SUNY InitiativesNYSFAAA Annual Conference

2012

October 2012

SUNY Smart Track

An innovative and transparent system wide approach to promote awareness and understanding regarding college choice, college financing options and responsible loan borrowing

SUNY Smart Track

Helps students make the right choice in college and how to pay for college!

If borrowing is part of that plan, students must understand their rights and responsibilities to make informed decisions

National Research Strong financial literacy tools can assist

students in making informed decisions with respect to loan borrowing

Keeping students engaged promotes retention and increases completion rates

Students who complete their education are more likely to become successful student loan repayers-regardless of the amount borrowed

SUNY leads the nation

We want to make sure our students and their families make the right choices by providing the right tools and guidance throughout their time at any of our campuses…

Standard award letters, education and financial literacy and on going student engagement is the formula for SUNY students to achieve success!

SUNY Smart Track will help students stay out of default• Data driven approach to student retention and

default prevention using federal and SUNY data to identify at risk borrowers• Creates targeted and measurable campus

interventions to mitigate risk • Develops student engagement strategies for all

borrowers beginning with loan disbursement thru grace period and repayment• Additional strategies for delinquent borrowers and

defaulted borrowers

Adopts the federal shopping sheet format

Costs are displayed

Type of aid clearly displayed-loans vs grants

Campus comparison data-graduation rates, cohort

default rates and median loan debt

SUNY Award Letter

SUNY Student Loan Service Center

• Expands services to include communications with students throughout their time on campus and beyond

• Assists former students who are delinquent or in default on a loan they borrowed while attending one of our campuses

• Financial literacy• Loan payment estimators• Responsible borrowing• Successful repayment planning

Web Based Learning Center

• At risk students receive targeted interventions

• All students receive communications based on plan developed in collaboration with campus

• Customized at each campus

Student Engagement

On Boarding Process• Program description and expectations to College

Presidents

• Letter to College President-notification of schedule and request for campus contact designation

• Coordinate campus meeting Initial campus meeting to collaborate on campus plan

• Authorization for NSLDS data