Online Student Online Student Loan CounselingLoan Counseling
A neutral optionA neutral option
Presented by:Beth Ziehmer
Customer Care/Operations Coordinator
Mapping Your Future
HistoryHistory
In 1996, guaranty agency leaders saw the need to deliver online services to schools and students. By working together, the agencies could meet those needs.
SponsorsSponsors• 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
SponsorsSponsors• National Student Loan Program• New Hampshire Higher Education Assistance Foundation• 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
FriendsFriends• Academic Finance Corporation• ALL Student Loan• American Student Loan Services• Arizona Federal Credit Union• Brazos Student Lending• Chase• Citibank• CollegEDGE/LoanSTAR• College Loan Corporation• Commerce Bank• Consolidation Center.com• COSTEP• Edfinancial Services• Education Finance Partners• Educational Direct• EFSI• IDAPP• Indiana Secondary Market for Education Loans, Inc.• Key Bank
FriendsFriends• Michigan Higher Education Student Loan Authority• MOHELA• Nelnet• NEW FUTURES• 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• Student Funding Group, LLC. (StuFund)• Student Loan Finance Corporation• Student Loan Xpress• Studentloans.com
FriendsFriends• SunTrust Bank• TCF National Bank• Total Higher Education (T.H.E.) Loan Program• U.S. Bank• Vangent• Wachovia Education Finance• Wells Fargo
FeaturesFeatures
• Lender/guarantor neutral• Step-by-step instructions • Explanations of loan types • Annual loan limits (entrance) • Advice on borrowing conservatively
and maintaining the loan • Debt/salary wizard • Optional budget calculator• Customization options
Counseling sessionsCounseling sessions
• Stafford entrance• Stafford exit • Stafford entrance (Spanish)• Stafford exit (Spanish)• Perkins entrance • Perkins exit• Stafford and Perkins
combined entrance • Stafford and Perkins
combined exit
Counseling sessionsCounseling sessions
• Nursing Student Loan entrance • Nursing Student Loan exit• Health Professions entrance• Health Professions exit• Grad PLUS entrance• Grad PLUS exit• Stafford and Grad PLUS
combined entrance• Stafford and Grad PLUS
combined exit
Demo counseling sessionDemo counseling session
• Choose counseling type• Select Texas as state of school• Select MYF Demo School as school• Enter false student information on
student form
School
School participationSchool participation
MYF Staff
OSLC checklistOSLC checklist
• Review counseling type needs• Ensure appropriate staff has access• Regularly retrieve counseling records• Utilize customization options• Review correspondence
with students and website• Sign up for OSLC E-News• Review User’s Guide• Training-on-Demand videos
Borrower processBorrower process
• Receives instructions/directions• Starts counseling session– Mapping Your Future website– School link– Lender or guarantor link– Integrated process with MPN
• Reads content and correctly answers questions
• Completes online form• Receives confirmation
number
SecuritySecurity
• Secure web server and password protection – Borrower form is secure – Retrieve records from secure,
password-protected FAO Access Area • Not able to share password• Change password every 90 days • Staff can’t see password
• Borrower data only online for one year
Regulatory requirementsRegulatory requirements
• Maintain documentation• Provide sample repayment
information• Respond to questions• Forward Stafford exit records to
guaranty agency
Regulatory requirementsRegulatory requirements
• Disclose written repayment information to Perkins borrowers
• Borrowers not be able to circumvent or exit counseling
• Information in counseling sessions meets applicable regulatory requirements
• OSLC team and staff continue to monitor regulations
DocumentationDocumentation
• Retrieve paper counseling records from FAO Access Area– Daily records box (on day at a time)– Reports tab • Counseling session reports• Ad hoc reports• Search tab
• Export counseling records • SchoolExpress
DocumentationDocumentation
• Mapping Your Future isn’t record keeper
• Archive policy– One year available online– Two more years are available by
customer service request– All prior data is unavailable
Sample repayment amountsSample repayment amounts
• 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, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness
Sample repayment amountsSample repayment amounts
• 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, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness
Sample repayment amountsSample repayment amounts
• 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
Sample repayment amountsSample repayment amounts
• Display information with monthly payment amount at maximum interest rate – With instructions to borrower– On your website– On customized counseling start page– Use indebtedness
customization
Sample repayment amountsSample repayment amounts
Sample repayment amountsSample repayment amounts
Borrower questionsBorrower questions
• In full in individual e-mail notifications • In full in confirmation records online• On printable reports (may be limited if
comment is long) • Notation on batch e-mail notifications
FAO Access AreaFAO Access Area
• Meteor school access• Retrieve counseling records• Verify guarantors retrieve Stafford
exit records• Manage users • Change e-mail notification options• Customize counseling
CustomizationCustomization
• Display school logo in session • Choose questions borrowers must
answer• Expand counseling content with
money management information• Add average indebtedness
information• Determine whether students
must complete budget• Customize counseling
start page
CustomizationCustomization
• Require borrowers to complete all fields on student form
• Direct borrowers to specific web page upon completing counseling
Display school logoDisplay school logo
• On customized start page• At top of every page within session– Requires minimal programming
(request documentation)– Enforces end URL
• Customize Exit button
Customized questionsCustomized questions
• Select questions from list • Default questions to start• Minimum number of questions
required• Can submit questions for inclusion in
list
Expanded counselingExpanded counseling
• Building good credit• Budgeting• Saving• Credit card use• Credit reports
Questions and expansionQuestions and expansion
Indebtedness informationIndebtedness information
Budget calculatorBudget calculator
• By default, excluded from entrance sessions
• By default, included in exit sessions
Counseling start pageCounseling start page
• Provide important school-specific information to borrowers– Important dates– Disbursement procedures– Refund policies– Sample repayment amounts– Contact information
• Template simplifies (no HTML knowledge needed)
• One page per counseling session
Counseling start pageCounseling start page
• Options– Wizard—create a new page– Edit—edit existing page– Submit—Submit page for approval
• To add school logo, insert URL for logo in image box
• Type text directly into Pagemaster Edit box
• Save changes every 15 minutes• Link to customized page from school,
lender, or guarantor web site
Counseling start pageCounseling start page
Student formStudent form
• Require borrowers to complete all fields– Get references during entrance
counseling– Great for schools with high drop-out
rates
• Default setting requires borrowers to complete only regulatory required fields
Student formStudent form
End URLEnd URL
Selects school, enters SSN & DOB
Queries OSLC database
StudentcompletedOSLC
Student proceeds through MPN
Integrating OSLCIntegrating OSLC
Selects school, enters SSN & DOB
Queries OSLC database
Student hasn’t completed OSLC
Confirmation & data sent
Student proceeds through MPN
Integrating OSLCIntegrating OSLC
ExitExpressExitExpress
• Must share Stafford exit information to guarantor within 60 days of student completing counseling
• Clearinghouse provides guarantor name on Stafford exit record
• Mapping Your Future provides record to guarantor
• Guarantor retrieves record• School ensures guarantor
retrieves record
ExitExpressExitExpress
• Individual confirmations: Asterisk and a date indicates when guarantor retrieved report
• Exit report list: "Status" under GA• Guarantor Exception Report: List of
records guarantor has not retrieved• Guarantor Rejection Report:
List of exit records guarantor rejected (didn’t guarantee loan)
Powered by MYFPowered by MYF
• Create loan counseling for your product using our technology
• Save time (template)• Save money – $500 set-up fee– $1,000 annually to maintain
ContactContact
Beth ZiehmerCustomer Care/Operations [email protected] Us on the website(573) 796-3730