Complexity of Split Servicing

Transcription

1 Split Servicing: Tools and Strategies to Help Track and Manage Debt Presented by: Tim Cameron The Meteor Project Manager National Council of Higher Education Loan Programs, Inc. Complexity of Split Servicing School and Borrower Challenges Historically, these students have more difficulty in successfully repaying their debt Communication overload! Multiple user ID s and passwords Non-aggregated information Different display formats and navigation What does all this mean for schools? Will schools have to work with multiple servicers? Can a school designate which servicer they want to service their loan portfolio? How will a school know which servicer has their borrowers loans? Yes, schools will work with more than one loan servicer and will likely interface with all loan servicers. No, schools cannot designate which servicer to service their borrowers. Schools will use NSLDS to determine which servicer has borrower loans

2 Obtain Loan Locations 2

3 About Meteor Non-proprietary, open source software Secure login Real-time access to data Aggregated information from multiple databases Free service to schools and students Funded by loan holders, guarantors, and servicers Technology solution to enhance web services Top Categories Where Borrowers Encounter Difficulty Account Balances Repayment Plans & Amounts Loan Cancellation Default Deferment & Forbearance Data Overview Detailed listing of loans Loan status Original and current award amounts Summarized repayment information by servicer Repayment plan type Interest Rate Next payment due Detailed payment, deferment and forbearance history DAR, Claim and Default information Contact information and custom message capabilities The Consolidated View 3

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6 Access to the Network Standard Implementation 11 Independent points of access to the Network Campus Based Authentication Model Over 150 Schools Several customized implementations Meteor & Mapping Your Future About Mapping Your Future Provides services to schools for the ultimate benefit of students Provides variety of resources (career exploration, college preparation, paying for college, money management) Provides neutral content, encouraging students to look at all sources of free funding 6

7 Counseling Sessions Stafford entrance (English and Spanish) Stafford exit (English and Spanish) Perkins entrance and exit Stafford & Perkins combined entrance and exit Nursing Student Loan entrance and exit Health Professions entrance and exit Grad PLUS entrance and exit Stafford and Grad PLUS combined entrance and exit TEACH Grant exit Financial Literacy Debt Management Tools Loan repayment calculator Loan consolidation calculator Checkbook balancing tool Income-based repayment calculator Budget calculator Deferment navigator Debt/salary wizard Savings calculator Online Student Loan Counseling 7

8 Meteor & USA Funds Loan Solutions 8

9 Meteor & Northstar RepayReady 9

10 RepayReady Tools and resources to help borrowers understand their repayment options and prevent default Creating a Strategy Creating a Strategy 10

11 Meteor & The National Student Clearinghouse Campus-Based Authentication Built in collaboration with the National Student Clearinghouse. Schools serve as authentication agents. Student s campus issued credentials are used to access Meteor and other Clearinghouse services. 11

12 Mapping Your Future 12

13 Delinquency Management The time to plan is NOW Helping students manage their debt will lead to: Reduced defaults Improved customer service to students Steps to successful repayment should include: Review of the student s portfolio and financial habits Identify goals that are important to the student Prioritize those goals and review strategies to meet those goals Form a team, create and implement your plan Partner with a service provider Take advantage of all available resources For More Information. Interactive Web site: Project Documentation Tim Cameron, NCHELP meteor@nchelp.org 13