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Financial Awareness Counseling Tool. Julie Aloisio U.S. Department of Education. Agenda. Financial Awareness Counseling Objective Financial Awareness Counseling Tool Overview School Functionality Walkthrough. Financial Awareness Counseling Tool (FACT).
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Financial Awareness Counseling Tool Julie Aloisio U.S. Department of Education
Agenda • Financial Awareness Counseling Objective • Financial Awareness Counseling Tool Overview • School Functionality • Walkthrough
Financial Awareness Counseling Tool (FACT) • A centralized, online source of financial literacy information for students • Tools to inform postsecondary funding decisions • School financial literacy resource • Support efforts to improve financial capability
FACT Functionality Overview • Available on StudentLoans.gov • View NSLDS student loan information when signed in • Disbursement of funds cannot depend on FACT session completion • Cannot substitute for Entrance Counseling
FACT Overview • The 5 Financial Awareness Counseling topics are…
School Functionality • FACT information on COD Web • Financial Awareness Counseling Responses • Counseling Search • Counseling Report • Batch Search
Responses • Receive • Yes or No • ‘On-Demand’ or ‘Daily’ • Default • ‘Yes’ and ‘On-Demand’
Counseling Search • Date range • Remains one week • Defaults • Type • “All Counseling” • Award Year • Most recent
Counseling Report • Existing DL Entrance Counseling Report renamed “Counseling Report” • Each row represents one completed counseling session • Possible multiple Entrance or Financial Awareness Counseling records per student
Counseling Report • Includes: • New Counseling Type Indicator value • Sorted • Ascending by SSN • Descending by • Completion Date and Completion Time • CSV with headers
Topic 1 - Understand Your Loans • Customized breakdown of loans and an overview of: • Common loan terms and concepts • Suggestions to maximize financial aid and minimize loans • Student loan types
Topic 2 - Manage Your Spending • Budget Basics • In-school expenses and funding • Planning for and controlling expenses • Benefits of paying interest while in school to reduce interest costs
Topic 3 - Plan to Repay • Post school budgeting • Living expenses vs. estimated income • Project loan balance • Compare basic repayment plans • When to contact the loan servicer
Topic 4 - Avoid Default • Provides an overview of: • Options available to avoid default • Deferment and forbearance options • Loan cancellation and forgiveness terms • Consequences of delinquency and default
Topic 5 - Make Finances a Priority • Key personal finance topics • Financial planning, saving, and spending • Taxes, deductions and their impact on take-home pay • Educational tax benefits • Credit scores and credit basics • Protect credit and identity
Contact Information • Julie Aloisio • Phone: 202-377-3695 • Email: julie.aloisio@ed.gov