Online Student Loan Online Student Loan CounselingCounseling
A clearing in the regulatory A clearing in the regulatory junglejungle
Presented by:Beth Ziehmer
Customer Care/Operations CoordinatorNovember 10, 2008
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
• National Student Loan Program
• New Hampshire Higher Education Assistance Foundation
SponsorsSponsors• 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• 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
FriendsFriends• 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
FeaturesFeatures
Counseling sessionsCounseling sessions
Counseling sessionsCounseling sessions
Demo counseling sessionDemo counseling session
School
New schoolNew school
MYF Staff
Current OSLC schoolsCurrent OSLC schools
Meet regulatory Meet regulatory requirementsrequirements
RequirementsRequirements
• 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*
RequirementsRequirements
• Prevent borrowers from circumventing or exiting counseling before complete
• OSLC team and staff continue to monitor regulations
DocumentationDocumentation
• Paper records– Daily records– Reports tab
• Export• SchoolExpress
SchoolExpressSchoolExpress
• Automated method– CSV– TXT– XML
• Requires programming• Request documentation
Archive policyArchive 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
Sample repaymentSample 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
Sample repaymentSample 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
Sample repaymentSample 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
Sample repaymentSample 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
Counseling start pageCounseling start page
IndebtednessIndebtedness
Respond to questionsRespond to questions
ExitExpressExitExpress
ExitExpressExitExpress
• Individual confirmations• Exit report list• Guarantor Exception Report*• Guarantor Rejection Report
Other informationOther information
• Contact information– On customized page– Possible contact customization later
• Definition of half-time enrollment• Appropriate offices to notify if
withdraw
Maintaining OSLC accountsMaintaining OSLC accounts
UsersUsers
• Super user– Grant access– Inactivate access– Customize– Retrieve records
• Additional users– Account
• Customize• Retrieve records
– Retrieval
Updating accountsUpdating 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
Customization optionsCustomization options
CustomizationCustomization
Customized questionsCustomized questions
• Default questions• Select questions• Minimum number• Can submit new questions
Expanded counselingExpanded counseling
Indebtedness levelsIndebtedness levels
Indebtedness displayIndebtedness display
Budget calculatorBudget calculator
• Excluded from entrance• Included in exit
Counseling start pageCounseling start page
• School-specific information– Dates– Disbursement procedures– Refund policies– Sample repayment*– Contact information*– Half-time definition*– Appropriate offices*
• Template• One page per session
Counseling start pageCounseling start page
• Options– Wizard– Edit– Submit
• School logo• Type text• Make links open in new window• Save changes• Link to page
ExampleExample
End URLEnd URL
Display school logoDisplay school logo
• Customized start page• At top of all pages
– Programming– Rename Exit button
Student formStudent form
• Regulatory fields vs. all fields• Require borrowers to complete all
fields– References during entrance – Great if high drop-out rates
SummarySummary
ResourcesResources
• Conduct sample counseling session• OSLC User’s Guide• Training-on-demand videos• Printable borrower instructions• OSLC E-News• SchoolExpress documentation• Cobranding documentation• Customized page e-mail
Future of OSLCFuture of OSLC
• New counseling sessions• Reengineering database• Future releases of OSLC• PESC Online Loan Counseling
standard
ContactContact
• Beth ZiehmerCustomer Care/Operations [email protected](573) 796-3730
• Kara HorstmanCustomer Care Assistant
• Contact Us links on website