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Online Student Loan Counseling A neutral counseling option

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Online Student Loan Counseling A neutral counseling option Presented by: Cathy Mueller Executive Director, Mapping Your Future Display school logo On customized start ... – PowerPoint PPT presentation

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Title: Online Student Loan Counseling A neutral counseling option


1
Online Student Loan CounselingA neutral
counseling option
  • Presented by
  • Cathy Mueller
  • Executive Director, Mapping Your Future

2
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3
History
  • In 1996, guaranty agency leaders saw the need to
    deliver online services to schools and students.
    By working together, the agencies could meet
    those needs.

4
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

5
Sponsors
  • National Student Loan Program
  • New Hampshire Higher Education Assistance
    Foundation
  • 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

6
Friends
  • Academic Finance Corporation
  • ALL Student Loan
  • American Student Loan Services
  • Arizona Federal Credit Union
  • Brazos Student Lending
  • Chase
  • Citibank
  • CollegEDGE/LoanSTAR
  • College Loan Corporation
  • Commerce Bank
  • Consolidation Center.com
  • COSTEP
  • Edfinancial Services
  • Education Finance Partners
  • Educational Direct
  • EFSI
  • IDAPP
  • Indiana Secondary Market for Education Loans,
    Inc.
  • Key Bank

7
Friends
  • Michigan Higher Education Student Loan Authority
  • MOHELA
  • Nelnet
  • NEW FUTURES
  • 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 Montana
  • Student Funding Group, LLC. (StuFund)
  • Student Loan Finance Corporation
  • Student Loan Xpress
  • Studentloans.com

8
Friends
  • SunTrust Bank
  • TCF National Bank
  • Total Higher Education (T.H.E.) Loan Program
  • U.S. Bank
  • Vangent
  • Wachovia Education Finance
  • Wells Fargo

9
Features
  • Lender/guarantor neutral
  • Step-by-step instructions
  • Explanations of loan types
  • Annual loan limits (entrance)
  • Advice on borrowing conservatively and
    maintaining the loan
  • Debt/salary wizard
  • Optional budget calculator
  • Customization options

10
Counseling sessions
  • Stafford entrance
  • Stafford exit
  • Stafford entrance (Spanish)
  • Stafford exit (Spanish)
  • Perkins entrance
  • Perkins exit
  • Stafford and Perkins combined entrance
  • Stafford and Perkins combined exit

11
Counseling sessions
  • Nursing Student Loan entrance
  • Nursing Student Loan exit
  • Health Professions entrance
  • Health Professions exit
  • Grad PLUS entrance
  • Grad PLUS exit
  • Stafford and Grad PLUS combined entrance
  • Stafford and Grad PLUS combined exit

12
Demo counseling session
  • Choose counseling type
  • Select Texas as state of school
  • Select MYF Demo School as school
  • Enter false student information on student form

13
School participation
MYF Staff
School
14
OSLC checklist
  • Utilize OSLC Key Points document
  • Review counseling type needs
  • Ensure appropriate staff has access
  • Regularly retrieve counseling records
  • Utilize customization options
  • Review correspondence with students and website
  • Sign up for the OSLC E-News
  • Review the OSLC Users Guide
  • Training-on-Demand videos

15
Borrower process
  • Receives instructions/directions
  • Starts counseling session
  • Mapping Your Future website
  • School link
  • Lender or guarantor link
  • Integrated process with MPN
  • Reads content and correctly answers questions
  • Completes online form
  • Receives confirmation number

16
Security
  • Secure web server and password protection
  • Borrower form is secure
  • Retrieve records from secure, password-protected
    FAO Access Area
  • Not able to share password
  • Change password every 90 days
  • Staff cant see password
  • Borrower data only online for one year

17
Regulatory requirements
  • Maintain documentation substantiating compliance
  • Provide sample repayment information
  • Stafford entrance
  • Grad PLUS entrance
  • Stafford exit
  • Respond to borrowers' questions
  • Forward Stafford exit counseling records to
    guaranty agency
  • Disclose written repayment information to Perkins
    borrowers

18
Regulatory requirements
  • Borrowers not be able to circumvent or exit
    counseling before session is complete
  • Information in counseling sessions meets
    applicable regulatory requirements
  • OSLC team and staff continue to monitor
    regulations

19
Final Rules/New regulations
  • Cooperative arrangements
  • Online Counseling vs. In-Person counseling
  • Stafford and Grad Plus
  • Teach Grant

