The Webinar Titled. Findings from a Student Loan Debt Repayment Counseling Pilot Program. Will Begin at 12pm CST (1pm ET, 11am MT, 10am PT)!
|
|
- Cori Reeves
- 8 years ago
- Views:
Transcription
1 The Webinar Titled Findings from a Student Loan Debt Repayment Counseling Pilot Program Will Begin at 12pm CST (1pm ET, 11am MT, 10am PT)! Thank you for joining us!
2 Findings from a Student Loan Debt Repayment Counseling Pilot Program September 22, pm-1pm CST Brought to you by: Center for Financial Security at the University of Wisconsin- Madison
3 Today s Presenter: Vicki Jacobson is the director of the Center for Excellence in Financial Counseling at the University of Missouri-St. Louis. She previously served as the president of The Foundation for Credit Education prior to its transition as a center at the university. During her tenure with the foundation, she worked with student loan law experts to design and deliver training to nonprofit credit and housing counselors on student loan borrower repayment. Jacobson has served in various management roles for the regional Consumer Credit Counseling Service of St. Louis.
4 FINDINGS FROM A STUDENT LOAN DEBT REPAYMENT COUNSELING PILOT PROGRAM A Center for Financial Security Webinar September 22, 2015 Presented by the Center for Excellence in Financial Counseling
5 Webinar overview Look at the current state of student loan debt repayment in the U.S. Provide a brief overview of CEFC s student loan debt repayment counseling program design and implementation Review highlights of the program evaluation findings Note lessons learned; where do we go from here? 2
6 Federal student loan debt burdens Borrowers owe over $1.2 trillion in student loan debt 40 million consumers have at least one student loan 7 million borrowers are in default 11.5 percent of student loans were at least three months delinquent as of June percent delinquency rate of 55 percent of total loan amount now in repayment About 10.5 percent of borrowers are in some form of deferment or forbearance In 2012, roughly 51 percent of borrowers were eligible for income-contingent repayment plans; only 20 percent enrolled 3
7 Where can financially distressed borrowers get help? Federal loan servicers Department of Education Well-intended providers Scammers 4
8 Overview of CEFC s work in helping student borrowers Stage 1: Trained over 400 financial counselors from 2006 to 2009 Stage 2: Combined counselor training with some program reporting Stage 3: Developed an approach that included quality control measures and based on a counseling framework that would help assure consistent delivery of treatment 5
9 Program development Conducted literature search for financial counseling model Explored health education and counseling model; patient follow up and confidence building about changing behavior Contracted with the faculty of the Counseling and Family Therapy Department to develop and deliver counselor communication skills training to complement the counseling model Contracted with National Consumer Law Center to develop and deliver technical skills training in student loan repayment for counselors and attorneys Developed program protocol and checklist for counseling process; included borrower legal consultation, if needed Designed program evaluation early in program development 6
10 Brief overview of counseling What prompted the borrower to seek help? What are their goals with respect to student loan repayment? Federal loans/nslds; in default? not in default? Private student loans/credit report Action Plan development Follow-up session scheduled Monitor accomplishment of action plan tasks Determine next tasks Schedule next follow-up session Legal consultation, if needed 7
11 How program differs from traditional credit counseling Emphasis on need for scheduled follow-up counseling sessions to monitor client action plan progress Combined emphasis on diagnosis, education, and behavior-change elements reinforced by an individualized prescriptive action plan A contractual relationship with a legal services provider that has expertise, in this case, in student loan repayment for borrower consultation and mentoring of counselors Close monitoring for implementing program protocol for quality control Professional third-party program evaluation 8
12 Program implementation Recruited financial counseling organizations and Legal Services partners Established MOUs; agreed to provide the free service separate from other services; established monthly reporting Provided monthly base stipend and monthly performance stipends Marketed new service to the community s financially distressed student borrowers Conducted counselor and attorney trainings Reviewed borrower files and providers reports monthly; conducted counselor and attorney teleconferences monthly 9
13 Program by the numbers: Outputs Counseled 1,239 borrowers over the 25-month pilot Analyzed data from 1,050 borrower files Roughly 80 percent attended a single session; 20 percent participated in multiple sessions 11 percent sought legal consultation Borrowers held a total of over $50 million in federal loan and over $14.5 million in private loans 10
