Transcript Document
Helping you Help Students Avoid Default: Debt Management Tools for Schools and Students Annual Conference 2008 Russell Judd Great Lakes Higher Education Corp. Doug Falk National Student Clearinghouse Meteor is a valuable tool that provides Financial Aid Professionals and borrowers secure access to real-time financial aid information. Information from multiple data providers is aggregated to assist the FAP and the borrower with the financial aid process, repayment and default aversion. Meteor is a neutral, collaborative effort of the FFELP community. Benefits to Students Accurate, real-time information Receive loan information and, in many cases, exit counseling in a single web visit Some implementations allow a student to do “what-if” analysis with counseling calculators More likely to remember loan status, holder, etc. Legislative Changes Legislative changes may make it difficult for students and schools to keep track of their debt Schools and students will need to work with more providers Meteor can help! Single, impartial point of access to multiple loan providers Agenda Meteor Overview & Functionality Review Software Customization Mapping Your Future NYHESC Others The National Student Clearinghouse as the Meteor Index Provider Campus Based Authentication Meteor Overview Annual Conference 2008 In the beginning…. Pre-Meteor Environment Lenders, Guarantors, Servicers, Schools and others all offer independent, proprietary web services Access requires multiple logins FFELP Providers Solution Spring 2000: In response to Federal Modernization Blueprint, NCHELP members move to create a platform and program neutral information network to provide aggregated financial aid information. In the beginning…. Foundation Principles Open Source Open Collaboration Freely Available Controlled Participation Network Not tied to a specific website, school product, or organization Policy and Technology Decisions The technical solutions were easy The policy decisions required collaboration and teamwork…“co-opetition” similar to CommonLine and CR:C The Result…. 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 And others! Meteor Features Access real-time, student-specific financial aid information from multiple sources with an intuitive user interface and navigation Currently provides information on FFELP and alternative loans (capability exists to include Direct Loans & Perkins Loans) Meteor Today 14 Independent points of access to the Network 20 Data providers Several customized implementations Leading the way for transitive trust in higher education financing How Meteor Works Annual Conference 2008 Meteor Participant Types Organizations that implement the Meteor software Access Providers (AP) Authentication Agents (AA) Data Providers (DP) Index Providers (IP) The Meteor Process Users Authentication (by AP or AA) Access Provider One Student/Borrower or Financial Aid Professional or Access Provider Representative or Lender Data Providers Two Index Provider Three Meteor Access Providers AES www.aesSuccess.org Montana Guaranteed Student Loan Program www.mgslp.state.mt.us CSLF www.cslf.org/enroute National Student Clearinghouse www.nationalstudentclearinghouse.org Florida OSFA www.fldoe.org NELA www.educationassistance.net Great Lakes www.mygreatlakes.com New Hampshire www.nhheaf.org Illinois Student Assistance www.collegezone.com Rhode Island www.riheaa.org Kentucky www.kheaa.org Sallie Mae www.salliemae.com/school/index.html Mapping Your Future www.mapping-your-future.org United Student Aid Funds http://portal.usafunds.org NOTE: EASFAA Region Providers are Highlighted Meteor Real Time Data Providers AES/PHEAA Montana Guaranteed Student Loan Program Connecticut Student Loan Foundation National Student Loan Program Education Assistance Corporation NELA Finance Authority of Maine New Hampshire Higher Education Assistance Foundation Florida Office of Financial Assistance—OSFA New York State Higher Education Services Corporation Georgia Higher Education Assistance Corp. Oklahoma State Regents for Higher Education Great Lakes Educational Loan Services, Inc Rhode Island Higher Education Assistance Authority Kentucky Higher Education Assistance Authority Sallie Mae Louisiana Office of Student Financial Assistance Student Loan Guarantee Foundation of Arkansas Michigan Higher Education Assistance Authority Student Loans of North Dakota NOTE: EASFAA Region Providers are Highlighted USA Funds Data Available Through the Meteor Network Annual Conference 2008 Meteor Customization Options and Examples Annual Conference 2008 Meteor Customization Data integration to existing web applications i.e. several Meteor members have integrated data from the Meteor Network into their exit counseling processes Great tool for debt management and default aversion One stop service – no need for the student to collect their outstanding loan information in separate sessions. Student sees THEIR actual outstanding loan debt in the counseling session. Mapping Your Future’s Online Student Loan Counseling Integration of real-time data NYHESC/Meteor/MYF Implementation Advice on borrowing conservatively and maintaining debt Debt/salary wizard Optional budget calculator School customization options USA Funds Exit Counseling Using the XML data provided in a Meteor inquiry response, USA Funds populates their exit counseling loan screens with real-time data from the Meteor Network Meteor Customization Style sheet changes Integration of data into other online services Meteor network data is presented in NELA branded style sheets Other Customization Options How Could You Use Meteor Data? Integration into Debt Management Solutions Integration into CSR/Call Center Solutions What’s the Catch? Need prior approval from M.A.T. Need to implement Meteor Access Provider Online Award Letter Pilot Will serve as a debt management tool Borrowing history presented BEFORE a new award is accepted Ensures that borrower is aware of the potential impact of increasing his aggregate loan(s) amount Total current outstanding New total outstanding with the addition of the new loan Repayment scenarios based on aggregates The National Student Clearinghouse Annual Conference 2008 The NSC as the Meteor Index Provider 100% (over 25 million) of FFELP guarantee volume 100% (over 6.5 million) of Direct Loan Program accounts Over 19.2 million FFELP servicer accounts Over 2.9 million Perkins/Private/Alternative Loan servicer accounts NSC Campus Based Authentication Annual Conference 2008 Campus Based Authentication Schools that have entered into an electronic services agreement with the NSC will act as Authentication Agents. NSC will review the school’s authentication policies & procedures Students campus issued credentials will be utilized to access Meteor and other NSC services via NSC Student Self-Service Web site NSC Student Self-Service Meteor is integrated into NSC Student SelfService Application For schools that wish to provide students with Meteor access, Meteor loan detail is incorporated into the LoanLocator display For More Information…. Interactive Web Site Launched www.MeteorNetwork.org Audio presentation Interactive demonstration version of the software Link to the Meteor project site Project Documentation www.NCHELP.org/Meteor.htm Implementation Information Current Provider List User Guide and other documentation Contact Information Tim Cameron Meteor Project Manager (954) 565-7229 [email protected] Doug Falk National Student Clearinghouse [email protected] Russ Judd Great Lakes Higher Education Corp. [email protected]