GPLUS: Finding the right tune

1
GPLUS Finding the right tune?

• SASFAA Conference
• Nashville, Tennessee
• February 12, 2007
• Seph Anderson, University of Mississippi
• DebraAnn Brown, The University of Memphis
• Tony Patterson, UNC-Chapel Hill

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GPLUS Finding the right tune?

• Todays Session
• GPLUS Basics!
• A little country from Memphis
• Some Southern rock from Ole Miss
• Alternative tracks from Chapel Hill
• Whats your genre?
• Topping the charts in 07-08!

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GPLUS Finding the right tune?

• GPLUS Basic!
• Start date July 1, 2006
• Students must file a FAFSA
• Can cover expenses up to COA
• Fixed interest rate
• Can be consolidated with other Federal Student
  Loans

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GPLUS Finding the right tune?

• A little country from Memphis
• HOW WERE STUDENTS INFORMED?
• Students found out via the FAFSA site
• Walk-ins to the office
• Posted on office website
• Most applicants were Law Students

5
GPLUS Finding the right tune?

• A little country from Memphis
• MAJOR IMPACTS ON THE OFFICE
• No big issues in the office
• Adapted application from Parent PLUS
• Planned for conducting credit check with COD

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GPLUS Finding the right tune?

• A little country from Memphis
• SUPPORT FROM OTHER OFFICES
• Currently transitioning to Banner
• Processed first GPLUS in late September
• No issues with Bursars system
• DL school Had to educate students who were
  familiar with alternative loans

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GPLUS Finding the right tune?

• A little country from Memphis
• BEST ADVANTAGE OF GPLUS LOAN
• Consolidation allows my students to have easy and
  convenient repayment of all their loans to DL
  program.

8
GPLUS Finding the right tune?

• Some Southern Rock from Ole Miss
• HOW WERE STUDENTS INFORMED?
• Packaged estimated GPLUS awards
• Brochures available in the office lobby
• Application information on website
• Explained to walk-ins prospects

9
GPLUS Finding the right tune?

• Some Southern Rock from Ole Miss
• MAJOR PROCESSING ISSUES
• Ease certifying via ELM (as with all loans)
• IT developed disbursement process
• No issues with Bursars Office
• Lender partners created splash pages for students
  to apply online

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GPLUS Finding the right tune?

• Some Southern Rock from Ole Miss
• ADVANTAGES TO GPLUS OVER ALTERNATIVE LOANS
• More lenient credit check, fixed interest rate,
  better borrower benefits, federal consolidation
  options, etc

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GPLUS Finding the right tune?

• Alternative tracks from Chapel Hill
• HOW WERE STUDENTS INFORMED?
• No active promotion by school
• If alternative loan application was received
  student was sent a message about GPLUS option
• Highlighted during info sessions

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GPLUS Finding the right tune?

• Alternative tracks from Chapel Hill
• IMPACT ON POLICIES/PROCEDURES
• Combined FFEL and alt. loan process
• Awarded once student had approval
• Certify most with primary lender and remainder
  via ELM

13
GPLUS Finding the right tune?

• Alternative tracks from Chapel Hill
• SUPPORT FROM OTHER OFFICES
• IT was vital in setting up new funds and testing
  prior to certification and disbursement
• Cashiers Office assisted in identifying
  disbursement issues

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GPLUS Finding the right tune?

• Alternative tracks from Chapel Hill
• ADVANTAGES AT UNC-CHAPEL HILL
• The MPN is a huge advantage to our students. Also
  more students qualifying for additional funds
  without the use of a co-signer.

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GPLUS Finding the right tune?

• Whats your tune?
• Lets all chime in!

16
GPLUS Finding the right tune?

• Topping the charts in 07-08
• Raising awareness about GPLUS
• Handling continuing borrowers
• Could GPLUS volume decrease?

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GPLUS Finding the right tune?

• Thank you!
• Elvis has left the building