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SLSC Update April 22, 2009

SUNYFAP Annual Spring Conference Navigating the Sea of Change. SLSC Update April 22, 2009. General Update – Maria Livolsi Status of Perkins Changes in FY10 Administration Budget Status of Perkins Collections E-Signature Overview

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SLSC Update April 22, 2009

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  1. SUNYFAP Annual Spring Conference Navigating the Sea of Change SLSC Update April 22, 2009

  2. General Update – Maria Livolsi Status of Perkins Changes in FY10 Administration Budget Status of Perkins Collections E-Signature Overview Campus-based Loan Programs – Theresa Van Detta & Chris Whalen Collections Receivables Tax Offsets Cohort Default Rates Grants & Compliance – Patricia Baltzel Pell Statistics ACG, SMART & TEACH Grants Statistics Compliance Update Information Technology – Matthew Hans Move of SLSC Data Server Agenda

  3. Perkins UpdateAdministration’s FY10 Budget Proposal Budget Proposal: Adds $5B to the Perkins Program [if funded] increasing the number of recipients and number of school participants Interest begins to accrue at disbursement - adding $5,000 or more to the loan principal for undergraduate borrowers taking the maximum loan Eliminates those cancelation benefits unique to Perkins Schools will continue to make determination on student awarding Entrance & exit counseling and loan servicing to be handled by a government contractor Schools would continue to service “old Perkins” loans and retain ICC based on a weighted average of the historical required match and any extra contributions Administrative Cost Allowance from FWS & SEOG can continue to be used to administer “old Perkins” until closed Potential incentive-based system for determining school funding allocation [possibly tied to tuition discounts, retention, performance, etc…] Alternative Proposals: Increase funding but retain the in-school interest subsidy, the cancellation benefits, & the beneficial borrower/school relationship which provides greater flexibility to assist borrowers who delinquent or unable to make scheduled payments Adjust the federal budget rules so that the federal funds invested in Perkins are not treated as one-time monies “spent” without a net present value DOE to service Allow schools the option of either retaining the servicing of the loans or choosing DOE to service

  4. Perkins collections have declined 48% over past 3 years Contributing Factors: Revenue from loan consolidations has decreased 83% in past 3 years Number of borrowers in repayment decreased more than 50% Fewer loans were made in the peak year of collections 61% of borrower population was in enrolled, grace or deferred status The economy - borrowers in past due status is up Current Status – Some Positive Signs Loan consolidations have been steady over the past three quarters averaging $800,000 per quarter Tax offset revenue is up 54% this year The number of borrowers in enrolled, grace or deferred status is down 7% The number of borrowers in repayment is up 12% over last year Collection agency revenue is up 39% from last year Status of Perkins Collections

  5. Federal Perkins LoansNet Annual Collections

  6. Federal Perkins Loan ProgramComparison of Annual CollectionsActual 2007-08 to Projected 2008-09

  7. Student Loan CollectionsQuarterly Consolidation Revenue | 2004-05 2005-06 2006-07 2007-08 2008-09

  8. Loan Consolidation RevenueSeven-Year Comparison 63% 61% 57% 53% 42% 35% 20%

  9. Percentage of Quarterly Collections Resulting from Loan Consolidations

  10. Campus-Based Loan Programs Accounts Receivable DistributionMarch 31, 2009

  11. Health Professions Student LoansNet Annual Collections

  12. Nursing Student LoansNet Annual Collections

  13. Health Professions and Nursing Student LoansComparison of Annual Collections Actual 2007-08 to Projected 2008-09

  14. Campus-based Loan ProgramsTax Offset Receipts TAXOFFSET PAYMENTS:NYS tax refunds intercepted by the Department of Taxation and Finance for repayment of defaulted Federal Perkins, Health Professions and Nursing student loans.

  15. Federal Perkins LoanCohort Default Rate Statistics • 2008-09 Cohort Population - 7,121 loans 2007-08 Cohort Population - 10,109 loans Decrease of 2,988 loans (29.5%) from last year Smaller population significantly influences the default rates • 847 loans (11.89%) are 8 or more months delinquent • 567 of the 847 defaulted loans (67%) have never made a payment • All of the 567 loan accounts with no payment activity have been assigned to collection agencies • Another multi-campus state school system with 11 campuses has a current cohort rate of 10.3%. This system has run consistently at a 4.5% rate over the past 5 years with this year being their highest cohort default percentage ever.

  16. Four-Year Comparison of Campus Cohort Default RatesMarch 31, 2006 to March 31, 2009

  17. Perkins Cohort Default Rates 5-Year Comparison of SUNY to NYS & USA

  18. Federal Pell Grant Program2-Year Expenditure Comparison

  19. Federal Pell Grant Program5-Year Comparison of Net Expenditures

  20. Federal Pell Grant Program Maximum Award ComparisonOver a Ten-Year Period

  21. Academic Competitiveness and National SMART Grants 2-Year Expenditure Comparison

  22. 2008-09 TEACH Grant Program

  23. Compliance and Reports TEACH Grants 2009-10 Entrance Counseling and ATS requirements must be completed online at DOE’s TEACH Grant Home site https://teach-ats.ed.gov/ats/index.action Exit Counseling must be completed online at DOE’s Direct Loan Servicing site https://www.dl.ed.gov/borrower/BorrowerWelcomePage.jsp Online TEACH Exit Counseling completion summary reports for schools https://schools.dl.ed.gov/schools/school/logincod.do COD 2009-10 User access to the COD website https://cod.ed.gov Contact Patty Baltzel pbaltzel@uamail.albany.edu to have a COD user account established Campuses must use the 3.0b schema to transmit to and receive records from COD Complying with new Federal Regulations Perkins MPN revisions Perkins Loan program: updated Borrower’s Guides, Annual Loan Disclosure, Exit Repayment Agreement as well as borrowers information on our SLSC website Compliance Manual online at http://slsc.albany.edu Changes to BRIO Report distribution website BRIO being decommissioned as of June 30th 2009 July 1st new website to access all Pell, ACG, SMART, TEACH Grant and Perkins Loan reports Website address and new user passwords are forthcoming for the new host site

  24. SLSC Website Resources Visit the SLSC’s Website: http://slsc.albany.edu • Campuses: • Campus User name & Password: 00878800 • File layouts, compliance guidance, current loan documents & website links • Borrowers: Account access, E-signature access, loan program guides, forms, valuable website links • Email any website suggestions to: mhans@albany.edu

  25. SLSC Technology Student Loan Application Transitioned Off-Site Previous Setup New Remote Setup • Server located on UAlbany Campus • Server Maintained and Backed up by ITS • No Disaster Recovery • Slow Response Due to Older Hardware • Limited Ability to Publish Data to SLSC Web • Server Located at Remote Location • Server Maintained and Backed up by ECSI • More Secure Environment • Multiple Backups & Disaster Recovery • Fast Application Response • SAL Data Published Directly to SLSC Website • Ability to Take Credit Card Payments Online

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