Online Student Loan Counseling SASFAA 44th Annual Conference

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Online Student Loan CounselingSASFAA 44th Annual
Conference

• Presented by
• Sherry Hildebrand
• Resource Development Coordinator

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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.

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Sponsors

• Michigan Higher Education Assist. Authority
• Missouri Depart. Higher Ed.
• Montana Guaranteed Student Loan Program
• National Student Loan Program
• New Hampshire Higher Ed. Assist. Found.

• Georgia Student Finance Comm.
• Great Lakes Higher Education Corp.
• Illinois Student Assistance Comm.
• Iowa College Student Aid Comm.
• Kentucky Higher Education Assist. Auth.
• Louisiana Office Student Financial Assist.

• AES/PHEAA
• American Student Assist.
• College Access Network
• Connecticut Student Loan Found.
• ECMC
• EDFUND
• Education Assist. Corp.
• Finance Authority of Maine
• Florida OSFA

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Sponsors

• Oklahoma Guaranteed Student Loan Program
• Rhode Island Higher Education Assist. Auth.
• South Carolina Student Loan Comm.
• Student Loan Guarantee Found. of Arkansas
• Student Loans North Dakota
• Tennessee Student Assist. Corp.

• TG
• USA Funds
• Utah Higher Ed. Assist. Auth.
• Vermont Student Assist. Corp.

• New Jersey Higher Ed. Student Assist. Auth.
• New Mexico Student Loan Guarantee Program
• New York Higher Ed. Student Comm.
• North Carolina Student Education Assist. Auth.
• Northwest Education Loan Auth.

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Friends

• Academic Finance Corp.
• Academic Financial Services
• Bank of America
• Chase
• Citibank
• CollegEDGE/LoanSTAR
• College Loan Corporation
• Commerce
• COSTEP
• Edfinancial Services

• Ed. Finance Partners
• Educational Direct
• FinanSure Student Loans
• IDAPP
• Indiana Secondary Market
• Key Bank
• Michigan Higher Ed. Asst. Found.
• MOHELA
• Nelnet

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Friends

• Student Assist. Found.
• Student Funding Group, LLC. (StuFund)
• Student Loan Finance Assoc.
• Student Loan Finance Corp.
• Student Loan Xpress
• Studentloans.com
• SunTrust Bank
• TCF National Bank
• U.S. Bank
• Wachovia Ed. Finance
• Wells Fargo
• WSLC

• NextStudent
• New Mexico Ed. Assist. Found.
• Panhandle Plains Higher Ed. Authority
• Pearsons Govt. Solutions
• Priority Technologies, Inc.
• Regions Bank
• Rhode Island Student Loan Auth.
• SallieMae
• SimpleTuition, Inc.
• Southwest Student Services Corp.

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Vision

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

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Mission

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

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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
• Nursing Student Loan entrance
• Nursing Student Loan exit
• Health Professions entrance
• Health Professions exit
• Grad PLUS entrance
• Grad PLUS exit

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OSLC Features

• 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

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OSLC Checklist

• Review counseling type needs
• Ensure appropriate staff has access
• Regularly retrieve counseling records
• Utilize customization options
• Review correspondence with students and web site
• Sign up for the OSLC E-News
• Review the OSLC Users Guide

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Security

• Counseling session protected via secure web
  server
• Schools and guarantors retrieve records from
  secure, password-protected site
• School staff not authorized to share user names
  and passwords
• MYF staff cant view school passwords

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Regulatory Requirements

• MYFs OSLC meets all current U.S. Department of
  Education regulatory requirements
• OSLC team and staff continue to monitor
  regulations

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Sample Repayment Amounts

• Stafford entrance requirements are based on
• a range of indebtedness or
• average indebtedness of Stafford Loan borrowers
  at same school or in program of study
• Stafford exit requirements are based on
• student's actual indebtedness or
• average indebtedness of borrowers who obtained
  Stafford or SLS loans for attendance at school or
  in program of study

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Repayment Amounts
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Repayment Amounts
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Record Retention

• MYF isnt record keeper
• School must maintain documentation substantiating
  its compliance with regulations for each borrower
• Stafford exit School must ensure information is
  provided to guarantor within 60 days of student
  completing counseling

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FAO Access Area

• Meteor school access
• Approve additional users
• Set notification options
• Customize account
• Retrieve paper counseling records
• Export counseling records to import into FAMS

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Customization

• Choose questions for the test
• Expand counseling content to include financial
  literacy and money management
• Add schools indebtedness information
• Include or exclude budget
• Add a customized page for borrowers to view when
  beginning counseling
• Direct borrowers to a specific web page upon
  completing counseling
• Require borrowers to complete all fields on
  student form

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Customize Questions

• Schools can select questions that borrowers will
  answer during counseling session from list
• Default questions to start
• Minimum number of questions required
• Can submit questions for inclusion in list

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Expanded Counseling

• Expanded counseling is an additional topic with
  financial literacy and money management tips

• Building good credit
• Budgeting
• Saving
• Credit card use
• Credit reports

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Indebtedness Display
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Budget Calculator
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Customized Start Page

• Provide important school-specific information to
  borrowers
• Important dates
• Disbursement procedures
• Refund policies
• Provide loan repayment information based on
  average indebtedness
• Contact information
• Template simplifies development of page (no HTML
  knowledge needed)
• One page per counseling type

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Customized Page Tips

• Access through Customize tab/Counseling Start
  Page
• Buttons at the bottom of the page
• Wizardto create a new page
• Editto edit/add text to an existing page
• Submitto submit the page to MYF staff 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 the customized page URL from school,
  lender, or guarantors web site

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End URL

• School links to OSLC, designating web address to
  send borrowers once they finish counseling
  session and click Exit button
• Process appears seamless to borrower

eMPN
Student starts on school web site
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Customize Form

• Schools can customize student form, requiring
  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

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Loan Counseling Powered by MYF

• Allows sponsors, Friends and Schools to provide
• additional financial management and default
• prevention program to those schools and borrowers
  using state or private loans to help cover the
  cost of education
• Private student loans have grown 913 from 1.7
  billion in 1995 to 17.3 billion in 2005, when
  adjusted for inflation, according to the College
  Board study "Trends in Student Aid 2006."
  (RISMedia)

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Loan Counseling Powered by MYF

• Minimal fee 500 set up fee
• 1,000 yearly maintenance fee
• Two current Loan Counseling Powered by MYF
  programs
• MI-Loan Program Information Guide
• Guide to Borrowing Private Loans

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Show Me the Future

• Online life skills and financial literacy game
  showmethefuture.org
• Helps students learn basic skills in financial
  planning, goal setting, and decision-making
• Helps students envision their futures

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Lessons

• Cost of living
• Budgeting
• Difference between wants and needs
• Importance of financial planning
• Need to set career goals
• Value of higher education

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Contacts

• Customer service for schools
• Beth ZiehmerCustomer Care/Operations Coordinator
• feedback_at_mapping-your-future.orgbeth.ziehmer_at_mapp
  ing-your-future.org(573) 796-3730
• Communications, Marketing Promotions
• Sherry Hildebrand
• Resource Development Coordinator
• sherry_at_mapping-your-future.org
• [phone]
• Customer service for students Contact Us feature
  on site (http//mapping-your-future.org/feedback/)