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Maximizing Default Prevention Efforts through Enhanced Student Loan Counseling

TASFAA Conference 2012. Maximizing Default Prevention Efforts through Enhanced Student Loan Counseling . Maria Luna-Torres, Director, Education Finance Initiatives, TG Raul Lerma, Executive Director, Financial Aid, El Paso Community College. Objectives .

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Maximizing Default Prevention Efforts through Enhanced Student Loan Counseling

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  1. TASFAA Conference 2012 Maximizing Default Prevention Efforts through Enhanced Student Loan Counseling • Maria Luna-Torres, Director, Education Finance Initiatives, TG • Raul Lerma, Executive Director, Financial Aid, El Paso Community College

  2. Objectives • Explore ways to strengthen student loan counseling concepts • Exchange best practices for delivery of loan counseling • Share resources which maximize student’s understanding of borrowing

  3. Promoting Responsible Borrowing

  4. Promoting Responsible Borrowing

  5. Best Practices for Effective Counseling • Identify at-risk populations and provide targeted information (e.g. first year students) • Conduct combination of in-person and online sessions • For online counseling, make sure it’s interactive

  6. Best Practices for Effective Counseling • Customize sessions with relevant information • Provide specific repayment schedules at Exit • e.g based on student’s debt vs. school’s average indebtedness • Spot check reference information for accuracy

  7. Best Practices, con’t • Provide handouts to reinforce material • Use written tests to ensure comprehension of concepts

  8. Best Practices, con’t • Incorporate in-person sessions into other campus events for flexibility (e.g. orientation, weekend sessions, dorm meetings) • Take advantage of student-initiated contact • Notify students of various loan options

  9. Best Practices, con’t • Educate campus-wide about basic loan concepts (e.g. default prevention committee)

  10. Resources for Effective Counseling • Comprehensive Student Loan Counseling Modules • A Good Start: Entrance Counseling for Student Borrowers • Before You Leave: Exit Counseling for Student Borrowers • Know What You Owe: Tracking Your Student Loans • Plan for Success: Preparing to Fullfill Your Student Loan Commitment

  11. Department of Education & Other Resources • Federal Student Aid Publications website • www.fsapubs.org • Entrance Counseling Guide for Direct Loan Borrowers • Exit Counseling Guide for Federal Student Loan Borrowers • Federal Student Aid • Online Entrance & Exit Counseling • www.studentloans.gov • www.nslds.ed.gov • Online Counseling - Mapping Your Future® www.mappingyourfuture.org

  12. Demonstration: Student Loan Counseling Modules

  13. Comprehensive Student Loan Counseling

  14. Workbook - “A Good Start”

  15. Group Activity – “Staying on Track”

  16. Student Quiz – Entrance Counseling

  17. Workbook – “Before You Leave”

  18. Group Activity – “Loan Repayment Solutions”

  19. Student Quiz – Exit Counseling

  20. Intermediate Counseling Modules– Assessment

  21. Contact • Maria Luna-Torres, Director Education Finance Initiatives maria.luna-torres@tgslc.org • Student Loan Counseling Modules – Request Training http://www.tgslc.org/council/training-request.cfm

  22. Title

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