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Financial Awareness Counseling Tool

Financial Awareness Counseling Tool. Julie Aloisio U.S. Department of Education. Agenda. Financial Awareness Counseling Objective Financial Awareness Counseling Tool Overview School Functionality Walkthrough. Financial Awareness Counseling Tool (FACT).

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Financial Awareness Counseling Tool

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  1. Financial Awareness Counseling Tool Julie Aloisio U.S. Department of Education

  2. Agenda • Financial Awareness Counseling Objective • Financial Awareness Counseling Tool Overview • School Functionality • Walkthrough

  3. Financial Awareness Counseling Tool (FACT) • A centralized, online source of financial literacy information for students • Tools to inform postsecondary funding decisions • School financial literacy resource • Support efforts to improve financial capability

  4. FACT Functionality Overview • Available on StudentLoans.gov • View NSLDS student loan information when signed in • Disbursement of funds cannot depend on FACT session completion • Cannot substitute for Entrance Counseling

  5. FACT Overview • The 5 Financial Awareness Counseling topics are…

  6. School Functionality • FACT information on COD Web • Financial Awareness Counseling Responses • Counseling Search • Counseling Report • Batch Search

  7. Responses • Receive • Yes or No • ‘On-Demand’ or ‘Daily’ • Default • ‘Yes’ and ‘On-Demand’

  8. Counseling Search • Date range • Remains one week • Defaults • Type • “All Counseling” • Award Year • Most recent

  9. Counseling Report • Existing DL Entrance Counseling Report renamed “Counseling Report” • Each row represents one completed counseling session • Possible multiple Entrance or Financial Awareness Counseling records per student

  10. Counseling Report • Includes: • New Counseling Type Indicator value • Sorted • Ascending by SSN • Descending by • Completion Date and Completion Time • CSV with headers

  11. Walkthrough – Introduction

  12. Topic 1 - Understand Your Loans • Customized breakdown of loans and an overview of: • Common loan terms and concepts • Suggestions to maximize financial aid and minimize loans • Student loan types

  13. Walkthrough – Step 1

  14. Topic 2 - Manage Your Spending • Budget Basics • In-school expenses and funding • Planning for and controlling expenses • Benefits of paying interest while in school to reduce interest costs

  15. Walkthrough – Step 2

  16. Topic 3 - Plan to Repay • Post school budgeting • Living expenses vs. estimated income • Project loan balance • Compare basic repayment plans • When to contact the loan servicer

  17. Walkthrough – Step 3

  18. Topic 4 - Avoid Default • Provides an overview of: • Options available to avoid default • Deferment and forbearance options • Loan cancellation and forgiveness terms • Consequences of delinquency and default

  19. Walkthrough – Step 4

  20. Topic 5 - Make Finances a Priority • Key personal finance topics • Financial planning, saving, and spending • Taxes, deductions and their impact on take-home pay • Educational tax benefits • Credit scores and credit basics • Protect credit and identity

  21. Walkthrough – Step 5

  22. Walkthrough – Notify Schools & Submit

  23. Walkthrough – Counseling Summary

  24. Contact Information • Julie Aloisio • Phone: 202-377-3695 • Email: julie.aloisio@ed.gov

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