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Loan Counseling Tools - A Comprehensive Resource for Students and Schools

This session will provide an overview of the loan counseling tools available on StudentLoans.gov, including entrance counseling, exit counseling, and financial awareness counseling. New features for students, such as improved guidance for selecting the correct type of counseling and selecting preferred repayment plans, will also be discussed. The session will also cover new features for schools, including on-demand or daily notifications, counseling and batch search functionality, and the COD counseling report.

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Loan Counseling Tools - A Comprehensive Resource for Students and Schools

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  1. Session 9 Loan Counseling Tools Jennifer Ryder | Nov. 2012 U.S. Department of Education 2012 Fall Conference

  2. Agenda • Counseling Overview • Topics Overview • Functionality for Schools • Helpful COD Information

  3. Counseling Overview Coming in….Spring 2013 • ALL loan counseling tools on StudentLoans.gov: • Entrance Counseling • Exit Counseling • Financial Awareness Counseling

  4. Counseling Overview New Features for Students • Improved guidance for selecting: • Correct type of counseling • Appropriate schools to notify

  5. Counseling Overview New Features for Students Signed-In • Newlanding page with guidance to help the student select the right type of counseling • Select schools to notify from a list of associated schools • Add new schools to notify • Select preferred repayment plans in Exit Counseling • Send notifications of previously completed sessions • Entrance Counseling • Financial Awareness Counseling

  6. Counseling Overview Selecting Counseling Type

  7. Counseling Overview Selecting Counseling Type

  8. Counseling Overview Selecting Schools to Notify

  9. Counseling Overview Selecting Preferred Repayment Plans

  10. Counseling Overview Sending Previously Completed Counseling

  11. Counseling Overview New Features for Students • Students may preview counseling without signing-in. • Dynamic tools help the borrower: • Develop a budget • Estimate monthly student loan payments • Explore paying interest while in-school and during periods of deferment and forbearance • Explore the impacts of deferment and forbearance

  12. Counseling Overview New Features for Students • Financial awareness in ALL loan counseling tools: • Financial literacy information • Help making informed postsecondary funding decisions • Estimate payments for income-driven repayments plans • Supporting the Financial Literacy and Education Commission goal to improve financial capability in the US.

  13. Counseling Overview New Features for Schools • ALL Loan Counseling: • On-Demand or Daily Notifications • Counseling and Batch Search • COD Counseling Report • EXIT COUNSELING ONLY: • All existing NSLDS reports will still be available • Schools continue to obtain demographic and reference information from NSLDS reports

  14. Topics Overview • Income-Driven Repayment • Entering Repayment • Navigating Repayment • Loan Limits • Things You Need to Know • Private Loans NOTE: Exit Counseling will not include “Manage Your Spending.”

  15. Topics OverviewUnderstand Your Loans • Detailed listing of loans in NSLDS • Loan basics, such as principal, interest, and capitalized interest • Things the student needs to know about the MPN, half-time enrollment, and acceleration • Free money first; grants before loans • Types of loans and loan limits

  16. Topics OverviewUnderstand Your Loans

  17. Topics OverviewManage Your Spending • Develop a budget while in school • Load College Navigator (IPEDS) cost data • Benefits of controlling expenses and minimizing debt • How loans are disbursed • Calculate savings of paying interest while in school • Tips for managing debt • Note: Manage Your Spending is only available for Entrance and Financial Awareness Counseling.

  18. Topics OverviewManage Your Spending

  19. Topics OverviewPlan to Repay • Compare estimated monthly repayment amounts based on loan debt and repayment plan selection • Evaluate student loan debt burden based on estimated income • Estimate initial monthly payments for income-driven repayment plans • Calculate savings by paying extra, making automated payments, and paying interest during periods of deferment and forbearance • Facts about entering and navigating repayment: grace period, first payment due date, contacting your loan servicer

  20. Topics OverviewPlan to Repay

  21. Topics OverviewPlan to Repay

  22. Topics OverviewPlan to Repay

  23. Topics OverviewAvoid Default • How to reduce the likelihood of default • Delinquency, default, and the related consequences • Keeping in touch with your loan servicer • Deferment and forbearance • Calculate impact of deferment on loan balance • Loan cancellation and forgiveness • Resolving student loan disputes • Loan consolidation

  24. Topics OverviewAvoid Default

  25. Topics OverviewMake Finances a Priority • Financial planning, saving, and spending wisely • Taxes and impact on income • Educational tax benefits for parents and students • Credit scores and credit basics • Calculate time to pay off a credit balance • How to prevent identity theft

  26. Topics OverviewMake Finances a Priority

  27. Topics OverviewSummary Page

  28. Functionality for Schoolsin COD • Counseling Responses • Counseling Search • Batch Search • COD Counseling Report

  29. Functionality for SchoolsCOD Counseling Responses • School Options: • Entrance Counseling • participation • response frequency (Daily or On-Demand) • Exit & Financial Awareness Counseling • response frequency (Daily or On-Demand)

  30. Functionality for SchoolsCOD Counseling Responses NAME XXX-XX-XXXX DOB XXX-XX-XXXX XX/XX/XXXX XXXXXXXX XXXXXXXX XXXXXXXX XXXXXXXX

  31. Functionality for SchoolsCOD Counseling Search • Award Year will default to the most recent award year • Maximum allowable date range will be one week

  32. Functionality for SchoolsCOD Counseling Search

  33. Functionality for SchoolsCOD Counseling Search NAME XXX-XX-XXXX DOB XXXXXX XX/XX/XXXX XXX-XX-XXXX XXXXXX XX/XX/XXXX XXX-XX-XXXX XXXXXX XX/XX/XXXX XXX-XX-XXXX XX/XX/XXXX XXXXXX XXX-XX-XXXX XXXXXX XX/XX/XXXX XXX-XX-XXXX XX/XX/XXXX XXXXXX XXX-XX-XXXX

  34. Functionality for SchoolsCOD Batch Search • The Direct Loan Counseling batch type will return batches for Entrance, Financial Awareness, and Exit Counseling.

  35. Functionality for Schools COD Counseling Search XXXX XXX-XX-XXXX XXXX XXX-XX-XXXX XXX XXX-XX-XXXX XXXX

  36. Functionality for SchoolsCOD Counseling Report • Includes ALL loan counseling types: Entrance, Exit, and Financial Awareness • Each report row will represent one completed session • Each student may have multiple records for Entrance, Exit, and Financial Awareness Counseling • NSLDS will still provide detailed Exit Counseling reports

  37. Functionality for SchoolsCOD Counseling Report • New Counseling Type Indicator Fields • Sorted: • ascending by Social Security number • descending by Completion Date • descending by Completion Time • CSV with headers

  38. Functionality for SchoolsNSLDS Exit Counseling Reports • NSLDS will continue to provide detailed Exit Counseling reports. • Obtain demographic and reference information from NSLDS • …as you do today.

  39. Helpful COD InformationRelated FSA Conference Sessions

  40. Contact Information COD School Relations Center E-mail: CODSupport@acs-inc.com URL: http://www.cod.ed.gov Phone - Grants: 800-474-7268 Phone - Direct Loans: 800-848-0978 Effective December 2012 New Customer Service E-mail Address CODSupport@ed.gov

  41. QUESTIONS?

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