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Loan Counseling
&
StudentLoans.gov
Wood Mason
U.S Department of Education
Federal Student Aid
Atlanta, GA
770.383.9662
AGENDA • Counseling Overview
The regulations
• StudentLoans.gov What’s new?
Logging in
Counseling “Landing Page”
Common features
• School functionality Options set on the Common Origination & Disbursement
(COD) website “Options” screen
Searching for counseling results
Reports
• Contact information
2
Entrance and exit counseling are required by
regulations, 34 CFR 685.304, “Counseling
Borrowers”
• Who must undergo entrance and/or exit
counseling and when
• Required topics to address
The new “Limit on eligibility for Direct Subsidized
Loan(s) and responsibility for paying accrued
interest on Direct Subsidized Loan(s)” regulations
are covered under 34 CFR 685.200, “Student
Eligibility”
3
Entrance and Exit Counseling can be delivered
online via an interactive electronic vehicle (e.g.,
StudentLoans.gov), in person, or on a signed
and returned written form
• Entrance counseling must be completed prior to
the first disbursement of the proceeds of a loan
unless that student has received a Direct
Subsidized/Direct Unsubsidized, Direct
Graduate/Professional Student PLUS Loan, or
Federal Stafford Loan previously
• Exit counseling must be conducted shortly before
the student ceases at least half-time study at your
school 4
StudentLoans.gov provides ALL Federal Student
Aid electronic loan counseling tools at one location
and in pretty much the same “format”
• Entrance Counseling
Subsidized & Unsubsidized
Graduate & Professional Student PLUS
• Financial Awareness Counseling
NOT a regulatory or statutory requirement
Can forego sending results to a school
• Exit Counseling
NSLDS will continue to provide detailed Exit
Counseling reports
5
Financial Awareness Counseling was developed
and implemented to provide a centralized, online
source of financial literacy information for students
• Voluntary NOT mandatory
• Does NOT replace entrance counseling
• Assists borrowers in making informed postsecondary
funding decisions by educating them about their
current indebtedness and managing their student
loans
6
StudentLoans.gov notifies your school if a student
selects your school as the recipient of a completed
Entrance or Financial Awareness counseling
session or if you’re the attending school when it
comes time to complete Exit counseling
• Transmits a common record (CR) acknowledgement
• Document (DOC) type “EC”
Displays the type of counseling completed
7
Without logging in, students, borrowers, and other
users can complete a “demo session” on any of the
three counseling options
• No information from NSLDS will be “pulled”
• No schools notified
• No documentation of completion
Once logged in, users can complete a counseling
session with their current loan data provided, view
completed counseling sessions, or send entrance
or financial awareness counseling results to an
additional school(s)
8
What’s new?
• Sign-in is more secure
Data is now “masked” upon entry
• More emphasis on Federal loans before private loans
• Additional, and more clear, information on interest
Capitalized interest
• Added 150% subsidized loan limit text and hyperlink
• “Confirm Your E-mail Address” fields added when user
asked for email address
• “Notify School” vs. “Add School”
9
What’s new?
• “Projected Loan Balance Calculator”
“Understand Your Loans”
“Additional Loans”
• The “Estimate School Expenses” dropdown
Pre-populated with schools “associated” with the
borrower
Schools from “Notify Schools” selection
Pulled from NSLDS
Can enter own expenses or choose from 2 and 4 year
public/private school “estimated expenses”
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Initial logon
provides the
opportunity to
set individual
user
preferences
13
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Users can
notify an
additional
school(s) of
completed
Entrance and
Financial
Awareness
Counseling
sessions
15
16
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Counseling
landing
page
provides
students
with
information
on selecting
the type of
counseling
they wish to
complete
18
19
20
Financial
Awareness
Counseling
allows the
user to
forego
school
selection
21
“Understand Your Loans” • Detailed list of loans pulled from NSLDS, loan
basics, i.e., principal amount, interest, capitalized
interest
• Things You Should Know about the MPN, accrual of
interest, half-time enrollment, loan acceleration
• Free money should be sought first
• Types of loans and loan limits Dependent/Independent
Grade level
Hyperlink to 150% Subsidized interest eligibility
information
22
“Manage Your Spending” (not in Exit Counseling)
• Develop a budget while still enrolled
• Load the “College Navigator” cost data for your
selected institution
Data pulled from IPEDS
• Benefits of controlling your expenses and incurring
minimal debt
• Learn how paying accruing interest may lessen
borrowing costs
• Tips to help you manage your debt
23
“Plan To Repay” topic
• Estimate your payment in different repayment plans
Do you qualify you for an income-driven plan?