14 Program borrower demographics Majority were in the 30 and under age group, followed by the 51 to 60 age group 80 percent of borrowers were employed full-time in some type of job, but less than 50 percent had found a job that allowed them to fully use their education Majority of borrowers had a monthly gross income in the range of $2,000 to $4,000, with the highest percentage falling below $3,000 Over 51 percent completed their education, earning a degree or certificate; 31 percent indicated they had not completed their education program, and over 17 percent did not indicate a completion status Across all age groups, the majority of borrower clients were women 11
15 Program borrowers student loan repayment status Slightly more than 20 percent of federal borrowers in 2013 and 2014 had loans in default Approximately 45 percent of the total federal loan balances were in deferment in 2014, more than double that for 2013 client borrowers Nearly 40 percent of total private loan balances for 2013 and 2014 involved a cosigner; for 10 percent of the loan balances, the cosigner was the client receiving services The bulk of private loans were held by borrowers age 30 and younger with 50 percent of the loan balance current 12
16 Program borrowers unsecured debt repayment status Approximately one-third of borrowers were not current on other unsecured debt. For those in default, the percentage was over 60 percent. Among borrowers not in default, 64 percent reported they were current with their credit card payments. By contrast, only 24 percent of defaulted borrowers reported being current with 61 percent indicating they were not current. Approximately 75 percent of borrowers were aware that filing bankruptcy would likely not clear their student loan student. 13
17 Public Policy Research Center: Program evaluation overview Explored using experimental design; pre/post test Developed two surveys that were distributed about one month after the borrower was counseled 846 surveys were distributed via Survey Monkey 186 borrowers responded to the survey request; 22 percent return rate Borrowers were asked questions: Relating to their student loan situation prior to and after counseling What they viewed as being the results of the counseling The level of confidence they felt in dealing with their student loans after meeting with the counselor 14
18 Highlights of program evaluation findings: Outcomes Nearly 39 percent of borrowers responded that they knew about their repayment options for their federal loans prior to counseling. Over 87 percent of counseled borrowers indicated they felt better informed about their available student loan repayment options as a result of the counseling. Over 57 percent responded that as a result of the counseling they changed their federal repayment plan because they qualified for a lower monthly payment amount. Over 53 percent of borrowers indicated they were on time with their student loan payments prior to counseling. Seventy-one percent responded they were making their monthly student loan payments on time as a result of the counseling. Nearly 74 percent of counseled borrowers responded that they agreed with the statement, I wish I had found a counseling program like this sooner. 15
19 Highlights of program evaluation findings continued: Nearly 84 percent of borrowers responded that as a result of the counseling they now trust that they will make good financial decisions in relation to their student loan debt. Over 66 percent of borrowers indicated they felt less stress about their student loan situation as a result of the counseling. Over 90 percent of borrowers responded that their student loans kept them from achieving their personal goals. About 30 percent of borrowers indicated they were still looking for help. 16
20 Counseling session rating scale A very brief scaling instrument was developed to capture the borrower s reaction to each counseling session in four areas. If they felt heard, understood and respected If the counselor and borrower worked on or talked about what the borrower wanted to work on and talk about If their level of concern about repaying their student loans changed If their feeling of control over their finances changed Preliminary analysis indicates that 92 percent of respondents rated each area with a score higher than 9 (out of 10). Additional analysis is underway to determine any progress regarding a borrower s rating from the first session to a second session, etc. 17
21 Lessons learned Demonstrated need for the program Must be provided as a separate service Delivered by outstanding, professional counselors Fidelity to program protocol is vital Monitor counselor performance Follow-up sessions important to monitor borrower action plan progress Professional third-party evaluation Integrate training process Technology 18
22 Future program expansion plans With additional funding, CEFC hopes to expand the program as a replicable campusbased community counseling center. Target financially distressed borrowers in repayment Help non completers possibly complete their education Enhance a borrower s opportunities for financial advancement Strengthen the region s workforce 19
23 Center for Excellence in Financial Counseling School of Public Policy and Administration University of Missouri-St. Louis 20
24 Q&A:
25 Findings from a Student Loan Debt Repayment Counseling Pilot Program For More Information Visit: To read the white paper on the pilot program:
26 Thank you for Attending: Findings from a Student Loan Debt Repayment Counseling Pilot Program Please stay tuned for next month s webinar invitation. October s webinar will be a Wisconsin focused webinar, which will provide information and resources surrounding the Affordable Care Act.
