Mapping Your Futures Online Student Loan Counseling _____

1
Mapping Your Futures Online Student Loan
Counseling_____

• Sandy Bauman, MGSLP
• Cathy Kimball, FAME

2
Agenda

• Overview of Mapping Your Future
• Sponsors, Friends, volunteers
• Online Student Loan Counseling (OSLC)

3
Vision

• MYFs vision is to be the leading public-service,
• collaborative provider of free information
• services for schools for students families
• as they consider college, financial aid, careers,
  financial literacy options.

4
Mission

• MYFs mission is to enable individuals to achieve
  life-long success by empowering schools,
  students, families with free, web-based
  college, financial aid, career, financial
  literacy information services.

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Sponsors

• AES/PHEA
• ASA
• CSLP
• CSLF
• EDFUND / CSAC
• EAC
• ECMC
• FAME
• FOSFA
• GSFC
• GLHEC
• ISAC

• ICSAC
• KHEAA
• LOSFA
• MHEAA
• MDHE
• MGSLP
• NSLP
• NHHEAF
• NJHESAA
• NMSLGC
• NYSHESC
• NCSEAA

• NELA
• OGSLP
• OSAC
• RIHEAA
• SCSLC
• SLGFA
• SLND
• TSAC
• TG
• USA Funds
• UHEAA
• VSAC

6
Friends

• AmSouth Bank
• Bank of America
• Bank One
• BrainScratch
• Chase
• Citibank
• COSTEP
• Educaid

• IDAPP
• Indiana Secondary Market for Education Loans,
  Inc.
• Key Bank Key
• NMEAF
• PPHEA
• SallieMae

• SSSC
• SLFA
• SunTrust
• TCF National Bank
• U.S. Bank
• Washington Mutual
• Wells Fargo
• WSLC

7
Volunteers

• Functional and project teams
• Collaboration
• Quarterly meetings
• Online training
• Chat events
• Annual conference

8
Online Student Loan Counseling

• Schools can meet counseling requirements help
  students understand loan obligations
• Schools can spend more time with students who
  need assistance with loan process
• Students can complete counseling anytime,
  anywhere
• Students are actively involved in counseling

9
OSLC

• Nearly 2,500 schools use all or some combination
• 2.5 million confirmations issued
• Saved schools nearly 15 million
• Reduce staff time
• Save operating expenses (e.g., data entry,
  postage)

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Development

• Online Student Loan Counseling team
• Volunteers from sponsors Friends agencies
• Schools
• Surveys
• Joint Application Development (JAD)

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Default Prevention Tool

• Actively involves students in counseling, helping
  them understand loan obligations
• Enables school staff to spend more time with
  students who need personal assistance
• More accurate up-to-date information to
  guarantors via ExitExpress

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Features

• Step-by-step instructions
• Explanations of types of loans
• Annual loan limits
• Advice on borrowing conservatively maintaining
  loan
• Student loan repayment calculator
• Budget calculator (exit counseling)
• Tips for student loan management

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FAO Access Area

• Retrieve counseling reports
• Paper
• Data export
• Update school/contact information
• Customize school-specific counseling pages
• Login from financial aid professionals page
  http//mapping-your-future.org/services/fao.cfm

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ExitExpress

• Exit data to guarantors
• Participating guarantors retrieve exit data on
  behalf of school, satisfying requirement that
  schools send exit data within 60 days
• Aids in default prevention efforts through more
  accurate up-to-date data
• Guarantor exception rejection reports
• Schools can add guarantors

15
School Use of OSLC

• Complete online form to participate
  http//mapping-your-future.org/services/sch.cfm
• Mapping Your Future staff contacts school to
  finalize participation provide training
• Mapping Your Future sends e-mail confirm
  participation

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School Use of OSLC

• Instruct students to visit Mapping Your Future
  (mapping-your-future.org) complete Online
  Student Loan Counseling session
• Receive e-mail notice when students complete
  counseling
• Log in to FAO Access Area to retrieve reports
• Reply to students questions

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Student Use of OSLC

• Receives instructions to complete counseling
• Visits Mapping Your Future clicks on Online
  Student Loan Counseling icon
• Reads follows instructions, reading content
  answering questions
• Completes student form
• Receives confirmation number

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Instructions for Students

• OSLC postcards (Stafford entrance, Stafford exit,
  Perkins entrance, Perkins exit)
• Letters
• Generic letters with links to counseling
  average indebtedness in program
• Personal letters with actual indebtedness
• E-mail messages

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Security

• Protects student data via secure web server
• Doesnt display private information
• E-mail notification to schools contains limited
  information
• Confirmation number
• Last name first initial
• Last four digits of SSN
• Test date/time
• FAO Access Area is password-protected secure

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ED Regulations

• School must be able to answer students questions
• Students cant circumvent or exit counseling
  before completing session
• School must document that student completed
  counseling before delivering loan proceeds
• Counseling information must meet regulatory
  requirements

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ED Regulations

• School must provide loan repayment information
  based on average or actual indebtedness
• Average indebtedness in program/at school on
  school page, then link to OSLC
• Students actual debt with instructions (exit)
• Create customized page, including average
  indebtedness
• National average indebtedness by degree type in
  Stafford entrance counseling

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Responding to Questions

• Schools must be able to respond to students
  questions
• Access comments
• In full, in individual confirmation notifications
• In full, in individual confirmation records in
  FAO Access Area
• Limited comments included on printable reports
  from FAO Access Area

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Counseling SessionSchool Selection
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Counseling SessionText Test
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Counseling SessionStudent Form
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Counseling SessionConfirmation Page
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FAO Access AreaHome Page
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FAO Access AreaAccount Info Tab
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FAO Access AreaReports Tab
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FAO Access AreaExport Tab
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FAO Access AreaConfirmations Tab
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FAO Access AreaCustomize Start Page Tab
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Future of OSLC

• Customization
• Choose questions from pre-selected list
• Choose graphics
• Choose URL after completion
• Student form (require all data or only those
  fields that regulations require)
• Include or exclude budget
• Data exchange developing new technologies to
  comply with emerging industry standards

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Future of OSLC

• New counseling types
• Stafford Perkins entrance (combined)
• Spanish Stafford entrance
• Financial literacy counseling
• PLUS loan counseling
• Expanded versions of all types (adds financial
  literacy section)

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Customer Service

• Students
• 24x7 customer service (except major holidays)
• Live chat, chat-and-voice, or e-mail
• Option to sign up for e-news
• Personal customer service to schools

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Mapping Your Future Contacts

• Customer service for schools
• CariAnne Cutshall, Project/Team
  Coordinatorcarianne.cutshall_at_mapping-your-future.
  org(573) 634-8641
• Cathy Mueller, Executive Directorcathy.mueller_at_ma
  pping-your-future.org(940) 497-0741
• Customer service for students Contact Us feature
  on site (http//mapping-your-future.org/feedback/
  )

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Questions?
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Thanks for attending Mapping Your Futures
Online Student Loan Counseling session!Enjoy the
Fall Training Conference!