Default Prevention: Mapping Your Future

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Default PreventionMapping Your Future

• Connie KentNSLP
• Caroline SandersEDFUND

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Mapping Your Future

• mapping-your-future.org
• Sponsors and Friends
• Mission Counsel students families about
  college, career, financial aid
• National collaborative public service project of
  the financial aid industry

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Default Prevention Features

• Online Student Loan Counseling
• Ten Steps to Financial Fitness
• Calculators
• Student loan repayment
• Loan consolidation
• Budget
• Debt/Salary Wizard
• Continued . . .

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Default Prevention Features

• Loan Wizard
• Locating Your Loans page
• Deferment Navigator

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Online Student Loan Counseling

• Enables schools students to meet federal loan
  counseling requirements conveniently
• Free service provided by the Sponsors and
  Friends that support Mapping Your Future
• Stafford Perkins entrance exit counseling

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Online Student Loan Counseling

• Step-by-step instructions
• Explanation of loan types
• Annual loan amount chart
• Borrow conservatively
• Continued . . .

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Online Student Loan Counseling

• Student loan calculator to estimate payments
• Budget calculator (exit counseling)
• Tips regarding student loan management

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Online Student Loan Counseling

• Schools receive notification of counseling
• Batch e-mail
• Individual e-mails
• School retrieves counseling record from secure
  FAO Access area
• Print batch reports
• Download data

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OSLC ExitExpress

• Through ExitExpress, Mapping Your Future sends
  exit data to participating guarantors on behalf
  of school
• Saves time and money (fax, mail)
• Makes process more efficient through less data
  entry errors
• Continued . . .

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OSLC ExitExpress

• Aids in default prevention efforts with more
  timely and up-to-date information
• Collaboration with the National Student
  Clearinghouse results in accurate guarantor
  information

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Financial Fitness Tools

• Educate students about personal finance
• Help in determining financial fitness
• Give advice on using credit wisely
• Tips on avoiding loan defaults

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10 Steps to Financial Fitness

• Understand roles of student loan players
• Avoid consequences of default
• Be in control of your finances
• Balance your checkbook
• Establish a budget
• Continued . . .

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10 Steps to Financial Fitness

• Pay yourself and invest
• Use credit wisely
• Know your credit report
• Cleaning up credit
• Surf the web for more info

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Student Loan Calculator

• Estimate student loan payments
• What-if analysis for interest rate and loan amount

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Student Loan Calculator
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Budget Calculator

• Methods to develop budget
• Control finances by calculating income and
  expenses

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Budget Calculator
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Debt/Salary Wizard

• Encourages responsible borrowing
• Provides borrowing limits based on expected
  future earnings
• Estimates future income needed to support debt
• Links to salary.com to explore starting salaries
  by geographic area

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Debt/Salary Wizard
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Loan Wizard

• Interactive decision tree
• Borrowers answer series of yes/no questions
• Appropriate page opens on site

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Loan Wizard
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Locating Your Loans Page

• Student loan players definitions of each
• Need to provide loan holder and guarantor with
  address and phone number changes (including
  references information)

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Locating Your Loans Page

• Links to two sites to locate loan holder
  guarantor
• National Student Loan Data System (NSLDS)
• Requires PIN (links to PIN registration)
• Student loans and Federal Pell Grant
• National Student Clearinghouse LoanLocator
• No PIN required
• Student loans only

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Deferment Navigator

• Basic information regarding purpose of deferments
  and application
• Deferment eligibility charts based on oldest
  outstanding loan disbursement
• Stafford
• Perkins

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Deferment Navigator

• Includes easy-to-understand definition of
  deferment types
• Links to the deferment application in Portable
  Document File (PDF) format for Stafford Loans

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Deferment Navigator
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Promoting MYF

• Links to site (mapping-your-future.org/services/my
  ficon.htm)
• Collateral materials
• General brochure
• Online Student Loan Counseling postcards
• Financial Fitness Tools flyer
• Default aversion efforts

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The Future

• Enhanced Financial Fitness Tools flyer for
  students, borrowers
• Online Student Loan Counseling version 3.0
• EntranceExpress
• Reality Store

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Mapping Your Future Contacts

• Cathy MuellerExecutive Directorcathy.mueller_at_map
  ping-your-future.org(940) 321-0421
• CariAnne CutshallProject/Team Coordinatorcariann
  e.cutshall_at_mapping-your-future.org(573) 634-8641

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THANK YOU!

• Connie KentNSLP
• Caroline SandersEDFUND