SUMMARY OF BORROWER INTAKE FORM DATA COLLECTED for the STUDENT LOAN BORROWER COUNSELING PROGRAM
SUMMARY OF BORROWER INTAKE FORM DATA COLLECTED for the STUDENT LOAN BORROWER COUNSELING PROGRAM Prepared by the For the Center for Excellence in Financial Counseling LEADERSHIP COUNCIL SEMI-ANNUAL MEETING
More information2014 Release of Federal Student Aid Data https://studentaid.ed.gov/data center
2014 Release of Federal Student Aid Data https://studentaid.ed.gov/data center For additional commentary on these data, see: The Huffington Post, 8/11/14 The Chronicle of Higher Education, 8/14/14 PRESENTED
More informationHousehold Debt and Credit: Student Debt
Household Debt and Credit: Student Debt February 28, 2013 Donghoon Lee The views presented here are those of the author and do not necessarily reflect those of the Federal Reserve Bank of New York, or
More informationHow to Understand your Student Loans
How to Understand your Student Loans How do my student loans work? (edited from Bill Pratt s Extra Credit: The 7 Things Every College Student Needs to Know about Credit, Debt, & Ca$h) 1. Borrow all federal
More informationHomeowner Request for Assistance
Homeowner Request for Assistance In this packet. Thank you in advance for allowing your Credit Union to review your account for mortgage assistance. Homeowner Checklist Details the documents and forms
More informationFederal Loan Repayment Options
Federal Loan Repayment Options The Standardized Repayment Plan- allows you to pay off your federal student loans in the shortest amount of time. This repayment Plan saves you money over time because your
More informationSTUDENT LOANS. A Presentation by NLSP
STUDENT LOANS A Presentation by NLSP DISCLAIMER: Please note that the information contained in this presentation is only general background information about credit reporting and student loans: This presentation
More informationThe Math Behind Loan Modification
The Math Behind Loan Modification A Webinar for Housing Counselors and Loan Modification Specialists Presented by Bill Allen Deputy Director, HomeCorps Overview Types of loan modifications Estimating eligibility
More informationIMPORTANCE OF CREDIT HISTORY AND SUCCESSFUL SAVING
IMPORTANCE OF CREDIT HISTORY AND SUCCESSFUL SAVING From America Saves and Experian WHAT IS A CREDIT REPORT AND SCORE? A credit score is a three digit number that measures how likely you are to repay a
More informationFASFAA Graduate & Professional Initiatives Committee. Debt Management as a Revenue Builder
Debt Management as a Revenue Builder The Misconception Many key college administrators believe Debt Management initiatives only benefit the student Key college administrators believe that Debt Management
More informationStudent Loan ABCs: Helping Borrowers in Default. Deanne Loonin Persis Yu
C4 C4 Student Loan ABCs: Helping Borrowers in Default Deanne Loonin Persis Yu STUDENT LOAN ABCs: HELPING BORROWERS IN DEFAULT November 2013 Consumer Rights Conference NCLC Resources NCLC list serve SLBA
More informationFederal Student Loan Repayment
Federal Student Loan Repayment The Road to Zero Know your financial goals. Know what you owe. Know what time it is. Know your options. Select your plan. Manage your payments. AccessGroup.org Financial
More informationFederal Direct Stafford Loan Request Form for 2015-16
Federal Direct Stafford Loan Request Form for 2015-16 Name: G#: Address: City: State: ZIP: Phone: Email: Stafford Loan Requirements and Acknowledgements We strongly recommend that you borrow loans conservatively
More informationDebunking Student Loan Headlines
Debunking Student Loan Headlines Presented by Jillian Gajtka Saturday, June 11, 2016 11:15 a.m. Student Loan Debt 2 Recent Headlines 3 Headlines crisis bubble 4 Student Loan Jeopardy What percentage of
More informationSTUDENT LOAN FORGIVENESS AND REPAYMENT: WHAT YOU NEED TO KNOW
STUDENT LOAN FORGIVENESS AND REPAYMENT: WHAT YOU NEED TO KNOW From here to repayment IUPUI updates your enrollment status. Your grace period begins. Your student loan servicer sends you details about
More informationLess Than Full Balance DMPs and Other New Alternatives for Consumers A Panel Discussion
Less Than Full Balance DMPs and Other New Alternatives for Consumers A Panel Discussion Association of Independent Consumer Credit Counseling Agencies 16 th Mid-Winter Conference January 23, 2009, 1:15
