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PROACTIVELY IDENTIFYING POTENTIAL IMPACTS OF PUT LOAN TO BORROWERS

PROACTIVELY IDENTIFYING POTENTIAL IMPACTS OF PUT LOAN TO BORROWERS. Creating A Positive Customer Experience NCHELP Program Operations Update May 26, 2009. CUSTOMER EXPERIENCE Introduction.

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PROACTIVELY IDENTIFYING POTENTIAL IMPACTS OF PUT LOAN TO BORROWERS

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  1. PROACTIVELY IDENTIFYING POTENTIAL IMPACTS OF PUT LOAN TO BORROWERS Creating A Positive Customer Experience NCHELP Program Operations Update May 26, 2009

  2. CUSTOMER EXPERIENCE Introduction • In order to ensure a positive customer experience for the borrower, it is critical for the FFELP industry to work collaboratively with ED and the ED servicer to ensure the best possible experience for the borrower. • The following provides information and suggestions to help you and your borrowers navigate through the PUT loan process.

  3. CUSTOMER EXPERIENCEImpact & Recommendations • Split servicing: In School • Communicate to borrower when loan is PUT and provide general information and direction on loans being serviced by a FFELP servicer and by ED servicer. • Set up a communication system with ED servicer to send appropriate loan documents and changes that may occur after the loan is PUT to ensure all loans are updated correctly.

  4. CUSTOMER EXPERIENCEImpact & Recommendation Split Servicing: In Repayment • Facilitate communication between borrower and ED servicer • Create a collaborative communication process with ED servicer to assist borrower with PUT repayment options • Understand what informationED servicer is sending to borrower • Know your points of contact between FFELP servicer and ED servicer • Web and other communication mediums

  5. CUSTOMER EXPERIENCEImpact & Recommendations Split Servicing: In Repayment (cont.) • Assist borrowers by communicating repayment options for FFELP and PUT loans • Work with ED servicer to prorate repayment on FFELP and PUT loans • Work with ED servicer to include all FFELP loans in extended repayment option • Ensure PUT loans are considered when counseling borrowers on Income Based Repayment

  6. CUSTOMER EXPERIENCEImpact & Recommendations • Split Servicing: In Repayment (cont.) • Advise borrower to send copy of deferment form to ED servicer for PUT loans • Ensure borrower completes forbearance form for PUT loans when applying with FFELP servicer • Potentially standardize forbearance form for FFELP loans

  7. CUSTOMER EXPERIENCEImpact & Recommendations • Split Servicing: In Repayment (cont.) • Extend Financial Literacy and default prevention counseling and tools to cover borrowers with FFELP PUT loans serviced by ED servicer • Work with Mapping Your Future who serves Direct and FFELP schools and provides financial literacy counseling and tools • Encourage use of Meteor, NSLDS and FSAIC for borrowers who have split loans • Meteor includes private loan volume • FSAIC – advises students on financial aid, uses NSLDS to assist the borrower

  8. CUSTOMER EXPERIENCEImpact & Recommendations • Split Servicing: Early Assist or Default Aversion • Contact borrower (letters, e-mails or calls) and explain transfer of servicing • Provide borrower with ED servicer contact information • If appropriate, remind borrower that account delinquency continues

  9. CUSTOMER EXPERIENCEImpact & Recommendations • Advise payments, deferment and forbearance requests need to be forwarded to ED servicer • All program benefits remain the same • Post-PUT forms received by guarantors should be forwarded to ED servicer with communication to borrower of activity

  10. CUSTOMER EXPERIENCE CONTACT NUMBERS • Department Servicer Contact Numbers: • For Borrowers 800.508.1378 • For Schools 866.938.4750 • For Collections 866.938.4749 • Borrowers receive a Welcome Letter from the Department Servicer with additional contact information

  11. CUSTOMER EXPERIENCE FINAL THOUGHTS • FFELP providers are committed to providing students, families, and schools uninterrupted student loan services during these challenging economic times. • FFELP Community and ED are committed to work together to ensure the best possible borrower experience • Communication is key • Ensure schools are well-advised on the PUT program and how it impacts their borrowers • Know your contacts at the ED servicer • Consult other community members for best practices • http://www.nchelp.org/pages/page.cfm?id=136

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