Mapping Your Future Features

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Mapping Your Future Features Services

• Lynn CarnegieNELA
• Shawn Monk ASA

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Sponsors

• AES
• ASA
• CSLP
• CSLF
• CSAC
• EAC
• ECMC
• FAME
• FOSFA
• GSFC
• GLHEC
• ISAC

ICSAC KHEAA LOSFA MHEAA MDHE MGSLP NSLP
NHHEAF HESAA NMSLCG HESC NCSEAA
NELA OGSLP RIHEAA SCSLC SLGFA SLND TSAC
TG USAF UHEAA VSAC
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Friends
Student Loan XPress Student Assis-tance
Foundation of Montana SunTrust TCF U.S.
Bank Wachovia WAMU Wells Fargo WSLC
AmSouth Bank Bank of America Chase Citibank Colleg
EDGE Commerce COSTEP Edamerica Education Finance
Partners IDAPP ISM Key Bank
MI Higher Ed Student Loan Authority MOHELA Nelne
t NextStudent NMEAF PPHEA PTI SallieMae SSSC SLFA
SLFC
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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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Alternative Loans

• Federal loans arent keeping up with cost of
  education
• Loan limit same since 92
• From 92 to 03, tuition for 4-year public
  increased by 65 percent (Nellie Mae)
• Alternative loan volume grew 855 percent from
  96 to 04 (CollegeBoard)

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Alternative Loan Trends
College Board, Trends in Student Aid 2004
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Need for Counseling

• Alternative loans are necessity for many
  students
• Borrowers with alternative and federal loans
  averaged over 40,000 in debt for bachelors
  degree (National Student Loan Survey, 2002)

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Need for Counseling

• Borrowers need to understand difference between
  alternative and federal loans
• Repayment terms
• Interest rate
• Deferment/forbearance options

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Best Practices

• Schools request best practices for student loans
  in response to increasing need for, and use of,
  alternative loans

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Offer Counseling

• Provide repayment information to borrowers,
  encouraging responsible borrowing
• Average high school graduate lacks basic
  personal financial skills (Jumptart Coalition)
• Establish relationships with borrowers (think
  long-term customers)

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Offer Counseling

• Demonstrate interest in helping students complete
  education, understand financial management, and
  live successful lives
• Borrowers achieve greater understanding of
  personal finance and borrowing for education

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Your Options

• Create your own loan counseling
• Program/build
• Customer support
• Data to schools (securely)
• Loan Counseling Powered by MYF
• Be a Friend, Sponsor, or school
• Pay minimal fee
• Provide content

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Counseling Powered by MYF

• Sign agreement with MYF
• Provide MYF with loan counseling content in HTML
  format
• Text in topics, including questions for each
  topic
• Can use MYF template
• MYF puts counseling content on site

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Counseling Powered by MYF

• Determine which of MYFs data fields borrowers
  must provide to complete counseling
• Determine data retrieval needs
• You provide loan and retrieve records
• You provide loan, and schools retrieve records

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Counseling Powered by MYF

• MYF moves the counseling to production and tests
  it
• You (and/or the school) instruct borrower to
  complete loan counseling, linking to the
  counseling from your (and/or the schools) web
  site

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Counseling Powered by MYF

• Borrower completes counseling, receiving
  confirmation number and rights and
  responsibilities
• MYF provides customer service
• MYF staff help with technical issues
• You supply e-mail address for questions about
  content or loan

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Fees

• Available to Sponsors, Friends, and schools only
• Initial set-up fee of 500
• 1,000 annual fee

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Features to Integrate

• Online Student Loan Counseling
• Loan Consolidation Worksheet
• Debt/Salary Wizard
• Deferment/Forbearance Navigator
• Budget Calculator
• Checkbook Calculator

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Why Integrate?

• Save time and money
• Co-brand
• Make process appear seamless to students
• Control how a student navigates
• Get student data from OSLC, so students dont
  have to enter data twice

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Integrating OSLC
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Integrating OSLC
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Integrated Example
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Consolidation Calculator

• Estimate repayment period, interest rate, and
  repayment schedule
• Enter information for up to 16 loans

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MYF Version
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Integrated Example
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Debt/Salary Wizard

• Determine how much salary is needed to support
  payments onstudent loans
• Doesnt include a link to salary.com

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Integrated Example
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Deferment Navigator

• Determine deferment eligibility based on oldest
  outstanding loan disbursement
• Easy-to-understand definition of deferment types

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Integrated Example
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Budget Calculator

• Helps individuals learn how to create monthly
  budget
• Reminders to include all expenses, not just
  major ones

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Integrated Example
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Checkbook Application

• Allows users to reconcile their bank statements
  to their check register
• Doesnt store the users information

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Integrated Example
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Contacts

• CariAnne BehrLoan Counseling Powered by MYF and
  integrationfeedback_at_mapping-your-future.org(573)
  796-3730
• Sherry HildebrandFriends Membershipsherry_at_mappin
  g-your-future.org(512) 218-8131

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THANK YOU!Please be sure to complete your
conference evaluation forms after the conference!

• Lynn CarnegieNELA
• Shawn Monk ASA