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Innovative Repayment Counseling Strategies at UW-Madison: Empowering Students for Financial Success

Join Sandi Nowakowski and Abigail Rindo as they explore groundbreaking repayment counseling strategies at UW-Madison. This session covers effective methods for exiting students, emphasizing face-to-face counseling, outreach initiatives, and the integration of social media for financial awareness. Discover the new tools available, including servicer calculators and programs to enhance financial literacy among students. Learn how to build a campus culture that supports responsible borrowing and reduces student debt. Together, we can improve financial outcomes for our students!

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Innovative Repayment Counseling Strategies at UW-Madison: Empowering Students for Financial Success

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  1. Loan Repayment Counseling Sandi Nowakowski Loan Manager Federal Direct & Private Loan Office Office of Student Financial Aid, UW-Madison Abigail Rindo • Product Manager • Common Scholarship Application (CSA) Office of Student Financial Aid, UW-Madison Going Beyond Exiting Students WASFAA Loan Concerns Committee

  2. Beyond ExitingBuilding A Repayment Counseling Pedagogy • Thinking about how we counsel • Building an “RC Strategy” • RC Toolbox • Entrance Counseling • Exit Counseling on nslds.ed.gov • Financial Awareness Counseling @ studentloans.gov New! • Servicer calculators • Financial Literacy on the web • Building a campus culture with Social Media Pedagogy [ped-uh-goh-jee]noun, plural-gies. The art or scienceof instructional methods. Strategies of instruction.

  3. Building an RC Strategy • How do we repayment counsel? • What’s your motive? • Rising cost of college • Threatened financial aid programs • Reducing default • Borrower debt reduction • What repayment counseling are you doing?

  4. Repayment Counseling @ UW-Madison • Face-to-face individual repayment counseling sessions • Promoted through campus presentations, website, and word of mouth. • Campus Outreach - • Collaborating with colleagues on campus and in the community • MED School Match Day Eve • WI Veterinary Medical Association (VMED 3&4) • Financial Independence, Alumni Association • Social Media • Loan Servicing Skip Tracing using social media

  5. The Future of Repayment Counseling @ UW-Madison • Research - • Social Media Committee formed to give recommendations to directors team. • Developing a model of best practices for individual repayment counseling based on student feedback. • Developing model of best practices for repayment counseling presenting based on student feedback. • Outreach Possibilities - UGRD orientation, student groups, University Housing RA’s, faculty, deans, social media advertising • Repayment Counseling Presentations are a work in progress • Finaid.wisc.edu/direct-loans.html > Under Federal Direct Loan Repayment > Repayment Presentations

  6. Repayment Counseling Toolbox • More tools at hand than ever before • Entrance Counseling (?) • Exit Counseling Calculator • Financial Awareness Calculator New! • Servicer Calculators • Financial Literacy web tools • Social Media (?)

  7. Entrance Counseling @ studentloans.gov • Completes a federal requirement • Additional counseling for Federal Direct Graduate PLUS loan borrowing. • Not really a great knowledge retention tool - Teach responsible loan borrowing through a Reading Comprehension Test…? I give Entrance Counseling a Snore Scale Rating of ZZZZZ

  8. Entrance & Exit Comparison • Reading comprehension test rather than interactive organizer format • Exit Counseling Calculator • Pulls all federal debt, unlike servicer calculator. • If household income is correct, fairly accurate estimation.

  9. Exit Counseling Calculator @ nslds.ed.gov Where is this again?!

  10. Exit Counseling Calculator – The Hidden Jewel • Promote this calculator! • Full view of federal debt • Recalc and compare repayment options • Log into servicer website to choose repayment plan (servicer located in loan detail) • Increase exit counseling completion rate Received feedback: This calculator should be everywhere! …It’s currently buried!

  11. Financial Awareness Counseling www.studentloans.gov Federal Student Aid Direct Loan Division release date July 2012 • Purpose • Builds off of the content in Entrance and Exit Counseling • Educate students on the difference between federal and private loans • Interactive budgeting and money management tools specific to in-school and post graduation living. • Personalized access to on-going debt level, repayment amount and associated repayment plans.

