Helping you Help Students Avoid Default: Debt Management Tools for Schools

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Helping you Help Students Avoid DefaultDebt
Management Tools for Schools Students

• Presented by
• Tim Cameron - NCHELP/Meteor
• Adele Marsh - AES/PHEAA

PASFAA - 2008
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Agenda

• What is Meteor?
• Meteor and Todays Environment
• Meteor Overview Functionality
• Software Customization
• Mapping Your Future
• Campus Based Authentication
• NYHESC
• Others

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Meteor

• Meteor is a valuable tool that provides Financial
  Aid Professionals and borrowers secure access to
  real-time financial aid information.
• Information from multiple data providers is
  aggregated to assist the FAP and the borrower
  with the financial aid process, repayment and
  default aversion.
• Meteor is a neutral, collaborative effort of the
  FFELP community.

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Legislative Changes

• Legislative changes may make it difficult for
  students and schools to keep track of their debt
• Schools and students will need to work with more
  providers
• Meteor can help!
• Single, impartial point of access to multiple
  loan providers

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Recent Industry Changes

• Lenders suspending student loans
• ECASLA Liquidity Programs
• Loan Participation Program
• Loan Purchase Program
• Higher Education Opportunity Act
• Servicemembers Civil Relief Act

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Meteor Overview
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In the beginning.

• Pre-Meteor Environment
• Lenders, Guarantors, Servicers, Schools and
  others all offer independent, proprietary web
  services
• Access requires multiple logins
• FFELP Providers Solution
• Spring 2000 In response to Federal
  Modernization Blueprint, NCHELP members move to
  create a platform and program neutral information
  network to provide aggregated financial aid
  information.

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In the beginning.

• Foundation Principles
• Open Source
• Open Collaboration
• Freely Available
• Controlled Participation Network
• Not tied to a specific website, school product,
  or organization
• Policy and Technology Decisions
• The technical solutions were easy
• The policy decisions required collaboration and
  teamworkco-opetition
• similar to CommonLine and CRC

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The Result.

• Non-proprietary, open source software that brings
  together data from distributed databases across
  the higher education financing community.
• Anyone can participate!
• Lenders
• Guarantors
• Servicers
• Schools
• U.S. Department of Education
• And others!

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Meteor Features

• Access real-time, student-specific financial aid
  information from multiple sources with an
  intuitive user interface and navigation
• Currently provides information on FFELP and
  alternative loans (capability exists to include
  Direct Loans Perkins Loans)

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Meteor Today

• 14 Independent points of access to the Network
• 20 Data providers
• Several customized implementations
• Provides single sign-on capabilities

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How Meteor Works
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Meteor Participant Types

• Organizations that implement the Meteor software
• Access Providers (AP)
• Authentication Agents (AA)
• Data Providers (DP)
• Index Providers (IP)

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The Meteor Process
Access Provider
Authentication (by AP or AA)
Data Providers
Users
One
Student/Borrower or Financial Aid Professional
orAccess Provider RepresentativeorLender
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Index Provider
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Meteor Access Providers
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Meteor Real Time Data Providers
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Data Available Through the Meteor Network
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Meteor Customization Options and Examples
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Meteor Customization

• Style sheet changes
• Integration of data into other online
  servicesi.e. several Meteor members have
  integrated data from the Meteor Network into
  their exit counseling processes
• Great tool for debt management and default
  aversion
• One stop service no need for the student to
  collect their outstanding loan information in
  separate sessions.
• Student sees THEIR actual outstanding loan debt
  in the counseling session.

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Mapping Your Futures Online Student Loan
Counseling

• Integration of real-time data
• Advice on borrowing conservatively
• Debt/salary wizard
• Optional budget calculator
• School customization options

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Meteor network data is presented in NELA branded
style sheets
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NSC Campus Based Authentication
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Campus Based Authentication

• Schools that have entered into an electronic
  services agreement with the NSC will act as
  Authentication Agents.
• NSC will review the schools authentication
  policies procedures
• Students campus issued credentials will be
  utilized to access Meteor and other NSC services
  via NSC Student Self-Service Web site

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NSC Student Self-Service

• Meteor is integrated into NSC Student
  Self-Service Application
• For schools that wish to provide students with
  Meteor access, Meteor loan detail is incorporated
  into the LoanLocator display

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Other Customization Options

• How Could You Use Meteor Data?
• Integration into Debt Management Solutions
• Integration into CSR/Call Center Solutions
• Whats the catch?
• Need prior approval from M.A.T.
• Need to implement Meteor Access Provider

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Online Award Letter Pilot

• Will serve as a debt management tool
• Borrowing history presented BEFORE a new award is
  accepted
• Ensures that borrower is aware of the potential
  impact of increasing his aggregate loan(s) amount
• Total current outstanding
• New total outstanding with the addition of the
  new loan
• Repayment scenarios based on aggregates

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For More Information.

• Interactive Web Site Launched www.MeteorNetwork.or
  g
• Audio presentation
• Interactive demonstration version of the software
• Link to the Meteor project site
• Project Documentationwww.NCHELP.org/Meteor.htm
• Implementation Information
• Current Provider List
• User Guide and other documentation

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Contact Information

• Tim CameronMeteor Project Managermeteor_at_nchelp.o
  rg
• Adele MarshAES/PHEAAamarsh_at_aessuccess.org