• Evaluate your student loan debt “burden” vs.
estimated future income, i.e., high, medium, or low?
• Savings realized with extra payments, EFT, or
paying interest during deferment or forbearance
• Repayment facts
Grace period
First payment
Contacting your loan Servicer
24
“Avoid Default” topic
• Borrow only what you need
• Complete your program and graduate
• Pay on time
• Trouble making payments
Deferment / Forbearance
Change repayment plan
Consequences of delinquency and/or default
• Forgiveness, cancellation, and discharge
• Retaining loan records and resolving a dispute
• Loan consolidation
25
“Make Finances a Priority” topic
• Plan for the future
Plan, save, and spend wisely
• Your income and taxes
Gross to net income comparison graph
Education tax incentives, i.e., deductions and credits
• Your credit and identity
Establish, maintain, and protect your good credit and
identity
• Credit cards and other borrowing
26
“Repayment Information” topic (Exit Counseling
only)
• Borrower Information
Includes demographic, Employer, and Next of Kin data
• Reference Information
Different addresses and telephone numbers
Known borrower 3 years or more
• Select a preferred Repayment Plan
Compares your indebtedness and repayment across
eligible repayment plans
Preference sent to Servicer
27
“Check Your
Knowledge”
quizzes
appear
throughout
each topic
except when
viewing
Demo
screens
Also, “Did
you Knows?”
and
“Remembers”
are
throughout 28
Entrance,
Exit, and
Financial
Awareness
Counseling
pull data
from
NSLDS
including
the
school(s)
associated
with a
borrower
completing
Exit
Counseling 29
IPEDS data
pulled via the
“College
Navigator”
and applied
to the
“Manage
Your
Spending”
screen 30
Step 2
allows
entry of
expected
assistance
for the
upcoming
award
year
31
Entrance
Counseling
Summary screen
Summary Tools
allow e-mailing,
posting to social
media, exporting
to MS Excel, as
well as printing
32
Exit
Counseling
Summary
concludes
with current
indebtedness
and other
information
33
The conclusion
of Exit
Counseling
requires the user
to select a
“preferred”
repayment plan.”
The chosen
repayment plan
can be changed
at a later date if
desired
34
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Schools are provided various controls and tools in
COD to manage their participation in, and
communication with, Entrance, Financial
Awareness, and Exit Counseling
• School Options Page
On-demand or daily acknowledgements
• Counseling Search Functions
• Counseling Response Requests
• COD Counseling Report
38
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State University
COD School
Options
Page…
“Counseling
Response
Frequency”
sets schedule
of receipt of
counseling
acknowledge-
ments (Daily or
On-Demand)
As you want it to appear
40
Upon completion of Counseling selected schools are notified electronically
• System generated acknowledgement
Common Record (CR) response
CRECMYOP
DOC Type “EC”
• Schools can obtain and view completed Counseling
COD Entrance Counseling page
COD Batch Search
COD Counseling Response Request
COD Reports: Counseling Reports (CSV)
41
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Shane Williams Specter University
xxxxxxxxx 000000000S14G00000001
12/12/1970 ‘13-’14
The
response
identifies
the type of
counseling
completed
43
Person
Menu >
Counseling
Search
“Award
Year” will
default to
the current
award year
“Date
Range”
window can
be up to
one week 44
Batch Menu
Search by
date range, a
particular
Document ID,
or a unique
SSN
Date Range
searches
allow up to a
60-day
window
45
Counseling
Response
Request
Date Range
up to 7 days
46
Returned
Counseling
Request
47
Steven Tyler
Jerry Garcia
Steven Stills
The Counseling Report displays completed Entrance, Financial Awareness and Exit Counseling sessions
• Delivered weekly to the School’s Newsbox on the COD Reporting Website Saturday through Friday data window
• CSV with headers format
• REMEMBER: COD does NOT generate nor provide detailed Exit Counseling reports. Exit Counseling reports remain available from NSLDS and you should continue to retrieve those reports from NSLDS as you do currently
48
New counseling type indicators…
49
Wood Mason
Phone: 770.383.9662
E-mail: [email protected]
Federal Loan School Support Team
E-mail: [email protected]
50
COD School Relations Center – # 1,800.557.7394
• StudentLoans.gov
NSLDS Customer Support Center - # 1.800.999.8219
• Direct Loan Exit Counseling Reports
CPS/SAIG Technical Support - # 1.800.330.5947
• SAIG/TG Mailbox and EdExpress for Windows software
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