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Student Loan Advocacy at the State Level

The Office of the Qualified Education Loan Ombudsman is the borrower's voice in the student loan process, providing timely assistance to qualified education loan borrowers in the Commonwealth. Created to address the increasing student loan debt crisis, the office receives and resolves complaints, collects data, and makes policy recommendations.

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Student Loan Advocacy at the State Level

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  1. Student Loan Advocacy at the State Level • Office of the Qualified Education Loan Ombudsman

  2. Student Loan Advocate • 2018 General Assembly Session • Created to be the borrower’s voice in the student loan process. • www.schev.edu/studentloan • Mission: • Provide timely assistance to any qualified education loan borrower of any qualified education loan in the Commonwealth. Office of the Qualified Education Loan Ombudsman

  3. Why was the position created? Office of the Qualified Education Loan Ombudsman

  4. FY 2015 Three-Year Default Rates Office of the Qualified Education Loan Ombudsman

  5. Virginia’s Federal Loan Portfolio • 1,014,500 - Borrowers • $36,800,000,000 – Debt • $36,274 – Per borrower • Standard Repayment: $420/month • Principal & Interest: $50,000 2018 Federal Student Aid Office of the Qualified Education Loan Ombudsman

  6. Why was the position created? • Secretary DeVos • Since 2007, the amount of student loan debt held by the federal government has tripled, from about $500 billion to an estimated $1.5 trillion • 43 percent of student loans are considered in “distress,” meaning they’re delinquent, at risk of default or students aren’t paying enough on their loans 2018 Federal Student Aid Conference Office of the Qualified Education Loan Ombudsman

  7. Student Loan Advocate • Receive, review and attempt to resolve any complaints from Qualified Education Loan Borrowers • Establish and maintain a qualified education loan borrower education course • Collect data and make policy recommendations for resolving problems and concerns Office of the Qualified Education Loan Ombudsman

  8. www.schev.edu/studentloan @SCHEVloanhelp

  9. Office of the Qualified Education Loan Ombudsman

  10. Student Complaint Form Office of the Qualified Education Loan Ombudsman

  11. QELO Case Load (October-January) Website: December 1 Press Release: January 22 Office of the Qualified Education Loan Ombudsman

  12. QELO Case Load (October-January) Office of the Qualified Education Loan Ombudsman

  13. QELO Case Load (October-January) Office of the Qualified Education Loan Ombudsman

  14. COMING SOON!! • QUALIFIED EDUCATION LOAN BORROWER COURSE • Online modules that can be completed independently. • Lesson plans provided for inclusion in the financial literacy course required for high school graduation and for use in entrance and exit counseling as required of all student loan borrowers. Office of the Qualified Education Loan Ombudsman

  15. Education Course DRAFT DRAFT Office of the Qualified Education Loan Ombudsman

  16. Other States • DC; Georgia; Kentucky; Maryland; Missouri; New Jersey; New York; Oklahoma; Utah; Virginia; Washington Office of the Qualified Education Loan Ombudsman

  17. 2019 General Assembly • Loan Servicer Bill • HB1760 • Voted Down inCommittee • SB1112 • Started in Education & Health • Referred to Finance • Senate version crosses over today Office of the Qualified Education Loan Ombudsman

  18. How Can You Help Us Out? • Legislative Priorities - HEA • Smart postsecondary education decisions • Access to loan rehabilitation for struggling borrowers • Combatting debt relief scams • Rehabilitation for private education loans • Better loan servicing for student and parent borrowers • Eliminate barriers to assist federal student loan borrowers Office of the Qualified Education Loan Ombudsman

  19. How Can You Help Us Out? • Member Organizations • Private Loan Rehabilitation • Options for Borrowers Already in Collections • Clearer Path to Qualification for Loan Forgiveness Programs • Educational Course – Content Delivery Platforms Office of the Qualified Education Loan Ombudsman

  20. Questions? • Scott W. Kemp • scottkemp@schev.edu • 804-786-2832 • www.schev.edu/studentloan • Twitter: @SCHEVloanhelp Office of the Qualified Education Loan Ombudsman

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