  12. Financial Awareness Counseling Preliminary Pros & Cons • Pros • Interactive “back pocket calculator” kind of design. • Not a quiz – instead works as a life management tool • Allows for recalculating or calculator reset (fully editable) in the same sitting. • Anyone can use it, log in for individualized data. • Pulls full federal loan debt view, regardless of servicer. • Future development possibilities… • Home page quick link • Mobile accessible • Saving instanced data for recalc capability • Administrative view ability • Cons • Still an instanced session • Does not save data • Allows downloadand print • Must sign in using FAFSA PIN to get personalized data retrieval.

  13. Financial Awareness Counseling Provides servicer website (not on nslds.ed.gov).

  14. Financial Awareness Counseling

  15. Financial Awareness Counseling Functionality • 5 interactive modules – Key Financial Management Concepts

  16. Financial Awareness Counseling Module 1: Understand Your Loans • Outstanding Debt Load

  17. Financial Awareness Counseling Module 1: Understand Your Loans • Common Loan Terms & Concepts

  18. Financial Awareness Counseling Module 1: Understand Your Loans • Advice On Paying For College

  19. Financial Awareness Counseling Module 2: Manage Your Spending • Enter expenses & funding into a dynamic In-School Budget Calculator.

  20. Financial Awareness Counseling Module 3: Plan To Repay • Debt data is pulled from NSLDS into a dynamic post graduation calculator.

  21. Financial Awareness Counseling Module 3: Plan To Repay • Input expenses into a dynamic post graduation budgeting calculator.

  22. Financial Awareness Counseling Module 3: Plan To Repay • Reminds students that tax is removed from gross hiring income.

  23. Financial Awareness Counseling Module 4: Default

  24. Financial Awareness Counseling Module 4: Default

  25. Financial Awareness Counseling Module 4: Default Forbearance?! Why not IBR?

  26. Financial Awareness Counseling Module 4: Default

  27. Financial Awareness Counseling Module 5: Make Finances A Priority

  28. Financial Awareness Counseling Module 5: Make Finances A Priority

  29. Financial Awareness Counseling Module 5: Make Finances A Priority

  30. Servicer Calculators • Servicer Calculators • Student can choose their repayment plan immediately • Can choose a different repayment plan for each loan • Major downfall: Only pulls the federal debt that servicer is servicing

  31. Financial Literacy Tools Non-Lender / Non-Servicer Affiliated • Cash Course by National Foundation for Financial Education • www.cashcourse.orga • Free • Customizable tools • Post to school website • 360 Degrees of Financial Literacy For Young Adults by Federal Deposit Insurance Corp. • www.fdic.gov/moneysmart • Free • Tran the trainer • Presentations & podcasts • Consumer news • MyMoney.gov by Financial Literacy & Education Commission • www.mymoney.gov • Free • Resources for youth, teachers, parents, women, employers, military, retirees, researchers, and financial education providers.

  32. A Social Media CommunityBuilding A Campus Culture From The Beginning • University of Wisconsin-Madison is Nationally Recognized • Media coverage: NY Times, The Guardian, Chronicle of Higher Education • In 2011, ranked No. 1 in higher education internet brand equity • In 2012, rated in top ten of university social media use by mashable • Why it works • Over 500 accounts with nearly 1 million total followers across multiple platforms • Matches University’s decentralized organization culture • Leverages passions and knowledge of members

  33. Social Media on CampusIt’s Complicated….

  34. Social Media and Customer Service • A Shift from Traditional Sources • 71% of 16-24 year olds go online first when they have a problem with a product • 7% of those use social media to complain first Source: Our Social Times

  35. It’s Not Just Young People…. 44% of adults share their grievances about products online Source: Our Social Times

  36. The Power of Online Communities

  37. #AskFAFSA

  38. Financial Aid and Facebook

  39. What You Can Do • Link and refer to financial aid social media sources: • @FAFSA, @UWCFA, and @NASFAA on Twitter • UWCFA and the My College Dollars App on Facebook • Talk to your communications department • What is your universities social media policy? • How can you use social media to build an online community? • What are the best practices when using social media?

  40. Questions?

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