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Online Student Loan Counseling A clearing in the regulatory jungle

Online Student Loan Counseling A clearing in the regulatory jungle

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Online Student Loan Counseling A clearing in the regulatory jungle

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  1. Online Student Loan CounselingA clearing in the regulatory jungle Presented by:Beth ZiehmerCustomer Care/Operations Coordinator November 10, 2008

  2. Sponsors • AES/PHEAA • American Student Assistance • College Assist • Connecticut Student Loan Foundation • ECMC • EDFUND • Education Assistance Corporation • Finance Authority of Maine • Florida OSFA • Georgia Student Finance Commission • Great Lakes Higher Education Guaranty Corporation • Illinois Student Assistance Commission • Iowa College Student Aid Commission • Kentucky Higher Education Assistance Authority • Louisiana Office of Student Financial Assistance • Michigan Higher Education Assistance Authority • Missouri Department of Higher Education • Montana Guaranteed Student Loan Program • National Student Loan Program • New Hampshire Higher Education Assistance Foundation

  3. Sponsors • New Jersey Higher Education Student Assistance Authority • New Mexico Student Loan Guarantee Corporation • New York State Higher Education Services Corporation • North Carolina State Education Assistance Authority • Northwest Education Loan Association • Oklahoma Guaranteed Student Loan Program • Rhode Island Higher Education Assistance Authority • South Carolina Student Loan Corporation • Student Loan Guarantee Foundation of Arkansas • Student Loans of North Dakota • Tennessee Student Assistance • Corporation • TG • United Student Aid (USA) • Funds, Inc. • Utah Higher Education • Assistance Authority • Vermont Student Assistance • Corporation

  4. Friends • Academic Finance Corporation • ALL Student Loan • American Student Loan Services • Arizona Federal Credit Union • Brazos Student Lending • Chase • Citibank • Commerce Bank • COSTEP • Edfinancial Services • Education Finance Partners • Educational Direct • EFSI • IDAPP • Indiana Secondary Market for Education Loans, Inc. • Key Bank • Michigan Higher Education • Student Loan Authority • MOHELA • Nelnet • New Mexico Educational • Assistance Foundation • NextStudent • Panhandle-Plains Higher • Education Authority • Priority Technologies, Inc. • Regent • Regions Bank • Rhode Island Student Loan • Authority • SallieMae • SimpleTuition, Inc. • Southwest Student Services • Corporation • Student Assistance Foundation of • Montana

  5. Friends • Student Funding Group, LLC. (StuFund) • Student Loan Finance Corporation • Student Loan Xpress • Studentloans.com • SunTrust Bank • TCF National Bank • Total Higher Education (T.H.E.) Loan Program • U.S. Bank • Vangent • Wachovia Education Finance • Wells Fargo • Western States Learning Corporation

  6. Features

  7. Counseling sessions

  8. Counseling sessions

  9. Demo counseling session

  10. New school MYF Staff School

  11. Current OSLC schools

  12. Meet regulatory requirements

  13. 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*

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

  15. Documentation • Paper records • Daily records • Reports tab • Export • SchoolExpress

  16. SchoolExpress • Automated method • CSV • TXT • XML • Requires programming • Request documentation

  17. 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

  18. Sample repayment • Stafford entrance • Range of indebtedness or • Average indebtedness of borrowers who obtained Stafford Loans for attendance at school or in program of study • If student borrows Stafford AND Grad PLUS loans, must include both Stafford and Grad PLUS

  19. Sample repayment • Grad PLUS entrance • Range of debt levels or • Average indebtedness of Grad PLUS borrowers at school or in program of study • If student borrows Stafford AND Grad PLUS loans, must include both Stafford and Grad PLUS

  20. Sample repayment • Stafford exit • Borrower's actual indebtedness or • Average indebtedness of borrowers who obtained Federal Stafford or SLS loans at school or in program of study • If student borrows Stafford AND Grad PLUS loans, must include both Stafford and Grad PLUS

  21. Sample repayment • Display information with monthlypayment amount at maximum interest rate • With instructions to borrower • On your website • On customized counseling start page • Use indebtedness customization

  22. Counseling start page

  23. Indebtedness

  24. Respond to questions

  25. ExitExpress

  26. ExitExpress • Individual confirmations • Exit report list • Guarantor Exception Report* • Guarantor Rejection Report

  27. Other information • Contact information • On customized page • Possible contact customization later • Definition of half-time enrollment • Appropriate offices to notify if withdraw

  28. Maintaining OSLC accounts

  29. Users • Super user • Grant access • Inactivate access • Customize • Retrieve records • Additional users • Account • Customize • Retrieve records • Retrieval

  30. Updating accounts • Super user and account access • Change notification options • Customize account • Mapping Your Future staff • Inactivate super user • Change school name • Change OPE-ID • Add counseling types

  31. Customization options

  32. Customization

  33. Customized questions • Default questions • Select questions • Minimum number • Can submit new questions

  34. Expanded counseling

  35. Indebtedness levels

  36. Indebtedness display

  37. Budget calculator • Excluded from entrance • Included in exit

  38. Counseling start page • School-specific information • Dates • Disbursement procedures • Refund policies • Sample repayment* • Contact information* • Half-time definition* • Appropriate offices* • Template • One page per session

  39. Counseling start page • Options • Wizard • Edit • Submit • School logo • Type text • Make links open in new window • Save changes • Link to page

  40. Example

  41. End URL

  42. Display school logo • Customized start page • At top of all pages • Programming • Rename Exit button