More informationRequest for Information Regarding an Initiative to Promote Student Loan Affordability
This Request for Information is scheduled to be published to the Federal Register in late February. In the meantime, please send comments via email to studentloanaffordability@cfpb.gov Billing Code: 4810-AM-P
More informationIncome-Driven Repayment and Student Loan Affordability. Findings from a survey of Navient customers
Income-Driven Repayment and Student Loan Affordability Findings from a survey of Navient customers 1 INCOME-DRIVEN REPAYMENT AND STUDENT LOAN AFFORDABILITY Income-driven repayment (IDR) plans are important
More informationNAVIGATING LOAN REPAYMENT
NAVIGATING LOAN REPAYMENT Navigating Loan Repayment Agenda Federal Loan Exit Counseling Basics of Student Loan Repayment Federal Repayment Plans Other Repayment Considerations Helpful Links Question and
More informationLoans 101 2015-16. Maria Rebecchi Assistant Director of Financial Aid
Loans 101 2015-16 Maria Rebecchi Assistant Director of Financial Aid Agenda Introductions A few considerations before you take out a loan Overview of student loans Types, amounts, eligibility, application,
More informationQ. Under what circumstances wil my loan be cal ed due and payable? Q. What happens if one of the above occurs and my loan is cal ed due and payable?
Financial Freedom, as servicer for your Home Equity Conversion Mortgage ( HECM or loan ), is required by the U.S. Department of Housing and Urban Development ( HUD ) to perform certain actions depending
More informationChecklist Analyze your client s circumstances Inventory the federal loans Inventory the private loans
37 million Americans have student loans Comprehensive Student Loan Training Series August 2014 1 trillion dollars in outstanding student loan debt: $1,000,000,000,000 Private Student $150 billion is outstanding
More informationIntermediate Counseling Module Plan for Success Script
Intermediate Counseling Module Plan for Success Script Slide 1: Title slide Slide 2: Prepare for successful repayment Borrowing money to pay for your education can greatly impact your quality of life today
More informationCounseling Your Borrowers to Avoid Default. A guide to helping your borrowers reduce delinquency and avoid default
Counseling Your Borrowers to Avoid Default A guide to helping your borrowers reduce delinquency and avoid default Table of Contents 1. Overview Definition of Default 2 Student Eligibility 2 Cohort Default
More informationfyi Federal loans: The smart way to borrow
Federal loans: The smart way to borrow If you don t receive enough free money to pay for college and you aren t able to cover your costs with savings or other resources, consider federal student loans.
More informationStudent Loans. The State of Lending in America & its Impact on U.S. Households. Sonia Garrison. December 2012
Student Loans The State of Lending in America & its Impact on U.S. Households Sonia Garrison December 2012 Center for www.responsiblelending.org Responsible Lending 105 Student Loans An Introduction to
More informationLoan Repayment Struggles
Loan Repayment Strategies: Help Your Students Choose the Right Plan for Success Loan Repayment Struggles Millions of students are senselessly defaulting on their debt while failing to take advantage of
More informationSTUDENT LOAN DEBT MANAGEMENT
STUDENT LOAN DEBT MANAGEMENT For Social Work & Public Health Professionals Looking Ahead Your investment in your education at the Brown School at Washington University is an asset which will serve you
More informationFEDERAL STUDENT LOANS. Education Could Do More to Help Ensure Borrowers Are Aware of Repayment and Forgiveness Options
United States Government Accountability Office Report to Congressional Requesters August 2015 FEDERAL STUDENT LOANS Education Could Do More to Help Ensure Borrowers Are Aware of Repayment and Forgiveness
More information"Get Your Money Straight!" EOP Workshop on Financial Literacy Fall 2008
"Get Your Money Straight!" EOP Workshop on Financial Literacy Fall 2008 Financial Literacy: Financial Aid and Student Loans Credit Budgeting Financial Aid Loan Repayment: Loan repayment begins 6 months
More informationWHAT IS BUSINESS CREDIT?
