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Grand Canyon University Default Aversion Best Practices

Created by jsoria. Grand Canyon University Default Aversion Best Practices. Updated 10-24-12. Created by jsoria. Background. About our School. Founded 1949 Private, For-Profit Ground/Online/Evening Classes 2008 Online Growth Provides Bachelor, Master & Doctoral programs Education

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Grand Canyon University Default Aversion Best Practices

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  1. Created by jsoria Grand Canyon University Default Aversion Best Practices Updated 10-24-12

  2. Created by jsoria Background

  3. About our School • Founded 1949 • Private, For-Profit • Ground/Online/Evening Classes • 2008 Online Growth • Provides Bachelor, Master & Doctoral programs • Education • Business • Nursing • Arts and Science

  4. About our Student Demographic • 2010 - 40,000 Students • 4,000 ground • 36,000 online • Global Student Body • United States / Africa • Europe / Asia • Male to Female Ratio 36% to 64% • Average Age • Traditional student: 18-22 • Online student: 30

  5. About our Cohort Default Rate

  6. About our Team • Team • 1 Manager • ½ Training/QA FTE • 7 ½ Student Loan Advisor FTEs • Work in Process • 4500 DQ Borrowers 2011 • 7100 DQ Borrowers 2012 • Outflow • Work 6000 borrowers per month • Make 25000 contacts per month • Avert 1200 loans per month

  7. About our Default Mgmt Plan • Entrance Counseling • Financial Literacy • Communication Across Campus • Exit Counseling • Timely & Accurate Enrollment Reporting • Repayment Counseling using NSLDS Date Entered Repayment (DER) Report Processing • Loan Record Detail Report (LRDR) Data Review • Analyze Defaulted Loan Data to Identify Defaulter Characteristics

  8. Created by jsoria Front-End Management

  9. Created by jsoria Financial Literacy Financial Literacy Website Page http://www.gcu.edu/Admissions/Tuition-and-Financing/Financial-Literacy.php Budgeting Saving Training site Tip of the Month Responsible Borrowing Promotion New Student Welcome Week Prospective Student Drive In/Fly In Net Price Calculator http://www.gcu.edu/Admissions/Tuition-and-Financing/Traditional.php

  10. Created by jsoria Cross-Campus Communication Responsible Borrowing Training Enrollment Counselors Academic Counselors Finance Counselors Financial budgets completed prior to awarding Routine financial aid trainings/updates

  11. Created by jsoria Back-End Management

  12. Created by jsoria Data Management Weekly Imports of NSLDS Delinquent Borrower Report DELQ01 School Portfolio Report SCHPRI Routine Imports of Servicer Delinquency Reports ~ Number of days delinquent is calculated daily by subtracting the delinquency date from today’s date.

  13. Communication Strategies

  14. Created by jsoria Student Loan Advisor Role Establish a relationship with the Borrower Foster retention and persistence for Graduation Assist with understanding various repayment options Promote self-service through the NSLDS Website Update Borrower contact information Discuss consolidation options Assist in CDR challenges Assist in Financial Literacy Awareness Created by jsoria

  15. 5-Step Communication Campaign • Review Account 2) Skip Trace 3) Make a Phone Call 4) Send an Email or Letter 5) Update Workflow Tool

  16. Created by jsoria Counseling Steps Did Borrower know about loan or past due status? Has Borrower contacted the Lender? Has Borrower reviewed NSLDS? Is Borrower interested in resuming education? Can Borrower make payments? What is the Borrower’s Situation? Give Repayment Options Discuss Student Aid Repayment Calculator Explain Deferment/Forbearance Explain Rehabilitation Explain Consolidation Explain Forgiveness/Discharge

  17. Created by jsoria Employee Expectations Contacts: 50/8 hr day minimum Quality: 80% minimum Maintain Standards of Performance Maintain Attendance Standards ~Maintained through weekly reporting updates ~Enforced through a 3-month standard Corrective Action Process which includes Assessments, Refresher Training, Counseling, Weekly Status Updates and On-going Manager Meetings

  18. Created by jsoria Operational Tools Workflow Tool Time Zones Reoccurring Work (Last Day Worked) Days Delinquent Expected Claim Paid Date Fiscal Year Reporting Tool Borrowers Worked RPC Rate Cures Granted Quality Assurance Tool

  19. Created by jsoria Ah-haMoments More borrowers worked = More aversions Don’t stay on phone with lender Don’t check NSLDS unless we speak to student Conduct blitzes if aversion outflow is low Manage expectations Use QA & Reporting to improve outcomes Audit templated communications Create standard & best practice communications Monthly Mail Merge = Controlled Aversion Results

  20. Created by jsoria Questions? Elise Williams Grand Canyon University Office of Financial Aid 602-639-6554 elise.williams@gcu.edu

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