1. Effectively Preparing Students For Repayment
Eric Meadows
Assistant Director
HSC Financial Aid Office

2. Overview Federal Regulations The Millennial Generation Partnership
Resources
Financial Aid Counseling
Outreach
Institutional Support
Student-to-Student Peer Counseling

3. Federal Regulations and Guidance
Entrance Counseling required for 1st time borrowers
Online counseling at studentloans.gov (optional)
Can provide additional content; cannot require participation in any subsequent counseling as a condition of receiving a Direct Loan
Can require 1st time students to participate in a workshop, loan orientation presentation, etc.
Can use professional judgement to deny or limit loans
An institution may on a case-by-case basis refuse to originate a loan or originate a loan for an amount that is less than what the borrower is eligible to receive*
* Per section 479A(c) of the HEA and the regulations at 34 CFR (a)(8)

4. Federal Regulations and Guidance
Exit Counseling
A student that is graduating, leaving school or dropping below half- time enrollment is required to complete exit counseling. School must confirm completion of exit counseling even if the borrower does not notify the institution.
Confirm that online counseling is complete or mail/ exit counseling material to borrower at last known address if you have it.
Must provide materials by mail or if borrower fails to participate in an exit counseling session
Must document that materials were sent to borrower

5. Federal Regulations and Guidance
Providing additional information
Counseling and Communications to Borrowers
Developing a budget
Planning for repayment
SAP reminders
Future employment expectations
Staying in touch with loan servicer
Providing financial literacy tools
Identify and provide special counseling for at-risk students

6. STATISTICS Consumer Protection Bureau – $1.4 trillion in fed loan debt
Average debt per borrower - $28,400*
National Default rate average – 11.3%** (State of WV 16%)
38% do not know how much they borrowed**
19% underestimate that amount**
*per
**per Department of Education
***per survey conducted by Brookings in Blindly_Dec-2014.pdf
1 – Average debt per borrower is federal debt only. This doesn’t account for Private or Institutional Loans.
2 – Over 7 million of the US population has defaulted on their student loans
3 – About 30% of student loan borrowers have moved back in with their parents – over 40% have delayed starting a family/60% buying a car/70% retirement/75% buying a home/30% delayed marriage

7. The Millennial Generation
Born roughly between 1980 and 1994
Roughly 25% of the US population*
75% of Higher Education Enrollment*
Prefer brief communication, but meaningful
Still want detail provided
Must reach their mobile devices
Don’t condescend their age
Nurture their passion
*per Pew Research Center

8. Partnership WVU partnering with Inceptia “Financial Avenue”
WVU currently provides a program called Transit Financial Wellness through a company called EVERFI
Every WVU student can participate in course modules
Survey determines your “Action Plan”
First time students enrolled in the “first year seminar” are required to complete Transit
WVU partnering with Inceptia “Financial Avenue”
Courses for students
Blue To Gold Financial Wellness
Topics, Blog, Podcasts, Videos & Presentations

9. Resources for students
WVU Financial Aid Website
Debt Management
Budgeting resources which includes budget calculators
Savings resources
Scholarship opportunity searches
Info on earning money through part time employment
Resources for finding loans
Interest calculators

10. Target Audience Federal Loans (includes PLUS) Direct $949.1 billion
FFEL Loans $335.2 billion
Perkins $7.9 billion
Graduates (4 year colleges)
71% 1.3 million with debt
66% of grads from public colleges had loans
Average debt $25,550
75% of graduates from private colleges had loans
Average debt $32,300
Pell Grant recipients more likely to borrow & borrow more
88% of grads had student loans with an average balance of $31,200
53% of those without Pell had student loan debt & borrowed 4,750 less
About 40% of $1 trillion+ loan debt used for grad/professional degrees
*All stats from

11. Communications E-mail that student must complete Entrance Counseling
Any student that has accepted a Federal Direct Loan receives a communication from us with instructions on how to complete Entrance Counseling through studentloans.gov
Notification of Federal Loan Disbursement
All schools that disburse Direct Loans are required to send a notification of Federal Loan Disbursement
Also references that they can cancel all or a portion of their loan within 14 days
Encourage students to return loan funds within 120 days
Letter of total federal loan debt
Informs student of Federal Loan Debt, which includes Subsidized, Unsubsidized, Perkins and Graduate PLUS loans

12. Social Media WVU SFSS Social Media sites
Reaching out to millennial students
Short Financial Aid educational tips daily
Student Financial Support & Services Facebook
Student Financial Support & Services Twitter

13. Counseling Main Campus Health Sciences Center
Offer one on one counseling (Entrance follow up & Exit)
Loan Servicer, Options for Repayment
Earning potential
Paycheck
Health Sciences Center
WVU Wallet Watch
Survey
4 year program for the School of Medicine
Indebtedness Letters (MD, PharmD, DDS, Law)
Social media Financial Literacy Tips
On site visits to regional campuses
One-on-One Loan Counseling and Debt Management

14. Additional Outreach Contact less than ½ time and withdrawals
Phone calls
Follow up communications
Identify students in danger academically
All F’s mid-term contacts
Mid-Year Academic for Freshman on probation

15. Institutional Support
Financial Literacy Committee
Create Institutional Initiatives
Financial education added to curriculum programs
Scholarship opportunities
Institutional Outreach
Office of Assessment & Student Success Programs
Student Life Assessment
Student Success Programs
Academic Resource Centers/Tutoring
Tutor Resources

16. Student-to-Student Peer Counseling
Long term initiatives
Utilizing student workers
Start with Federal Work Study program
Train students to handle student traffic
Long term goal - experts in loan counseling
Partner with Colleges and local businesses
Create Educational Opportunities
Work with colleges – credit for students

17. Questions?