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Jennifer Ryder | Nov. 2012
U.S. Department of Education
2012 Fall Conference
Loan Counseling Tools
Session 9
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Agenda
Counseling Overview
Topics Overview
Functionality for Schools
Helpful COD Information
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Counseling Overview Coming in….Spring 2013
ALL loan counseling tools on StudentLoans.gov:
• Entrance Counseling
• Exit Counseling
• Financial Awareness Counseling
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Counseling Overview New Features for Students
Improved guidance for selecting:
•Correct type of counseling•Appropriate schools to notify
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Counseling Overview New Features for Students Signed-In
• New landing 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
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Counseling Overview Selecting Counseling Type
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Counseling Overview Selecting Counseling Type
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Counseling Overview Selecting Schools to Notify
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Counseling Overview Selecting Preferred Repayment Plans
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Counseling Overview Sending Previously Completed Counseling
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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
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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.
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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
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Topics Overview
Loan Limits Things You
Need to Know
Private Loans
Income-Driven Repayment
Entering Repayment
Navigating Repayment
NOTE: Exit Counseling will not include “Manage Your Spending.”
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Topics Overview Understand 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
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Topics Overview Understand Your Loans
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• 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
Topics Overview Manage Your Spending
Note: Manage Your Spending is only available for Entrance and Financial Awareness Counseling.
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Topics Overview Manage Your Spending
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• 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
Topics Overview Plan to Repay
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Topics Overview Plan to Repay
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Topics Overview Plan to Repay
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Topics Overview Plan to Repay
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• 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
Topics Overview Avoid Default
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Topics Overview Avoid Default
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• 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
Topics Overview Make Finances a Priority
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Topics Overview Make Finances a Priority
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Topics Overview Summary Page
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Functionality for Schoolsin COD
• Counseling Responses
• Counseling Search
• Batch Search
• COD Counseling Report
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School Options:
Entrance Counseling
participation
response frequency (Daily or On-Demand)
Exit & Financial Awareness Counseling
response frequency (Daily or On-Demand)
Functionality for Schools COD Counseling Responses
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Functionality for Schools COD Counseling Responses
XXX-XX-XXXX
XXXXXXXX XXXXXXXX
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XX/XX/XXXX XXXXXXXX
NAMEXXX-XX-XXXXDOB
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Functionality for Schools COD Counseling Search
• Award Year will default to the most recent award year
• Maximum allowable date range will be one week
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Functionality for Schools COD Counseling Search
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Functionality for Schools COD Counseling Search
XXX-XX-XXXX XX/XX/XXXX XXXXXX
NAMEXXX-XX-XXXXDOB
XXX-XX-XXXX
XXX-XX-XXXX
XXX-XX-XXXX
XXX-XX-XXXX
XXX-XX-XXXX
XXXXXX
XXXXXX
XXXXXX
XXXXXX
XXXXXX
XX/XX/XXXX
XX/XX/XXXX
XX/XX/XXXX
XX/XX/XXXX
XX/XX/XXXX
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Functionality for Schools COD Batch Search
The Direct Loan Counseling batch type will return batches for Entrance, Financial Awareness, and Exit Counseling.
Counseling Type Doc Type Award Type
Entrance EC DLS,DLP
Exit EC EXT
Financial Awareness EC SLC
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Functionality for Schools COD Counseling Search
XXX
XXXX
XXXX
XXXX
XXX-XX-XXXX
XXX-XX-XXXX
XXX-XX-XXXX
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Functionality for Schools COD 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
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Functionality for Schools COD Counseling Report
New Counseling Type Indicator Fields
Sorted: • ascending by Social Security number• descending by Completion Date• descending by Completion Time
CSV with headers
Value Description
S Subsidized & Unsubsidized Entrance Counseling
P Subsidized, Unsubsidized, & PLUS Entrance Counseling
L Financial Awareness Counseling
X Exit Counseling
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Functionality for Schools NSLDS Exit Counseling Reports
NSLDS will continue to provide detailed Exit Counseling reports. Obtain demographic and reference information from NSLDS…as you do today.
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Session # Title
4 Pell Grant Program Update
10 COD Update
11 Hands-On COD
16 Title IV Reconciliation
29 Enterprise Identity Management – Leveraging PM to Provide Reduced Sign-On for COD
Helpful COD Information Related FSA Conference Sessions
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Contact InformationCOD School Relations Center
E-mail: [email protected]
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
QUESTIONS?
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