Online Student Loan Counseling A clearing in the regulatory jungle - PowerPoint PPT Presentation

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Online Student Loan Counseling A clearing in the regulatory jungle

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Title: Online Student Loan Counseling A clearing in the regulatory jungle


1
Online Student Loan CounselingA clearing in
the regulatory jungle
  • Presented byBeth ZiehmerCustomer
    Care/Operations Coordinator
  • November 10, 2008


2
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3
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
  • National Student Loan Program
  • New Hampshire Higher Education Assistance
    Foundation

4
Sponsors
  • 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

5
Friends
  • Academic Finance Corporation
  • ALL Student Loan
  • American Student Loan Services
  • Arizona Federal Credit Union
  • Brazos Student Lending
  • Chase
  • Citibank
  • Commerce Bank
  • COSTEP
  • Edfinancial Services
  • Education Finance Partners
  • Educational Direct
  • EFSI
  • IDAPP
  • Indiana Secondary Market for Education Loans,
    Inc.
  • Key Bank
  • Michigan Higher Education
  • Student Loan Authority
  • MOHELA
  • Nelnet
  • 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

6
Friends
  • Student Funding Group, LLC. (StuFund)
  • Student Loan Finance Corporation
  • Student Loan Xpress
  • Studentloans.com
  • SunTrust Bank
  • TCF National Bank
  • Total Higher Education (T.H.E.) Loan Program
  • U.S. Bank
  • Vangent
  • Wachovia Education Finance
  • Wells Fargo
  • Western States Learning Corporation

7
Features
8
Counseling sessions
9
Counseling sessions
10
Demo counseling session
11
New school
MYF Staff
School
12
Current OSLC schools
13
Meet regulatory requirements
14
Requirements
  • Maintain documentation
  • Sample repayment information
  • Respond to questions
  • Stafford exit data to guaranty agency
  • Written repayment information to Perkins
    borrowers
  • Provide contact information
  • Definition of half-time enrollment
  • Appropriate offices if withdraw

15
Requirements
  • Prevent borrowers from circumventing or exiting
    counseling before complete
  • OSLC team and staff continue to monitor
    regulations

16
Documentation
  • Paper records
  • Daily records
  • Reports tab
  • Export
  • SchoolExpress

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23
SchoolExpress
  • Automated method
  • CSV
  • TXT
  • XML
  • Requires programming
  • Request documentation

24
Archive policy
  • Mapping Your Future isnt record keeper
  • Archive policy
  • One year of data online
  • Two prior years available by customer service
    request
  • Prior data is unavailable

25
Sample repayment
  • 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,
    must include both Stafford and Grad PLUS

26
Sample repayment
  • 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,
    must include both Stafford and Grad PLUS

27
Sample repayment
  • 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
  • If student borrows Stafford AND Grad PLUS loans,
    must include both Stafford and Grad PLUS

28
Sample repayment
  • Display information with monthlypayment amount
    at maximum interest rate
  • With instructions to borrower
  • On your website
  • On customized counseling start page
  • Use indebtedness customization

29
Counseling start page
30
Indebtedness
31
Respond to questions
32
ExitExpress
33
ExitExpress
  • Individual confirmations
  • Exit report list
  • Guarantor Exception Report
  • Guarantor Rejection Report

34
Other information
  • Contact information
  • On customized page
  • Possible contact customization later
  • Definition of half-time enrollment
  • Appropriate offices to notify if withdraw

35
Maintaining OSLC accounts
36
Users
  • Super user
  • Grant access
  • Inactivate access
  • Customize
  • Retrieve records
  • Additional users
  • Account
  • Customize
  • Retrieve records
  • Retrieval

37
Updating accounts
  • Super user and account access
  • Change notification options
  • Customize account
  • Mapping Your Future staff
  • Inactivate super user
  • Change school name
  • Change OPE-ID
  • Add counseling types

38
Customization options
39
Customization
40
Customized questions
  • Default questions
  • Select questions
  • Minimum number
  • Can submit new questions

41
Expanded counseling
42
Indebtedness levels
43
Indebtedness display
44
Budget calculator
  • Excluded from entrance
  • Included in exit

45
Counseling start page
  • School-specific information
  • Dates
  • Disbursement procedures
  • Refund policies
  • Sample repayment
  • Contact information
  • Half-time definition
  • Appropriate offices
  • Template
  • One page per session

46
Counseling start page
  • Options
  • Wizard
  • Edit
  • Submit
  • School logo
  • Type text
  • Make links open in new window
  • Save changes
  • Link to page

47
Example
48

49
End URL
50
Display school logo
  • Customized start page
  • At top of all pages
  • Programming
  • Rename Exit button

51
Student form
  • Regulatory fields vs. all fields
  • Require borrowers to complete all fields
  • References during entrance
  • Great if high drop-out rates

52
OSLC and the MPN process
53
Integrating OSLC
54
Integrating OSLC
55
Summary
56
Resources
  • Conduct sample counseling session
  • OSLC Users Guide
  • Training-on-demand videos
  • Printable borrower instructions
  • OSLC E-News
  • SchoolExpress documentation
  • Cobranding documentation
  • Customized page e-mail

57
Future of OSLC
  • New counseling sessions
  • Reengineering database
  • Future releases of OSLC
  • PESC Online Loan Counseling standard

58
Contact
  • Beth ZiehmerCustomer Care/Operations
    Coordinatorfeedback_at_mappingyourfuture.org(573)
    796-3730
  • Kara HorstmanCustomer Care Assistant
  • Contact Us links on website
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