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					Default Prevention
   Cathy Mueller
   March 18, 2007
In 1996, guaranty agency leaders saw the
need to deliver online services to schools
and students. By working together, the
agencies could meet those needs.
MYF’s vision is to be the leading public-
service, collaborative provider of free
information and services for schools and for
students and families as they consider
college, financial aid, careers, and financial
literacy options.
MYF’s mission is to enable individuals to
achieve life-long success by empowering
schools, students, and families with free,
web-based college, financial aid, career, and
financial literacy information and services.
           Default Prevention

•   10 Steps to Financial Fitness
•   Show Me the FutureSM
•   Success in College guide
•   Budget calculator
•   Debt/salary wizard
           Default Prevention
•   Loan wizard
•   Deferment Navigator
•   Loan consolidation calculator
•   Checkbook balancing tool
•   PLUS loan guide (English and Spanish)
•   Techniques for schools
    10 Steps to Financial Fitness
•   Understand roles of student loan players
•   Avoid consequences of default
•   Be in control of your finances
•   Balance your checkbook
•   Establish a budget
    Ten Steps to Financial Fitness
•   Pay yourself and invest
•   Use credit wisely
•   Know your credit report
•   Cleaning up credit
•   Surf the web for more info
          Show Me the Future
• Online life skills and
  financial literacy game:
• Helps students learn basic
  skills in financial planning,
  goal setting, and decision-
• Helps students envision
  their futures
• Cost of living
• Budgeting
• Difference between
  wants and needs
• Importance of financial planning
• Need to set career goals
• Value of higher education
    Success in College Guide
• For prospective and current college
• Information on how to
  achieve education goals
      Success in College Guide
• Read content page-by-page, download print-
  friendly guide, or select topic:
  –   Identify goals and priorities
  –   Prepare academically for college
  –   Prepare financially for college
  –   Manage time
  –   Practice good money management
  –   Ask for advice
  –   Get around roadblocks
College Planning Calendars
  •Junior year planning tips
  •Month-by-month senior year calendar
  •Tips for parents of juniors and seniors
         Budget Calculator
• Methods to develop budget
• Control finances by calculating income
  and expenses
        Debt/Salary Wizard
• Encourages responsible borrowing
• Provides borrowing limits based on
  expected future earnings
• Estimates future
  income needed to
  support debt
          Deferment Navigator
• Purpose and application
• Deferment eligibility charts based on oldest outstanding
  loan disbursement (Stafford and Perkins)
• Includes easy-to-
  understand definitions
• Links to the PDF
 Loan Consolidation Worksheet
• Calculates weighted average interest rate
• Returns maximum repayment period
• Can request repayment schedule
Checkbook Balance Application
• The check book tool allows students to
  reconcile their bank statements to their
  check register
• Does not store the
  user’s information
             Loan Wizard
• Interactive decision tree
• Borrowers answer series of yes/no
• Appropriate page opens
  on site
         PLUS Loan Guide
• Read content page-by-page (English or
• Download a print-friendly guide
• Select from a variety of topics and
     Early Awareness E-News
•Free monthly e-mail newsletter
•Share articles with students and parents
•College, career, and financial aid information
•News about Mapping Your Future’s services
      Techniques for Schools
• Student retention techniques
• Delinquency and default prevention
• Links to Best Practices document and
  guarantors’ default prevention pages
          Counseling Sessions
•   Stafford entrance
•   Stafford exit
•   Spanish Stafford entrance
•   Spanish Stafford exit
•   Perkins entrance
•   Perkins exit
•   Stafford and Perkins combined entrance
•   Stafford and Perkins combined exit
          Counseling Sessions
•   Nursing Student Loan entrance
•   Nursing Student Loan exit
•   Health Professions entrance
•   Health Professions exit
•   Grad PLUS entrance
•   Grad PLUS exit
            OSLC Features
• Step-by-step instructions
• Explanations of loan types
• Annual loan limits (entrance)
• Advice on borrowing conservatively and
  maintaining the loan
• Debt/salary wizard
• Optional budget calculator
• Customization options
    Regulatory Requirements
• MYF’s OSLC meets all current U.S.
  Department of Education regulatory
• OSLC team and staff continue to monitor
  Sample Repayment Amounts
• Stafford entrance requirements are based on:
    – a range of indebtedness or
    – average indebtedness of Stafford Loan borrowers
       at same school or in program of study