1 WHAT IS BUSINESS CREDIT? Why Do I Need Credit? Establishing a good credit rating is an important financial priority for every business. Having good business credit means that owners of businesses can
More information2014 State of the Credit Counseling and Financial Education Sector. Delivered by Susan C. Keating. President and CEO
2014 State of the Credit Counseling and Financial Education Sector Delivered by Susan C. Keating President and CEO National Foundation for Credit Counseling 49 th Annual Leaders Conference Seattle, Washington
More informationFAQ s on Direct Lending
FAQ s on Direct Lending Q1: Why is the University of Houston switching to direct loans? A: On Thursday March 30, 2010 President Obama signed the Health Care and Education Reconciliation Act of 2010 (H.R.
More informationProject Summary. St. Louis Alliance for Home Ownership Preservation
Project Summary St. Louis Alliance for Home Ownership Preservation In early 2008, Mayor Slay became concerned about the growing number of foreclosures foreclosures can hurt not only individual homeowners
More informationWilliam D. Ford Federal Direct Loan Program Direct PLUS Loans Borrower s Rights and Responsibilities Statement
William D. Ford Federal Direct Loan Program Direct PLUS Loans Borrower s Rights and Responsibilities Statement Important Notice: This Borrower s Rights and Responsibilities Statement provides additional
More informationLoan Repayment Strategies for Students
Loan Repayment Strategies: Help Your Students Choose the Right Plan for Success Loan Repayment Struggles Millions of students are senselessly defaulting on their debt while failing to take advantage of
More informationStudent loan terms to know
Definition of words related to federal student loans and the Nelnet payment process. Accrue The act of interest accumulating on the borrower s principle balance. Aggregate Loan Limit The maximum total
More informationDefault Prevention. Student Focus Group on Debt Management
Default Prevention Student Focus Group on Debt Management Background and Purpose For more than 15 years, TG has worked with its advisory committee, the Council for Student Financial Success in Higher Education,
More informationGlossary Financial Aid & Student Loan Terms
Glossary Financial Aid & Student Loan Terms A Academic year A period of time schools use to measure a quantity of study. For example, a school s academic year may consist of a fall and spring semester,
More informationQuestions and Answers for Borrowers about the. Homeowner Affordability and Stability Plan
Questions and Answers for Borrowers about the Homeowner Affordability and Stability Plan Borrowers Who Are Current on Their Mortgage Are Asking: 1. What help is available for borrowers who stay current
More informationStudent Loan Guide And Loan Request Form 2014-2015
THE LOS ANGELES COMMUNITY COLLEGE DISTRICT Student Loan Guide And Loan Request Form 2014-2015 2014-2015 Student Loan Guide and Request Form Page 1 LACCD and West Los Angeles College Loan Philosophy As
More informationPrivate Education Loans 101: Helping students compare student loan options
Private Education Loans 101: Helping students compare student loan options Presented by: Erin Gjerde and Denise Burmeister Account Executives Wells Fargo Education Financial Services 2013 SASFAA Conference
More informationStudent Loan Debt. I. Interest rate cap subsidy. Snapshot:
Student Loan Debt UUP is exploring groundbreaking conceptual programs to diminish the outstanding loan burden on New York State students, including an interest rate cap subsidy designed to lower the actual
More informationWiseBorrower Education Series
FEDERAL STUDENT LOANS: Repayment 101 How do I determine my loan repayment strategy? What repayment plans are available? What repayment tools will help me navigate tough financial times? What is the best
More informationFederal Student Loans Maintaining Access and Preventing Default
Federal Student Loans Maintaining Access and Preventing Default Student Loan Cohort Default Rates What is a Cohort Default Rate (CDR)? A cohort is a group of school borrowers who entered repayment on certain
More informationAmerican State Bank Private Student Loan Program Option 1
