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StudentAid & NSLDS New User Interface – New Resources for Borrowers

Session 40. StudentAid.gov & NSLDS New User Interface – New Resources for Borrowers. Mindy Chiat and Reza Venegas | Dec. 2013 U.S. Department of Education 2013 FSA Training Conference for Financial Aid Professionals. What Will We Cover?. StudentAid.gov & NSLDS New User Interface

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StudentAid & NSLDS New User Interface – New Resources for Borrowers

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  1. Session 40 StudentAid.gov & NSLDS New User Interface – New Resources for Borrowers Mindy Chiat and Reza Venegas | Dec. 2013 U.S. Department of Education 2013 FSA Training Conference for Financial Aid Professionals

  2. What Will We Cover? • StudentAid.gov & NSLDS New User Interface • Updated Repayment Estimator Tool • Videos/Infographics for Borrowers

  3. Focus on Borrowers About one out of five (19%) of the nation’s households owed student debt in 2010, more than double the share two decades earlier and a significant rise from the 15% that owed such debt in 2007, just prior to the onset of the Great Recession.  -Pew Report, 2012

  4. Focus on Digital Engagement • Consolidating and updating websites • Offering mobile/tablet views • Engaging through social media

  5. Other Drivers “ • Digital Government Strategy • Executive Order 13571 • Customer Feedback We want everything on our phones.” BORROWER, Focus Group • “You have all kinds of information on hypothetical repayment situations, but I can't find info on the specifics of my loan -- how much I owe, where to direct payment, etc.” – Site Survey Response

  6. StudentAid.gov Today Released July 2012 • Informational content for students on FSA programs • Mobile-optimized • Consolidated 5 FSA websites • Receiving close to 100,000 daily visitors, 20% via mobile

  7. NSLDS.ed.gov Today Student Access • Displays loan, grant, overpayment information • Contact information for loan servicers • Update address, enrollment, authorization • TEACH Exit Counseling

  8. StudentAid.gov & NSLDS Interface Display NSLDS Student Access Data within StudentAid.gov • My Student Aid Summary • Loan Detail • Grant Detail • Overpayment Detail • Access to Other Sites • Data Download Not Included in Release 1 (Must log onto NSLDS.ed.gov): • Update address, enrollment, authorization • Professional access • TEACH Exit Counseling

  9. Walk Through: Site Log In

  10. Access to Other Sites

  11. Homepage • Alerts • Data Download • Loan Summary • Grant Summary • Overpayment Summary

  12. Homepage Graph View

  13. Detail Page • Loan Detail • Grant Detail • Overpayment Detail

  14. Things to Know • Scheduled March 2014 release • NSLDS.ed.gov will still be accessible • Customer service through Federal Student Aid Information Center (1-800-4-FEDAID) • Communications planned

  15. Expected Benefits Improved Customer Experience Cost Savings: $1.5M to date Improved Financial Literacy and Decision-Making Streamlined Internal Processes

  16. Repayment Estimator Today Available on StudentLoans.gov • For current borrowers • Uses NSLDS information • Shows repayment plan options and amounts

  17. Repayment Estimator Soon Available through StudentAid.gov • For users with or without loans • Spanish version • Mobile-optimized • Updated design

  18. Repayment Estimator Walkthrough Enter: • Loans • Tax Filing Status • Income See: • Repayment Plans

  19. Use Average Loan Balances IPEDS Data used to show average balances at different types of schools

  20. Repayment Estimator Full View Scheduled December 2013 Release Communications planned

  21. Videos for Borrowers How to Manage Your Student Loans

  22. Videos Topics: Responsible Borrowing Repayment: What to Expect How to Manage Your Student Loans StudentAid.gov/resources (*All videos available with Spanish captioning)

  23. Infographics Current Topics: Types of Federal Student Aid Eligibility Financial Aid Process Parent’s Information Coming Soon: Repayment Plan Overview Income-Driven Repayment Plans (*All available in Spanish)

  24. Borrower Communications • Repayment Promotion E-mail Campaign • Targets specific groups of at-risk borrowers • Distribution began in November and runs 6 weeks • Reaching 3.5 million borrowers Campaign target outcomes: • Improve awareness of income-driven repayment plans • Reduce borrower delinquency and default

  25. What We’re Planning to do Next • Adding additional NSLDS Student Access Functionality and 150% Loan Subsidy Limit • Continuing to consolidate and update websites • Creating more videos/infographics

  26. What Would You Like Us to do Next? • Suggestions for website development/digital engagement • Suggestions for additional resources for borrowers

  27. QUESTIONS?

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