• Stafford exit requirements are based on:
    – student's actual indebtedness or
    – average indebtedness of borrowers who obtained
       Stafford or SLS loans for attendance at school or in
       program of study
       Answering Questions
• Individual with expertise in Title IV
  programs must be reasonably available
  shortly after counseling to answer
• Students can ask questions on form during
  counseling interview
        Accessing Questions
• In full, in individual e-mail notifications
• Note to check comment on batch e-mail
• If no e-mail, can choose notification for
  comments only
• In full, in individual records online
• On downloadable printable report (may be
          Record Retention
• MYF isn’t record keeper
• School must maintain documentation
  substantiating its compliance with
  regulations for each borrower
• Stafford exit: School must ensure
  information is provided to guarantor within
  60 days of student completing counseling
            FAO Access Area
•   Meteor school access
•   Approve additional users
•   Setting notification options
•   Customize account
•   Retrieve paper counseling records
•   Export counseling records to import into
• Choose questions for the test
• Expand counseling content to include financial literacy
  and money management
• Add school’s indebtedness information
• Include or exclude budget
• Add a customized page for borrowers to view when
  beginning counseling
• Direct borrowers to a specific web page upon completing
• Require borrowers to complete all fields on student form
       Customize Questions
• Schools can select questions that
  borrowers will answer during counseling
  session from list
• Default questions to start
• Minimum number of questions required
• Can submit questions for inclusion in list
       Expanded Counseling
Expanded counseling is an additional topic
with financial literacy and money
management tips
       •   Building good credit
       •   Budgeting
       •   Saving
       •   Credit card use
       •   Credit reports
        Customized Start Page
• Providing important school-specific information to
   – Important dates
   – Disbursement procedures
   – Refund policies
   – Provide loan repayment information based on
     average indebtedness
• Template simplifies development of page (no HTML
  knowledge needed)
• One page per counseling type
                      End URL
• School links to OSLC, designating web address to send
  borrowers once they finish counseling session and click
  Exit button
• Process appears seamless to borrower

          Student starts
        on school web site
           Customize Form
• Schools can customize student form,
  requiring borrowers to complete all fields
  – Get references during entrance counseling
  – Great for schools with high drop-out rates
• Default setting requires borrowers to
  complete only regulatory required fields
• School must ensure Stafford exit information is provided
  to guarantor within 60 days of counseling
• Clearinghouse provides guarantor name on Stafford exit
• Mapping Your Future places record in guarantor’s
  secure area
• Participating guarantors retrieve exit data on behalf of
• Schools use reports to ensure guarantors retrieve data
   – Guarantor exception reports: Records the guarantor
     hasn’t retrieved
      • If guarantor doesn’t participate, send data
      • If guarantor participates, send if close to 60 days,
        follow-up with guarantor
   – Guarantor rejection reports: Records the guarantor
     returned (didn’t guarantee a loan for the student)
• Schools can add guarantors
         Adding a Guarantor
•   Open individual confirmation record
•   Click on Add Guarantor link
•   Select the correct guarantor from menu
•   Click on "Add Guarantor"
•   Click on "Close Window“
•   Can remove a counseling record from
    guarantor or category
          Future of OSLC
• Meteor™ Borrower Display
• Re-engineering
• Data exchange standards
• Customer service for schools:
   – Beth Ziehmer
     Customer Care/Operations Coordinator
     (573) 796-3730
   – Cathy Mueller
     Executive Director,
• Customer service for students: Contact Us feature on
  site (

Description: Free Monthly Calendar Printable Template document sample