mapping your future ® and meteor™ where is my student loan? presented by: cathy mueller mapping...
TRANSCRIPT
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Mapping Your FutureMapping Your Future®® andand
Meteor™ Meteor™
Where is my Where is my student loan?student loan?
Presented by:
Cathy MuellerMapping Your Future
Tim CameronMeteor
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Mapping Your FutureMapping Your Future
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A valuable resourceA valuable resource
• Provides services to schools for ultimate benefit of student
• Loan counseling meets regulatory requirements and does not limit student choice of lenders, guarantors
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A valuable resourceA valuable resource
• Provides variety of resources for students and families– Career exploration– College preparation– Paying for college – Money management
• Provides neutral content and encourages students to look at all sources of free funding
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Help students track debt Help students track debt in this new landscapein this new landscape
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Split servicingSplit servicing
• Student changed lender/guarantor to take advantage of benefits
• Student consolidated while in-school to lock in a low fixed interest rate
• Student transferred to a new school• School switched from FDLP to FFELP
or vice versa• Lenders suspended student loans
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Legislative changesLegislative changes
• Ensuring Continued Access to Student Loans Act (ECASLA) – Loan Participation Purchase Program – Loan Purchase Commitment Program
• Term Asset-Backed Securities Loan Facility (TALF)
• Higher Education Opportunity Act (Servicemembers Civil Relief Act)
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Communication overload!
Impact to studentImpact to student
• Multiple servicers to single student• Status change notifications, privacy
notice, 1098-E• Delinquency letters, phone calls, e-
mails• Single student to multiple servicers• Changes in address or phone
number• Payments• Requests for deferment,
forbearance
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Impact to studentImpact to student
• Payment schedule complications– Multiple payment due dates– Multiple payment methods – Potential loss of extended repayment
options
• Deferment and forbearance complications– Inconsistent deferment documentation
standards– Inconsistent forbearance period
maximums
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SolutionSolution
Each of these “hurdles” is easily addressed so long as the borrower knows who their lenders/servicers are and how to get in touch with them.
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So, WHERE is my loan?So, WHERE is my loan?
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The Meteor projectThe Meteor project
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The Meteor projectThe Meteor project
• Non-proprietary, open- source software that brings together data from distributed databases across the higher education financing community
• Anyone can participate!– Lenders– Guarantors– Servicers– Schools– U.S. Department of Education– Others
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ApprovalApproval
FSA approval for use of real-time data•Collaborative effort to bring about change to the requirements for schools to solely rely on NSLDS data•Allows schools to resolve discrepancies by using real-time data that comes directly from loan holders' databases
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FeaturesFeatures
• Access real-time, student-specific financial aid information from multiple sources with intuitive user interface and navigation
• Currently provides real-time, detailed information on FFELP and alternative loans (capability exists to include Direct and Perkins Loans)
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How Meteor worksHow Meteor works
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Participant typesParticipant types
• Access Providers (AP)• Authentication Agents (AA)• Data Providers (DP)• Index Providers (IP)
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One
Two
Access Provider
Data Providers
Student/Borrower or
Financial Aid Professional
orAccess Provider Representative
orLender Three
Index Provider
UsersAuthentication (by AP or AA)
Meteor processMeteor process
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Data available Data available through Meteorthrough Meteor
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Meteor and the National Meteor and the National Student Clearinghouse: Student Clearinghouse:
campus-based campus-based authenticationauthentication
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Authentication modelAuthentication model
• Schools that have entered into electronic services agreement with Clearinghouse act as Authentication Agents
• Students' campus-issued credentials utilized to access Meteor and other Clearinghouse services via Student Self-Service website
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Student Self-ServiceStudent Self-Service
• Meteor is integrated into Clearinghouse’s Student Self-Service application
• For schools that wish to provide students with Meteor access, Meteor loan detail is incorporated into LoanLocator display
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Online award letter pilotOnline award letter pilot
• Will serve as debt management tool (borrowing history presented BEFORE new award is accepted)
• Ensures borrower is aware of potential impact of increasing aggregate loan amount– Total current outstanding– New total outstanding with addition of
new loan– Repayment scenarios based on
aggregates
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Help your studentsHelp your students
Remind students how successful repayment can be accomplished• Keeping good records• Staying in touch with loan holders• Maintaining strategy for repayment
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Get more informationGet more information
• Interactive website www.MeteorNetwork.org – Audio presentation– Interactive demonstration version of
software– Link to Meteor project site
• Project documentationwww.NCHELP.org/Meteor.htm – Implementation information– Provider list– User Guide and other documentation
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Online Student Online Student Loan CounselingLoan Counseling
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FeaturesFeatures
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Counseling sessionsCounseling sessions
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Counseling sessionsCounseling sessions
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Meet regulatory Meet regulatory requirementsrequirements
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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
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RequirementsRequirements
• Prevent borrowers from circumventing or exiting counseling before complete
• OSLC team and staff continue to monitor regulations
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DocumentationDocumentation
• Paper records– Daily records– Reports tab
• Export• Automated method
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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
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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, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness
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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, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness
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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, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness
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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
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ExampleExample
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IndebtednessIndebtedness
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Mapping Your Future Mapping Your Future with Meteorwith Meteor
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First stepFirst step
The student chooses an Access Provider site
Guaranty Agencies
Schools
Lenders
Servicers
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Secure connectionSecure connection
Guaranty Agencies
Schools
Lenders
Servicers
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Borrower optionsBorrower options
• Enhanced exit counseling integrates borrower's loan information in real time into exit counseling session. Option requires that student has a PIN from the service provider (NYSHESC)
• Allows borrower to continue process without PIN and complete exit interview without benefit of seeing real-time loan data
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AuthenticationAuthentication
User authenticated and sent to Mapping Your Future to complete counseling
AUTH
Guaranty Agencies
NSC
Schools
Lenders / Servicers
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Detail screen displaysDetail screen displays
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Counseling stepsCounseling steps
• Reads content and answers questions • Read and acknowledge Meteor
disclaimer• Views Meteor data (customized
screen)• Views calculator (debt/salary wizard)• Completes form, providing required
data • Views, prints confirmation page • Chooses to view complete Meteor
data
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BenefitsBenefits
• Default prevention• Value-added service for schools and
students• Cost-benefit calculation for
organization• Effective process to meet regulatory
requirements
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ProcessProcess
• Requirements for guarantors– Have authentication process in place– Be Meteor Access Provider– IT resources for development
• Requirements for schools– Participate in Online Student Loan
Counseling– Determine if primary service providers
are Meteor participants– Must be Meteor Access Provider or
have relationship with Meteor Access Provider
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CustomizeCustomize
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CustomizationCustomization
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Counseling start pageCounseling start page
• School-specific information– Dates– Disbursement procedures– Refund policies– Sample repayment*– Contact information*– Withdrawal contacts*– Half-time definition*
• Template• One per session
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Counseling start pageCounseling start page
• Options– Wizard—create a new page– Edit—edit existing page– Submit—Submit page for approval
• School logo (insert URL in image box)• Type text directly into Pagemaster• Save changes every 15 minutes• Link to page
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Future of OSLCFuture of OSLC
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Cathy MuellerMapping Your Future(940) [email protected]