Mapping Your Future ® and Meteor™ Where is my student loan?

1. Mapping Your Future®andMeteor™ Where is my student loan? Presented by:Cathy MuellerMapping Your Future Tim CameronMeteor

2. Mapping Your Future

4. A valuable resource • Provides services to schools for ultimate benefit of student • Loan counseling meets regulatory requirements and does not limit student choice of lenders, guarantors

5. A valuable resource • Provides variety of resources for students and families • Career exploration • College preparation • Paying for college • Money management • Provides neutral content and encourages students to look at all sources of free funding

6. Help students track debt in this new landscape

7. Split servicing • Student changed lender/guarantor to take advantage of benefits • Student consolidated while in-school to lock in a low fixed interest rate • Student transferred to a new school • School switched from FDLP to FFELP or vice versa • Lenders suspended student loans

8. Legislative changes • Ensuring Continued Access to Student Loans Act (ECASLA) • Loan Participation Purchase Program • Loan Purchase Commitment Program • Term Asset-Backed Securities Loan Facility (TALF) • Higher Education Opportunity Act (Servicemembers Civil Relief Act)

9. Impact to student Communication overload! • Multiple servicers to single student • Status change notifications, privacy notice, 1098-E • Delinquency letters, phone calls, e-mails • Single student to multiple servicers • Changes in address or phone number • Payments • Requests for deferment, forbearance

10. Impact to student • Payment schedule complications • Multiple payment due dates • Multiple payment methods • Potential loss of extended repayment options • Deferment and forbearance complications • Inconsistent deferment documentation standards • Inconsistent forbearance period maximums

11. Solution Each of these “hurdles” is easily addressed so long as the borrower knows who their lenders/servicers are and how to get in touch with them.

12. So, WHERE is my loan?

13. The Meteor project

14. The Meteor project • Non-proprietary, open- source software that brings together data from distributed databases across the higher education financing community • Anyone can participate! • Lenders • Guarantors • Servicers • Schools • U.S. Department of Education • Others

15. Approval FSA approval for use of real-time data • Collaborative effort to bring about change to the requirements for schools to solely rely on NSLDS data • Allows schools to resolve discrepancies by using real-time data that comes directly from loan holders' databases

16. Features • Access real-time, student-specific financial aid information from multiple sources with intuitive user interface and navigation • Currently provides real-time, detailed information on FFELP and alternative loans (capability exists to include Direct and Perkins Loans)

17. How Meteor works

18. Participant types • Access Providers (AP) • Authentication Agents (AA) • Data Providers (DP) • Index Providers (IP)

19. Meteor process Authentication (by AP or AA) Access Provider Data Providers Users One Student/Borrower or Financial Aid Professional orAccess Provider RepresentativeorLender Two Index Provider Three

20. Data available through Meteor

32. Meteor and the National Student Clearinghouse: campus-based authentication

33. Authentication model • Schools that have entered into electronic services agreement with Clearinghouse act as Authentication Agents • Students' campus-issued credentials utilized to access Meteor and other Clearinghouse services via Student Self-Service website

34. Student Self-Service • Meteor is integrated into Clearinghouse’s Student Self-Service application • For schools that wish to provide students with Meteor access, Meteor loan detail is incorporated into LoanLocator display

39. Online award letter pilot • Will serve as debt management tool (borrowing history presented BEFORE new award is accepted) • Ensures borrower is aware of potential impact of increasing aggregate loan amount • Total current outstanding • New total outstanding with addition of new loan • Repayment scenarios based on aggregates

40. Help your students Remind students how successful repayment can be accomplished • Keeping good records • Staying in touch with loan holders • Maintaining strategy for repayment

41. Get more information • Interactive website www.MeteorNetwork.org • Audio presentation • Interactive demonstration version of software • Link to Meteor project site • Project documentationwww.NCHELP.org/Meteor.htm • Implementation information • Provider list • User Guide and other documentation

42. Online Student Loan Counseling

43. Features

44. Counseling sessions

45. Counseling sessions

46. Meet regulatory requirements

47. Requirements • 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

48. Requirements • Prevent borrowers from circumventing or exiting counseling before complete • OSLC team and staff continue to monitor regulations

49. Documentation • Paper records • Daily records • Reports tab • Export • Automated method

50. Archive 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