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 Coordinatorfeedback@mappingyourfuture.orgContact Us on the website(573) 796-3730