Online Student Loan Counseling A neutral option

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Online Student Loan CounselingA neutral option

• Presented byBeth ZiehmerCustomer
  Care/Operations Coordinator Mapping Your Future

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History

• 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.

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Sponsors

• 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

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Sponsors

• 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

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Friends

• 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

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Friends

• 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

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Friends

• SunTrust Bank
• TCF National Bank
• Total Higher Education (T.H.E.) Loan Program
• U.S. Bank
• Vangent
• Wachovia Education Finance
• Wells Fargo

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Features

• 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

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Counseling 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

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Counseling 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

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Demo counseling session

• Choose counseling type
• Select Texas as state of school
• Select MYF Demo School as school
• Enter false student information on student form

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School participation
MYF Staff
School
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OSLC 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 Users Guide
• Training-on-Demand videos

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Borrower 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

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Security

• 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 cant see password
• Borrower data only online for one year

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Regulatory requirements

• Maintain documentation
• Provide sample repayment information
• Respond to questions
• Forward Stafford exit records to guaranty agency

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Regulatory 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

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Documentation

• 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

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Documentation

• Mapping Your Future isnt record keeper
• Archive policy
• One year available online
• Two more years are available by customer service
  request
• All prior data is unavailable

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Sample 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

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Sample 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

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Sample 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

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Sample 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

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Sample repayment amounts
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Sample repayment amounts
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Borrower 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

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FAO Access Area

• Meteor school access
• Retrieve counseling records
• Verify guarantors retrieve Stafford exit records
• Manage users
• Change e-mail notification options
• Customize counseling

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Customization

• 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

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Customization

• Require borrowers to complete all fields on
  student form
• Direct borrowers to specific web page upon
  completing counseling

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Display school logo

• On customized start page
• At top of every page within session
• Requires minimal programming (request
  documentation)
• Enforces end URL
• Customize Exit button

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Customized questions

• Select questions from list
• Default questions to start
• Minimum number of questions required
• Can submit questions for inclusion in list

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Expanded counseling

• Building good credit
• Budgeting
• Saving
• Credit card use
• Credit reports

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Questions and expansion
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Indebtedness information
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Budget calculator

• By default, excluded from entrance sessions
• By default, included in exit sessions

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Counseling 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

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Counseling start page

• Options
• Wizardcreate a new page
• Editedit existing page
• SubmitSubmit 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

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Counseling start page
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Student 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

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Student form
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End URL
eMPN
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Integrating OSLC
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Integrating OSLC
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ExitExpress

• 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

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ExitExpress

• 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 (didnt guarantee loan)

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Powered 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

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Contact

• Beth Ziehmer
• Customer Care/Operations Coordinator
• feedback_at_mappingyourfuture.org
• Contact Us on the website
• [phone]