Meteor & Mapping Your Future: Informing Students and Default Aversion Assistance
Mapping Your Future ® and Meteor™ Where is my student loan? Presented by: Cathy Mueller Mapping...
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Transcript of Mapping Your Future ® and Meteor™ Where is my student loan? Presented by: Cathy Mueller Mapping...
Mapping Your FutureMapping Your Future®® andand
Meteor™ Meteor™
Where is my Where is my student loan?student loan?
Presented by:
Cathy MuellerMapping Your Future
Tim CameronMeteor
Mapping Your FutureMapping Your Future
A valuable resourceA valuable resource
• Provides services to schools for ultimate benefit of student
• Loan counseling meets regulatory requirements and does not limit student choice of lenders, guarantors
A valuable resourceA valuable resource
• Provides variety of resources for students and families– Career exploration– College preparation– Paying for college – Money management
• Provides neutral content and encourages students to look at all sources of free funding
Help students track debt Help students track debt in this new landscapein this new landscape
Split servicingSplit servicing
• Student changed lender/guarantor to take advantage of benefits
• Student consolidated while in-school to lock in a low fixed interest rate
• Student transferred to a new school• School switched from FDLP to FFELP
or vice versa• Lenders suspended student loans
Legislative changesLegislative changes
• Ensuring Continued Access to Student Loans Act (ECASLA) – Loan Participation Purchase Program – Loan Purchase Commitment Program
• Term Asset-Backed Securities Loan Facility (TALF)
• Higher Education Opportunity Act (Servicemembers Civil Relief Act)
Communication overload!
Impact to studentImpact to student
• Multiple servicers to single student• Status change notifications, privacy
notice, 1098-E• Delinquency letters, phone calls, e-
mails• Single student to multiple servicers• Changes in address or phone
number• Payments• Requests for deferment,
forbearance
Impact to studentImpact to student
• Payment schedule complications– Multiple payment due dates– Multiple payment methods – Potential loss of extended repayment
options
• Deferment and forbearance complications– Inconsistent deferment documentation
standards– Inconsistent forbearance period
maximums
SolutionSolution
Each of these “hurdles” is easily addressed so long as the borrower knows who their lenders/servicers are and how to get in touch with them.
So, WHERE is my loan?So, WHERE is my loan?
The Meteor projectThe Meteor project
The Meteor projectThe Meteor project
• Non-proprietary, open- source software that brings together data from distributed databases across the higher education financing community
• Anyone can participate!– Lenders– Guarantors– Servicers– Schools– U.S. Department of Education– Others
ApprovalApproval
FSA approval for use of real-time data•Collaborative effort to bring about change to the requirements for schools to solely rely on NSLDS data•Allows schools to resolve discrepancies by using real-time data that comes directly from loan holders' databases
FeaturesFeatures
• Access real-time, student-specific financial aid information from multiple sources with intuitive user interface and navigation
• Currently provides real-time, detailed information on FFELP and alternative loans (capability exists to include Direct and Perkins Loans)
How Meteor worksHow Meteor works
Participant typesParticipant types
• Access Providers (AP)• Authentication Agents (AA)• Data Providers (DP)• Index Providers (IP)
One
Two
Access Provider
Data Providers
Student/Borrower or
Financial Aid Professional
orAccess Provider Representative
orLender Three
Index Provider
UsersAuthentication (by AP or AA)
Meteor processMeteor process
Data available Data available through Meteorthrough Meteor
Meteor and the National Meteor and the National Student Clearinghouse: Student Clearinghouse:
campus-based campus-based authenticationauthentication
Authentication modelAuthentication model
• Schools that have entered into electronic services agreement with Clearinghouse act as Authentication Agents
• Students' campus-issued credentials utilized to access Meteor and other Clearinghouse services via Student Self-Service website
Student Self-ServiceStudent Self-Service
• Meteor is integrated into Clearinghouse’s Student Self-Service application
• For schools that wish to provide students with Meteor access, Meteor loan detail is incorporated into LoanLocator display
Online award letter pilotOnline award letter pilot
• Will serve as debt management tool (borrowing history presented BEFORE new award is accepted)
• Ensures borrower is aware of potential impact of increasing aggregate loan amount– Total current outstanding– New total outstanding with addition of
new loan– Repayment scenarios based on
aggregates
Help your studentsHelp your students
Remind students how successful repayment can be accomplished• Keeping good records• Staying in touch with loan holders• Maintaining strategy for repayment
