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Buzzing Borrowers with Delinquent Loans

Buzzing Borrowers with Delinquent Loans. Amber Bohlen - Marshalltown Community Bob Brooks - Kaplan Katy Rush - Scott Community College Rick Johnson – TG HigherEDGE. Agenda. Forming a borrower contact outreach group Identifying borrowers with delinquent loans

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Buzzing Borrowers with Delinquent Loans

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  1. Buzzing Borrowers with Delinquent Loans Amber Bohlen - Marshalltown Community Bob Brooks - Kaplan Katy Rush - Scott Community College Rick Johnson – TG HigherEDGE

  2. Agenda • Forming a borrower contact outreach group • Identifying borrowers with delinquent loans • Creating a focused approach • Developing your borrower talk-offs • School panel and audience discussions

  3. Forming a borrower contact outreach group • Step 1: Form an outreach group that will contact and work with borrowers who have delinquent loans • Which offices on campus have staff that can lend time towards this effort? • Financial aid • School Services • Others? • How much time per week, or per month, can they commit? • Contact rate goal?

  4. Sample outreach group • Retention office • Administration • Academics • Campus customer service • Alumni affairs • IT • Student representative • Student affairs • FA director • FA senior loan counselors • FA default manager • FA customer service • Registrar • Admissions representatives • Career services • Institutional research

  5. Identifying borrowers with delinquent loans • Step 2: Identify borrowers who have delinquent loans from your school • Run a Delinquent Borrower Report (DELQ01) • Provides a report of borrowers who have been reported as delinquent in making loan payments to one of the federal loan servicers • For more current borrower contact information or delinquency questions, contact the borrower’s federal loan servicer • https://ifap.ed.gov/ifap/helpContactInformationDetailedList.jsp?lsc=1

  6. Creating a focused approach • Step 3: Decide which borrowers you will focus on based on their level of delinquency • Where will your time pay off the most to stop default? • Borrowers 241 days or more delinquent • Borrowers 181-240 days delinquent • What is the best way to make borrower contact? • By mail, or by e-mail • By phone • By text • Social Media

  7. Developing borrower talk-offs • Step 4: Be prepared to discuss borrower options as soon as you make contact with the borrower • Borrower contact outreach group must be able to help the borrower on the spot! • Did the borrower withdraw instead of graduate? • Did the borrower graduate but does not have a job? • Is the borrower working but can’t make the payment?

  8. Developing borrower talk-offs (continued) • Outreach group must learn: • Deferment and forbearance options • Ins and outs of all repayment programs • Forgiveness and discharge options • School completion options • Job placement options • Lookup borrower on NSLDS • How do I contact their servicer? • Do they have loans from other schools? • How will you skip trace a borrower

  9. School panel and audience discussions

  10. Contact information • Rick JohnsonTG Corporate Account ExecutiveHigherEDGE Default Aversion Management(800) 252-9743, ext. 6709 • (512) 388-6709 directrick.johnson@tgslc.orgwww.higheredge.net

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