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Loan Repayment Counseling. Sandi Nowakowski Loan Manager Federal Direct & Private Loan Office Office of Student Financial Aid, UW-Madison. Abigail Rindo Product Manager Common Scholarship Application (CSA) Office of Student Financial Aid, UW-Madison. Going Beyond Exiting Students.
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Loan Repayment Counseling Sandi Nowakowski Loan Manager Federal Direct & Private Loan Office Office of Student Financial Aid, UW-Madison Abigail Rindo • Product Manager • Common Scholarship Application (CSA) Office of Student Financial Aid, UW-Madison Going Beyond Exiting Students WASFAA Loan Concerns Committee
Beyond ExitingBuilding A Repayment Counseling Pedagogy • Thinking about how we counsel • Building an “RC Strategy” • RC Toolbox • Entrance Counseling • Exit Counseling on nslds.ed.gov • Financial Awareness Counseling @ studentloans.gov New! • Servicer calculators • Financial Literacy on the web • Building a campus culture with Social Media Pedagogy [ped-uh-goh-jee]noun, plural-gies. The art or scienceof instructional methods. Strategies of instruction.
Building an RC Strategy • How do we repayment counsel? • What’s your motive? • Rising cost of college • Threatened financial aid programs • Reducing default • Borrower debt reduction • What repayment counseling are you doing?
Repayment Counseling @ UW-Madison • Face-to-face individual repayment counseling sessions • Promoted through campus presentations, website, and word of mouth. • Campus Outreach - • Collaborating with colleagues on campus and in the community • MED School Match Day Eve • WI Veterinary Medical Association (VMED 3&4) • Financial Independence, Alumni Association • Social Media • Loan Servicing Skip Tracing using social media
The Future of Repayment Counseling @ UW-Madison • Research - • Social Media Committee formed to give recommendations to directors team. • Developing a model of best practices for individual repayment counseling based on student feedback. • Developing model of best practices for repayment counseling presenting based on student feedback. • Outreach Possibilities - UGRD orientation, student groups, University Housing RA’s, faculty, deans, social media advertising • Repayment Counseling Presentations are a work in progress • Finaid.wisc.edu/direct-loans.html > Under Federal Direct Loan Repayment > Repayment Presentations
Repayment Counseling Toolbox • More tools at hand than ever before • Entrance Counseling (?) • Exit Counseling Calculator • Financial Awareness Calculator New! • Servicer Calculators • Financial Literacy web tools • Social Media (?)
Entrance Counseling @ studentloans.gov • Completes a federal requirement • Additional counseling for Federal Direct Graduate PLUS loan borrowing. • Not really a great knowledge retention tool - Teach responsible loan borrowing through a Reading Comprehension Test…? I give Entrance Counseling a Snore Scale Rating of ZZZZZ
Entrance & Exit Comparison • Reading comprehension test rather than interactive organizer format • Exit Counseling Calculator • Pulls all federal debt, unlike servicer calculator. • If household income is correct, fairly accurate estimation.
Exit Counseling Calculator @ nslds.ed.gov Where is this again?!
Exit Counseling Calculator – The Hidden Jewel • Promote this calculator! • Full view of federal debt • Recalc and compare repayment options • Log into servicer website to choose repayment plan (servicer located in loan detail) • Increase exit counseling completion rate Received feedback: This calculator should be everywhere! …It’s currently buried!
Financial Awareness Counseling www.studentloans.gov Federal Student Aid Direct Loan Division release date July 2012 • Purpose • Builds off of the content in Entrance and Exit Counseling • Educate students on the difference between federal and private loans • Interactive budgeting and money management tools specific to in-school and post graduation living. • Personalized access to on-going debt level, repayment amount and associated repayment plans.
Financial Awareness Counseling Preliminary Pros & Cons • Pros • Interactive “back pocket calculator” kind of design. • Not a quiz – instead works as a life management tool • Allows for recalculating or calculator reset (fully editable) in the same sitting. • Anyone can use it, log in for individualized data. • Pulls full federal loan debt view, regardless of servicer. • Future development possibilities… • Home page quick link • Mobile accessible • Saving instanced data for recalc capability • Administrative view ability • Cons • Still an instanced session • Does not save data • Allows downloadand print • Must sign in using FAFSA PIN to get personalized data retrieval.
Financial Awareness Counseling Provides servicer website (not on nslds.ed.gov).
Financial Awareness Counseling Functionality • 5 interactive modules – Key Financial Management Concepts
Financial Awareness Counseling Module 1: Understand Your Loans • Outstanding Debt Load
Financial Awareness Counseling Module 1: Understand Your Loans • Common Loan Terms & Concepts
Financial Awareness Counseling Module 1: Understand Your Loans • Advice On Paying For College
Financial Awareness Counseling Module 2: Manage Your Spending • Enter expenses & funding into a dynamic In-School Budget Calculator.
Financial Awareness Counseling Module 3: Plan To Repay • Debt data is pulled from NSLDS into a dynamic post graduation calculator.
Financial Awareness Counseling Module 3: Plan To Repay • Input expenses into a dynamic post graduation budgeting calculator.
Financial Awareness Counseling Module 3: Plan To Repay • Reminds students that tax is removed from gross hiring income.
Financial Awareness Counseling Module 4: Default Forbearance?! Why not IBR?
Financial Awareness Counseling Module 5: Make Finances A Priority
Financial Awareness Counseling Module 5: Make Finances A Priority
Financial Awareness Counseling Module 5: Make Finances A Priority
Servicer Calculators • Servicer Calculators • Student can choose their repayment plan immediately • Can choose a different repayment plan for each loan • Major downfall: Only pulls the federal debt that servicer is servicing
Financial Literacy Tools Non-Lender / Non-Servicer Affiliated • Cash Course by National Foundation for Financial Education • www.cashcourse.orga • Free • Customizable tools • Post to school website • 360 Degrees of Financial Literacy For Young Adults by Federal Deposit Insurance Corp. • www.fdic.gov/moneysmart • Free • Tran the trainer • Presentations & podcasts • Consumer news • MyMoney.gov by Financial Literacy & Education Commission • www.mymoney.gov • Free • Resources for youth, teachers, parents, women, employers, military, retirees, researchers, and financial education providers.
A Social Media CommunityBuilding A Campus Culture From The Beginning • University of Wisconsin-Madison is Nationally Recognized • Media coverage: NY Times, The Guardian, Chronicle of Higher Education • In 2011, ranked No. 1 in higher education internet brand equity • In 2012, rated in top ten of university social media use by mashable • Why it works • Over 500 accounts with nearly 1 million total followers across multiple platforms • Matches University’s decentralized organization culture • Leverages passions and knowledge of members
Social Media and Customer Service • A Shift from Traditional Sources • 71% of 16-24 year olds go online first when they have a problem with a product • 7% of those use social media to complain first Source: Our Social Times
It’s Not Just Young People…. 44% of adults share their grievances about products online Source: Our Social Times
What You Can Do • Link and refer to financial aid social media sources: • @FAFSA, @UWCFA, and @NASFAA on Twitter • UWCFA and the My College Dollars App on Facebook • Talk to your communications department • What is your universities social media policy? • How can you use social media to build an online community? • What are the best practices when using social media?
