Creating a Successful Campus Default Prevention PlanSarah ArnoStaff Accountant/Default ManagerTri-State Cosmetology Institute

Jennifer SteedFinancial Aid CounselorGrayson County College

Tri-State Cosmetology

• Traditional default prevention plan– One-on-one entrance counseling– Exit counseling for both drops and grads– Letter campaign utilizing in-house letters as well as grace period

notifications provided through TG– In-house default prevention specialist who uses both phone calls

and home visits to help students who are delinquent get current or apply for a deferment or forbearance

– Third-party default prevention company

Tri-State Cosmetology

• New campus-wide updates to default aversion plan– Financial literacy and money management training provided for students

– Faculty training and involvement seminars held twice a year

– Attendance monitoring to help identify “at-risk” students and additional default counseling provided while the student is still in school

– Default presentation at every new student orientation highlights the consequences of defaulting and the options available to students

– On-campus, dedicated computer provided for students

– Job placement specialist assists unemployed students searching for a job, and locates delinquent grads who are working

Grayson County Community College

• Recent updates to the default aversion plan:– Feature a default aversion committee

– Use delinquent letter templates available from TG’s Integrated Default Assistant™ (IDA™)

– Make in-person exit counseling sessions available

– Require students to complete Loans By Web™ and sign a new MPN annually

– Require annual entrance/exit counseling

– Offer a new financial literacy session at the south campus

– Provide a default aversion training session for almost 100 faculty members

Grayson County Community College

• Future changes to the default aversion plan may include:– Training new administration who are not familiar with the financial aid

process or default rate methodology

– Continuing to make default aversion important to all areas of campus

– Posting signs with loan repayment information in all campus bathrooms

– Offering financial literacy sessions during both campuses’ success series (and possibly College 101 program)

– Continuing to hold regular default aversion committee meetings

Questions?

This presentation is available for download at

www.tgslc.org/tgconference.