20
Documentation
  • Retrieve paper counseling records from FAO Access
    Area
  • Daily records box (on day at a time)
  • Reports tab
  • Counseling session reports View or print for
    specific date range or since the last time
  • Ad hoc reports Search specific fields
  • Search tab Last name or SSN
  • Export counseling records from FAO Access Area
  • Create automated method

21
Documentation
  • Mapping Your Future isnt record keeper
  • Archive policy
  • Schools have access to one year of data
  • Two more years are available by customer service
    request
  • All prior data is unavailable

22
Sample repayment amounts
  • 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,
    sample repayment amount based on average
    indebtedness must include both Stafford and Grad
    PLUS indebtedness

23
Sample repayment amounts
  • 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,
    sample repayment amount based on average
    indebtedness must include both Stafford and Grad
    PLUS indebtedness

24
Sample repayment amounts
  • 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

25
Sample repayment amounts
  • Display information with monthly payment amount
    at maximum interest rate
  • With instructions to borrower
  • On your website
  • On customized counseling start page
  • Use indebtedness customization

26
Sample repayment amounts
27
Sample repayment amounts
28
Borrower questions
  • In full in individual e-mail notifications
  • In full in confirmation records online
  • On printable reports (may be limited if comment
    is long)
  • Notation on batch e-mail notifications

29
e-mail notifications
  • IndividualOne message sent per counseling
    session
  • BatchOne daily e-mail per counseling type with
    borrowers who completed counseling prior day
  • NoneCan elect to receive message if borrowers
    enter questions/comments

30
ExitExpress
  • Must share Stafford exit information to guarantor
    within 60 days of student completing counseling
  • Clearinghouse provides guarantor name on Stafford
    exit record
  • Mapping Your Future provides record to guarantor
  • Guarantor retrieves record
  • School ensures guarantor retrieves record

31
ExitExpress
  • Individual confirmations Asterisk and a date
    indicates when guarantor retrieved report
  • Exit report list "Status" under GA
  • Guarantor Exception Report List of records
    guarantor has not retrieved
  • Guarantor Rejection Report List of exit records
    guarantor rejected (didnt guarantee loan for
    borrower)

32
Customization
  • Display school logo in session
  • Choose questions borrowers must answer
  • Expand counseling content with money management
    information
  • Add average indebtedness information
  • Determine whether students must complete budget
  • Customize counseling start page

33
Customization
  • Require borrowers to complete all fields on
    student form
  • Direct borrowers to specific web page upon
    completing counseling

34
Display school logo
  • On customized start page
  • At top of every page within session
  • Requires minimal programming (request
    documentation)
  • Enforces end URL

35
Customized questions
  • Select questions from list
  • Default questions to start
  • Minimum number of questions required
  • Can submit questions for inclusion in list

36
Expanded counseling
  • Building good credit
  • Budgeting
  • Saving
  • Credit card use
  • Credit reports

37
Questions and expansion
38
Indebtedness information
39
Budget calculator
  • By default, excluded from entrance sessions
  • By default, included in exit sessions

40
Counseling start page
  • Provide important school-specific information to
    borrowers
  • Important dates
  • Disbursement procedures
  • Refund policies
  • Sample repayment amounts
  • Contact information
  • Template simplifies development (no HTML
    knowledge needed)
  • One page per counseling type

41
Counseling start page
  • Options
  • Wizardcreate a new page
  • Editedit existing page
  • SubmitSubmit page for approval
  • To add school logo, insert URL for logo in image
    box
  • Type text directly into Pagemaster Edit box
  • Save changes every 15 minutes
  • Link to customized page from school, lender, or
    guarantor website

42
Counseling start page
43
Student form
  • Require borrowers to complete all fields
  • Get references during entrance counseling
  • Great for schools with high drop-out rates
  • Default setting requires borrowers to complete
    only regulatory required fields

44
Student form
45
End URL
eMPN
46
FAO Access Area
  • Meteor school access
  • Retrieve counseling records
  • Verify guarantors retrieve Stafford exit records
  • Manage users
  • Change e-mail notification options
  • Customize counseling

47
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Contact
  • Beth Ziehmer
  • Customer Care/Operations Coordinator
  • feedback_at_mappingyourfuture.org
  • (573) 796-3730
  • Cathy Mueller
  • Executive Director
  • cathy_at_mappingyourfuture.org
  • (940) 497-0741
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