Get more informationGet more information
• Interactive website www.MeteorNetwork.org – Audio presentation– Interactive demonstration version of
software– Link to Meteor project site
• Project documentationwww.NCHELP.org/Meteor.htm – Implementation information– Provider list– User Guide and other documentation
Online Student Online Student Loan CounselingLoan Counseling
FeaturesFeatures
Counseling sessionsCounseling sessions
Counseling sessionsCounseling sessions
Meet regulatory Meet regulatory requirementsrequirements
RequirementsRequirements
• Maintain documentation• Sample repayment information• Respond to questions• Stafford exit data to guaranty agency• Written repayment information to
Perkins borrowers• Provide contact information• Definition of half-time enrollment• Appropriate offices if withdraw
RequirementsRequirements
• Prevent borrowers from circumventing or exiting counseling before complete
• OSLC team and staff continue to monitor regulations
DocumentationDocumentation
• Paper records– Daily records– Reports tab
• Export• Automated method
Archive policyArchive policy
• Mapping Your Future isn’t record keeper
• Archive policy– One year of data online– Two prior years available by customer
service request– Prior data is unavailable
Sample repaymentSample repayment
• Stafford entrance– Range of indebtedness or – Average indebtedness of borrowers
who obtained Stafford Loans for attendance at school or in program of study
– If student borrows Stafford AND Grad PLUS loans, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness
Sample repaymentSample repayment
• Grad PLUS entrance– Range of debt levels or – average indebtedness of Grad PLUS
borrowers at school or in program of study
– If student borrows Stafford AND Grad PLUS loans, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness
Sample repaymentSample repayment
• Stafford exit– Borrower's actual indebtedness or – Average indebtedness of borrowers
who obtained Federal Stafford or SLS loans at school or in program of study
– If student borrows Stafford AND Grad PLUS loans, sample repayment amount based on average indebtedness must include both Stafford and Grad PLUS indebtedness
Sample repaymentSample repayment
• Display information with monthlypayment amount at maximum interest rate – With instructions to borrower– On your website– On customized counseling start page– Use indebtedness customization
ExampleExample
IndebtednessIndebtedness
Mapping Your Future Mapping Your Future with Meteorwith Meteor
First stepFirst step
The student chooses an Access Provider site
Guaranty Agencies
Schools
Lenders
Servicers
Secure connectionSecure connection
Guaranty Agencies
Schools
Lenders
Servicers
Borrower optionsBorrower options
• Enhanced exit counseling integrates borrower's loan information in real time into exit counseling session. Option requires that student has a PIN from the service provider (NYSHESC)
• Allows borrower to continue process without PIN and complete exit interview without benefit of seeing real-time loan data
AuthenticationAuthentication
User authenticated and sent to Mapping Your Future to complete counseling
AUTH
Guaranty Agencies
NSC
Schools
Lenders / Servicers
Detail screen displaysDetail screen displays
Counseling stepsCounseling steps
• Reads content and answers questions • Read and acknowledge Meteor
disclaimer• Views Meteor data (customized
screen)• Views calculator (debt/salary wizard)• Completes form, providing required
data • Views, prints confirmation page • Chooses to view complete Meteor
data
BenefitsBenefits
• Default prevention• Value-added service for schools and
students• Cost-benefit calculation for
organization• Effective process to meet regulatory
requirements
ProcessProcess
• Requirements for guarantors– Have authentication process in place– Be Meteor Access Provider– IT resources for development
• Requirements for schools– Participate in Online Student Loan
Counseling– Determine if primary service providers
are Meteor participants– Must be Meteor Access Provider or
have relationship with Meteor Access Provider
CustomizeCustomize
CustomizationCustomization
Counseling start pageCounseling start page
• School-specific information– Dates– Disbursement procedures– Refund policies– Sample repayment*– Contact information*– Withdrawal contacts*– Half-time definition*
• Template• One per session
Counseling start pageCounseling start page
• Options– Wizard—create a new page– Edit—edit existing page– Submit—Submit page for approval
• School logo (insert URL in image box)• Type text directly into Pagemaster• Save changes every 15 minutes• Link to page
Counseling start pageCounseling start page
Future of OSLCFuture of OSLC
• Reengineering database• PESC Online Loan Counseling
standard• Financial literacy counseling• Future releases
Get more informationGet more information
[email protected](573) 796-3730
Cathy MuellerMapping Your Future(940) [email protected]