mindy chiat and reza venegas | dec. 2013 u.s. department of education 2013 fsa training conference...
TRANSCRIPT
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Mindy Chiat and Reza Venegas | Dec. 2013
U.S. Department of Education
2013 FSA Training Conference for Financial Aid Professionals
StudentAid.gov & NSLDS New User Interface – New Resources for Borrowers
Session 40
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What Will We Cover?
• StudentAid.gov & NSLDS New User Interface• Updated Repayment Estimator Tool• Videos/Infographics for Borrowers
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Focus on BorrowersAbout one out of five (19%) of the nation’s households owed student debt in 2010, more than double the share two decades earlier and a
significant rise from the 15% that owed such debt in 2007, just prior to the onset of the Great Recession.
-Pew Report, 2012
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Focus on Digital Engagement• Consolidating and updating websites• Offering mobile/tablet views• Engaging through social media
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Other Drivers
• Digital Government Strategy• Executive Order 13571• Customer Feedback
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“You have all kinds of information on hypothetical repayment situations, but I
can't find info on the specifics of my loan -- how much I owe, where to direct payment, etc.”
– Site Survey Response
“You have all kinds of information on hypothetical repayment situations, but I
can't find info on the specifics of my loan -- how much I owe, where to direct payment, etc.”
– Site Survey Response
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StudentAid.gov Today
Released July 2012•Informational content for students on FSA programs•Mobile-optimized •Consolidated 5 FSA websites•Receiving close to 100,000 daily visitors, 20% via mobile
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NSLDS.ed.gov TodayStudent Access •Displays loan, grant, overpayment information•Contact information for loan servicers•Update address, enrollment, authorization•TEACH Exit Counseling
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StudentAid.gov & NSLDS Interface
Display NSLDS Student Access Data within StudentAid.gov•My Student Aid Summary•Loan Detail•Grant Detail•Overpayment Detail•Access to Other Sites•Data Download
Not Included in Release 1 (Must log onto NSLDS.ed.gov):•Update address, enrollment, authorization•Professional access•TEACH Exit Counseling
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Walk Through: Site Log In
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Access to Other Sites
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Homepage
• Alerts• Data Download• Loan Summary• Grant Summary• Overpayment
Summary
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Homepage Graph View
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Detail Page
• Loan Detail• Grant Detail• Overpayment Detail
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Things to Know
• Scheduled March 2014 release• NSLDS.ed.gov will still be accessible• Customer service through Federal Student Aid
Information Center (1-800-4-FEDAID)• Communications planned
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Expected Benefits
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Improved Customer Experience
Streamlined Internal Processes
Improved Financial Literacy and
Decision-Making
Cost Savings: $1.5M to date
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Repayment Estimator Today
Available on StudentLoans.gov•For current borrowers•Uses NSLDS information•Shows repayment plan options and amounts
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Repayment Estimator Soon
Available through StudentAid.gov•For users with or without loans•Spanish version•Mobile-optimized•Updated design
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Repayment Estimator Walkthrough
Enter:•Loans•Tax Filing Status•Income
See:•Repayment Plans
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Use Average Loan Balances
IPEDS Data used to show average balances at different types of schools
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Repayment Estimator Full View
Scheduled December 2013 Release
Communications planned
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Videos for BorrowersHow to Manage Your Student Loans
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Videos
Topics: Responsible Borrowing
Repayment: What to Expect
How to Manage Your Student Loans
StudentAid.gov/resources (*All videos available with Spanish captioning)
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Infographics
Current Topics:
Types of Federal Student Aid
Eligibility
Financial Aid Process
Parent’s Information
Coming Soon:
Repayment Plan Overview
Income-Driven Repayment Plans
(*All available in Spanish)
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Borrower Communications
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Campaign target outcomes:•Improve awareness of income-driven repayment plans•Reduce borrower delinquency and default
Repayment Promotion E-mail Campaign•Targets specific groups of at-risk borrowers •Distribution began in November and runs 6 weeks•Reaching 3.5 million borrowers
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What We’re Planning to do Next
• Adding additional NSLDS Student Access Functionality and 150% Loan Subsidy Limit
• Continuing to consolidate and update websites• Creating more videos/infographics
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What Would You Like Us to do Next?
• Suggestions for website development/digital engagement• Suggestions for additional resources for borrowers
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QUESTIONS?
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