

18. Topic 4 - Avoid Default Provides an overview of: –Options available to avoid default –Deferment and forbearance options –Loan cancellation and forgiveness terms –Consequences of delinquency and default 18

19. Walkthrough – Step 4 19

20. Topic 5 - Make Finances a Priority Key personal finance topics –Financial planning, saving, and spending –Taxes, deductions and their impact on take-home pay –Educational tax benefits –Credit scores and credit basics –Protect credit and identity 20

21. Walkthrough – Step 5 21

22. Walkthrough – Notify Schools & Submit 22

23. Walkthrough – Counseling Summary 23

24. Contact Information Julie Aloisio Phone: 202-377-3695 Email: julie.aloisio@ed.gov 24