1 2009 wasfaa annual meeting anchorage, alaska april 2009
TRANSCRIPT
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2009 WASFAA Annual Meeting
Anchorage, Alaska
April 2009
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Today’s Presenters Stephanie Butler - Director of Program
Operations Sheryl Hales – Asst. Director of Program
Operations, Loan Servicing Officer Fred Tolbert – Loan Servicing Supervisor Kris Cole – Customer Service Officer Joann Rieselbach – Program Coordinator,
School Liaison
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Agenda ACPE and ASLC Challenges and Options Solutions: Financing and Program Changes ASEL – Changes for PY 2010 The NEW ASLNet Customer Service Call Center School Liaison & Grant Program
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ACPE/ASLC Mission
Promote, support, & provide access to and success in postsecondary education for Alaskans, through: Outreach and early awareness programs Financial aid for postsecondary education & training Advocacy for postsecondary participation in Alaska Education consumer protection through Institutional
Authorization
To meet this mission, ACPE and ASLC offer AlaskAdvantage Programs, providing programs and services without cost to the State.
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ASLC and ACPEAlaska Student Loan Corporation – Lender 826966
Finance loans through tax-exempt bonds and loan repayment Set interest rates & borrower benefits based on program costs Manage assets and resources to ensure long-term program
sustainability in a business environment
Alaska Commission on Postsecondary Education Advise on and establish policies for state financial aid programs Approve postsecondary education institutions operating in
Alaska Deliver programs and services to Alaskans Represent stakeholder interests
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Partnership Goals & Challenges
Offer ongoing value-added programs and services for Alaska students, present and future, to increase their access to the benefits of higher education
Be self-sustaining for the long-term by deploying a business model for operations while meeting public policy goals
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Solutions: Financing & Program Changes
1. Secure alternative source of financing until asset-backed securities markets recover, without General Fund draw or high cost to students
Loan from state (secured & repaid with interest) Prioritize programs for internal funding
2. Structure programs to be marketable securities in the new economic climate and still keep costs low
Credit assessment changes O-fee changes
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ASEL Changes for PY 2010 680 credit score requirement for ASEL
borrowers and cosigners 5% origination fee OFAC/Red Flag Identity Theft checks to be
conducted in accordance w/ ACPE’s Identity Theft Prevention Program
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ASEL MPN Modifications Borrowers required to complete new ASEL MPN
for PY 2010 All ASEL MPN’s will be inactivated Letter sent to PY 2009 ASEL borrowers advising
of requirement to complete new MPN Cosigner application modification Important to note that Stafford MPN process
remains the same
* New ASEL MPN’s available in early May, 2009.
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New ASLNet Process for Applicants
Applicant completes ASEL app on ASLNet – ETA for “new” ASLNet is 6/20/09
E-signs app - 2 options to authenticate identity (STAN or public record database)
“Real-time” credit check on e-signed apps Certification requests to school will not generate until credit
approval Loan awarded and disbursements scheduled upon return of
school cert (if no cert w/in 90 days, credit rechecked) In cases of denial, applicant has option to request a prompt
be sent via e-mail to potential cosigner
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Automated cosigner process created to accommodate anticipated increase
Cosigner receives e-mail prompt Cosigner has same e-sign authentication options “Real-time” credit check performed Notarization not required on e-signed apps Cosigner can track loan status on ASLNet
through life of loan
New ASLNet Process for Cosigners
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Customer Service Call Center
Focus is to provide a positive experience for our customers
Repayment Options available for customers that are experiencing financial difficulties
Recognition for military personnel that provide service to our country through interest subsidies during certain military deployment situations
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Customer Service Call Center
Call Center structure Proactively provide staff with information,
tools and training to ensure quality service Work with School Liaison
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School Liaison Goals
Offer single point-of-contact for Financial Aid staff
Provide support throughout entire loan process
Keep FA staff up-to-date with agency planning and policy changes
Work with schools so students make sound and informed financial aid decisions
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Liaison Works For and With FAO’s
Sets up School Processing profiles Able to expedite processing, in certain
areas (H/R) Will provide customized training upon
school’s request No question too small!
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School Liaison Contact Information
In Alaska:
269.7970 (Anchorage) or 907.465.6779 (Direct)
Lower 48:
866.427.5638 (Toll-Free)
E-mail:
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AlaskAdvantageTM Education Grant Program
Need-based (not first-come, first-served) No separate application – FAFSA only Allows Alaska to participate in federal LEAP
program Recognition of needy students most likely to
succeed Recognition of state workforce development
goals
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AEG Program (cont.)
Student Eligibility Requirements: Alaska resident attending eligible Alaskan institution High school grad (or GED) Admitted into a first undergrad degree or certificate
program (no prior Bachelor’s Degree) Enrolled at least half time Financial need of $500 or more Title IV eligible (FAFSA, SAP, etc.) Has not received cumulative AEG in excess of $8,000
(lifetime max)
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AEG Program (cont.)
08/09 Program Year Summary: Total Dollars Disbursed = $1,974,778 Total # Students Awarded = 2,113 Average Award Amount = $935 Average Unmet Need = $11,525
* 09/10 Funding Approved by ASLC *
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Contact InformationStephanie Butler… 907.465.6743
[email protected] Hales………907.465.6786
[email protected] Tolbert……….907.465.6776
[email protected] Cole………….. 907.465.6676
[email protected] Rieselbach..907.465.6779
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Questions?
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