requirements before heoa - cccsfaaa federal stafford or sls loans at ... (573) 796-3730 a school’s...
TRANSCRIPT
Entrance and Exit Counseling
December 8th 2008CASFAA Conference
Sponsored by California Lenders for Education (CLFE)
Presented by: Paula Craw, ECMCSusan Neppl, GLHECCathy Mueller, Mapping Your FutureRon James, UCSF
Requirements Before HEOA
Entrance & Exit CounselingBefore HEOA
Entrance CounselingRequirements discussed only in the regs(§682.604(f))Requirement for one set of information for Grad PLUS borrowers with Stafford LoansDifferent set of information for Grad PLUS borrowers without Stafford Loans
Exit CounselingNo requirement for Grad PLUS borrowers
New Requirements After HEOA
Post HEOA (effective 8/14/08)
Entrance CounselingAdds entrance counseling to statuteSpells out method options
In-personWritten form, borrower must sign & returnOnline, borrower must acknowledge
Interactive counseling with tests/quizzes encouragedMuch more extensive list of requirements (see handout)
Post HEOA (effective 8/14/08)
Exit CounselingNow required for Grad PLUS borrowersSingle standard for Stafford and Grad PLUS More extensive list of requirements (see handout)Lenders/GAs may assist
Presenter Information
Paula CrawAVP, Financial Awareness and Training ECMC(757) [email protected]
ECMC.org
In-Person Student Loan Counseling
Why In-Person Loan Counseling
Meets one of the Department of Ed’s required methodsCan accommodate large groups of studentsDefault management/prevention tool
Target high risk populations
Studies prove the best learning occurs in instructor lead sessions*
*Source: Garman/Gappinger
Strategies For A Successful Loan Counseling Event
Select a target audience, if necessaryConsider common predictors of default
GPAMajorGraduationContinuous enrollmentIncome of borrowerIndebtedness
Strategies For A Successful Loan Counseling Event
Determine a date and timeOffer more than once during the dayOffer more than once during the week
Create a standardExample: Exit Sessions the last Friday of the month
Strategies For A Successful Loan Counseling Event
Actively promote the Loan Counseling Session
Get personal – Emails, phone calls, texts, invitationReach larger audiences – Flyers, newspapers, radio
Include WIIFM’s in promotional materials
When Conducting A Loan Counseling Session
Use a presentation style that works for you
PowerPoint/Overheads/No electronics
Assemble handouts in advanceHandout of PowerPointCopy of loan indebtednessBrochuresList of helpful resources
When Conducting ALoan Counseling Session
Ensure students know what to expectHow long the session will takeDescribe handout materialsDocumentation to be collectedQ and A
Use examples relevant to your audienceCheck for understanding
When Conducting ALoan Counseling Session
Be prepared to answer questionsWhat happens next?Will I get a payment book?How can I defer my loans?Should I consolidate?What happens if I move?What if I don’t get a bill?What if I don’t get a job after the grace period?
Set up a follow-up appointment
Yes, It’s Worth the Effort
Who benefits?Students/ParentsFinancial Aid OfficeAlumni OfficeInstitutionTaxpayers
Presenter Information
Susan Neppl, Training ConsultantGreat Lakes Higher Education Guaranty Corporation(877) 221-0557
Mygreatlakes.org
Online Student Loan Counseling
Features
Counseling Sessions
Counseling Sessions
Meet Regulatory Requirements
Requirements
Maintain documentationSample repayment informationRespond to questionsStafford exit data to guaranty agencyWritten repayment information to Perkins borrowersDefinition of half-time enrollmentAppropriate offices if withdraw
Requirements
Provide contact informationPrevent borrowers from circumventing or exiting counseling before complete OSLC team and staff continue to monitor regulations
Documentation
Paper recordsDaily recordsReports tab
ExportAutomated method
Archive Policy
Mapping Your Future isn’t record keeperArchive policy
One year of data onlineTwo prior years available by customer service requestPrior data is unavailable
Sample Repayment
Stafford entranceRange 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
Sample Repayment
Grad PLUS entranceRange 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
Sample Repayment
Stafford exitBorrower'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, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness
Sample Repayment
Display information with monthlypayment amount at maximum interest rate
With instructions to borrowerOn your websiteOn customized counseling start pageUse indebtedness customization
Example
Indebtedness
Respond to Questions
ExitExpress
ExitExpress
Individual confirmations: Asterisk and a date indicates when guarantor retrieved report Exit report list: "Status" under GAGuarantor Exception Report: List of records guarantor has not retrieved*Guarantor Rejection Report: List of exit records guarantor rejected (didn’t guarantee loan)
Other Information
Contact informationOn customized pagePossible contact customization later
Definition of half-time enrollment and information on offices to notify if withdraw: on customized page
Customize
Customization
Customized Questions
Default questionsSelect questionsMinimum numberCan submit
Expanded Counseling
Questions and Expansion
Indebtedness
Indebtedness
Budget Calculator
Excluded from entranceIncluded in exit
Counseling Start Page
School-specific informationDatesDisbursement proceduresRefund policiesSample repayment*Contact information*Withdrawal contacts*Half-time definition*
TemplateOne per session
Counseling Start Page
OptionsWizard—create a new pageEdit—edit existing pageSubmit—Submit page for approval
School logo (insert URL in image box)Type text directly into PagemasterSave changes every 15 minutesLink to page
Counseling Start Page
Student Form
Default setting: only regulatory required fields Require borrowers to complete all fields
References during entrance Great if high drop-out rates
Student Form
End URL
Display School Logo
Customized start pageAt top of all pages
ProgrammingRename Exit button
Future of OSLC
Reengineering databasePESC Online Loan Counseling standardTEACH Grant exit counselingFinancial literacy counseling?Future releases
Presenter Information
Cathy Mueller, Executive DirectorMapping Your Future(940) [email protected]
[email protected](573) 796-3730
A School’s Perspective
On behalf of CLFE and our membership organizations, we thank
you for the opportunity to present today’s session.