Online Student Loan Online Student Loan CounselingCounseling

A clearing in the regulatory A clearing in the regulatory junglejungle

Presented by:Beth Ziehmer

Customer Care/Operations CoordinatorNovember 10, 2008

SponsorsSponsors• AES/PHEAA• American Student

Assistance• College Assist• Connecticut Student Loan

Foundation• ECMC • EDFUND• Education Assistance

Corporation• Finance Authority of Maine• Florida OSFA• Georgia Student Finance

Commission• Great Lakes Higher

Education Guaranty Corporation

• Illinois Student Assistance Commission

• Iowa College Student Aid Commission

• Kentucky Higher Education Assistance Authority

• Louisiana Office of Student Financial Assistance

• Michigan Higher Education Assistance Authority

• Missouri Department of Higher Education

• Montana Guaranteed Student Loan Program

• National Student Loan Program

• New Hampshire Higher Education Assistance Foundation

SponsorsSponsors• New Jersey Higher Education

Student Assistance Authority• New Mexico Student Loan

Guarantee Corporation• New York State Higher

Education Services Corporation

• North Carolina State Education Assistance Authority

• Northwest Education Loan Association

• Oklahoma Guaranteed Student Loan Program

• Rhode Island Higher Education Assistance Authority

• South Carolina Student Loan Corporation

• Student Loan Guarantee Foundation of Arkansas

• Student Loans of North Dakota• Tennessee Student Assistance Corporation• TG• United Student Aid (USA) Funds, Inc.• Utah Higher Education Assistance Authority• Vermont Student Assistance Corporation

FriendsFriends• Academic Finance Corporation• ALL Student Loan• American Student Loan

Services• Arizona Federal Credit Union• Brazos Student Lending• Chase• Citibank• Commerce Bank• COSTEP• Edfinancial Services• Education Finance Partners• Educational Direct• EFSI• IDAPP• Indiana Secondary Market for

Education Loans, Inc.• Key Bank

• Michigan Higher Education Student Loan Authority• MOHELA• Nelnet• New Mexico Educational Assistance Foundation• NextStudent• Panhandle-Plains Higher Education Authority• Priority Technologies, Inc.• Regent• Regions Bank• Rhode Island Student Loan Authority• SallieMae• SimpleTuition, Inc.• Southwest Student Services Corporation• Student Assistance Foundation of Montana

FriendsFriends• Student Funding Group, LLC.

(StuFund)• Student Loan Finance

Corporation• Student Loan Xpress• Studentloans.com• SunTrust Bank• TCF National Bank• Total Higher Education

(T.H.E.) Loan Program• U.S. Bank• Vangent• Wachovia Education Finance• Wells Fargo• Western States Learning

Corporation

FeaturesFeatures

Counseling sessionsCounseling sessions

Counseling sessionsCounseling sessions

Demo counseling sessionDemo counseling session

School

New schoolNew school

MYF Staff

Current OSLC schoolsCurrent OSLC schools

Meet regulatory Meet regulatory requirementsrequirements

RequirementsRequirements

• Maintain documentation• Sample repayment information• Respond to questions• Stafford exit data to guaranty agency• Written repayment information to

Perkins borrowers• Provide contact information*• Definition of half-time enrollment*• Appropriate offices if withdraw*

RequirementsRequirements

• Prevent borrowers from circumventing or exiting counseling before complete

• OSLC team and staff continue to monitor regulations

DocumentationDocumentation

• Paper records– Daily records– Reports tab

• Export• SchoolExpress

SchoolExpressSchoolExpress

• Automated method– CSV– TXT– XML

• Requires programming• Request documentation

Archive policyArchive policy

• Mapping Your Future isn’t record keeper

• Archive policy– One year of data online– Two prior years available by customer

service request– Prior data is unavailable

Sample repaymentSample repayment

• Stafford entrance– Range 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, must include both Stafford and Grad PLUS

Sample repaymentSample repayment

• Grad PLUS entrance– Range 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, must include both Stafford and Grad PLUS

Sample repaymentSample repayment

• Stafford exit– Borrower'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, must include both Stafford and Grad PLUS

Sample repaymentSample repayment

• Display information with monthlypayment amount at maximum interest rate – With instructions to borrower– On your website– On customized counseling start page– Use indebtedness customization

Counseling start pageCounseling start page

IndebtednessIndebtedness

Respond to questionsRespond to questions

ExitExpressExitExpress

ExitExpressExitExpress

• Individual confirmations• Exit report list• Guarantor Exception Report*• Guarantor Rejection Report

Other informationOther information

• Contact information– On customized page– Possible contact customization later

• Definition of half-time enrollment• Appropriate offices to notify if

withdraw

Maintaining OSLC accountsMaintaining OSLC accounts

UsersUsers

• Super user– Grant access– Inactivate access– Customize– Retrieve records

• Additional users– Account

• Customize• Retrieve records

– Retrieval

Updating accountsUpdating accounts

• Super user and account access– Change notification options– Customize account

• Mapping Your Future staff– Inactivate super user– Change school name– Change OPE-ID– Add counseling types

Customization optionsCustomization options

CustomizationCustomization

Customized questionsCustomized questions

• Default questions• Select questions• Minimum number• Can submit new questions

Expanded counselingExpanded counseling

Indebtedness levelsIndebtedness levels

Indebtedness displayIndebtedness display

Budget calculatorBudget calculator

• Excluded from entrance• Included in exit

Counseling start pageCounseling start page

• School-specific information– Dates– Disbursement procedures– Refund policies– Sample repayment*– Contact information*– Half-time definition*– Appropriate offices*

• Template• One page per session

Counseling start pageCounseling start page

• Options– Wizard– Edit– Submit

• School logo• Type text• Make links open in new window• Save changes• Link to page

ExampleExample

End URLEnd URL

Display school logoDisplay school logo

• Customized start page• At top of all pages

– Programming– Rename Exit button

Student formStudent form

• Regulatory fields vs. all fields• Require borrowers to complete all

fields– References during entrance – Great if high drop-out rates

SummarySummary

ResourcesResources

• Conduct sample counseling session• OSLC User’s Guide• Training-on-demand videos• Printable borrower instructions• OSLC E-News• SchoolExpress documentation• Cobranding documentation• Customized page e-mail

Future of OSLCFuture of OSLC

• New counseling sessions• Reengineering database• Future releases of OSLC• PESC Online Loan Counseling

standard

ContactContact

• Beth ZiehmerCustomer Care/Operations Coordinatorfeedback@mappingyourfuture.org(573) 796-3730

• Kara HorstmanCustomer Care Assistant

• Contact Us links on website