Private Education Loan Application Disclosure Form Page 1 of 6 American State Bank Private Student Loan Program Option 1 American State Bank c/o Aspire Servicing Center 6775 Vista Drive West Des Moines,
More informationPHASE 3: Unable to Make Payments
1 PHASE 3: Unable to Make Payments Information included in Phase 3: I. Options Available II. Delinquency and Default III. Getting Out of Default 2 I. Options Available If you are having trouble making
More informationYour Guide to Repayment. Everything you need to know about repaying your PEAKS private student loan
Your Responsibility as a Borrower Your Responsibility as a Borrower 3 Contact Information 3 You Are Not Alone 4 What To Do Right Now 5 Keep Payments on Track 6 Repayment Options 7 Understanding your Monthly
More informationWilliam D. Ford Federal Direct Loan Program Direct PLUS Loan Borrower s Rights and Responsibilities Statement
Important Notice: This Borrower s Rights and Responsibilities Statement provides additional information about the terms and conditions of the loans you receive under the accompanying Federal Direct PLUS
More informationRepayment Overview. A guide to repaying your federal student loans
Repayment Overview A guide to repaying your federal student loans Table of Contents A guide to repaying your federal student loans...2 Learning about available repayment plans...4 Standard Repayment Plan...4
More informationYour school credits your account. You ll receive the loan in two payments during the academic year.
Federal Perkins Loan What is a Federal Perkins Loan? A Federal Perkins Loan is a low-interest (5 percent) loan for students with financial need. Saint Xavier University is the lender for the loan but has
More informationLoan Counseling CHAPTER
Loan Counseling CHAPTER 5 Loan counseling is particularly important because new students often have little or no experience with repayment and managing debt. Your school must ensure that the student receives
More informationHECM Property Charge Loss Mitigation Counseling and Aging Network 101 Webinar. January 21, 2011 2-3:30PM EST
HECM Property Charge Loss Mitigation Counseling and Aging Network 101 Webinar January 21, 2011 2-3:30PM EST Agenda Counseling Guidelines 2:00pm 2:50pm EST Wiki 101 2:50pm to 3:00pm Aging Network 101-3:00pm
More informationWhat you need to know to confidently and effectively repay your student loans.
What you need to know to confidently and effectively repay your student loans. Monday, April 19, 2010 The only man who sticks closer to you in adversity than a friend is a creditor. -Unknown Standard repayment
More informationWhy File Bankruptcy?
Why File Bankruptcy? You are trying to keep debts current, but are borrowing from one card to pay the other. You are trying to keep debts current by using your savings. You are trying to keep debts current
More informationRECOMMENDATIONS FOR BEST PRACTICES IN FINANCIAL LITERACY NOVEMBER 2013
RECOMMENDATIONS FOR BEST PRACTICES IN FINANCIAL LITERACY NOVEMBER 2013 MISSION STATEMENT The Association of Private Sector Colleges and Universities (APSCU) established a Task Force for Best Practices
More informationDo you Really need a student loan for school? Default Prevention Awareness Month
Do you Really need a student loan for school? Default Prevention Awareness Month What Is Default? Demand for full payment of your total student loan debt because you the borrower have gone 270 days without
More informationWho Graduates with Excessive Student Loan Debt?
Student Aid Policy Analysis Papers Who Graduates with Excessive Student Loan Debt? www.studentaidpolicy.com/excessive debt/ Mark Kantrowitz President MK Consulting, Inc. December 14, 2015 Executive Summary
More informationThe Burden of Borrowing
The Burden of Borrowing A report on the rising rates of student loan debt The Burden of Borrowing: A Report on the Rising Rates of Student Loan Debt March 2002 By Tracey King and Ellynne Bannon Special
More information41% Loan Repayment Strategies: Understanding Forgiveness, Forbearance, and Deferment 9/15/2014. Objectives
Loan Repayment Strategies: Understanding Forgiveness, Forbearance, and Deferment Objectives Discuss how borrowers can avoid delinquency and default Review deferments and forbearance Share details of the
More informationREPAYING YOUR FEDERAL FAMILY EDUCATION LOAN
What s Inside: REPAYING YOUR FEDERAL FAMILY EDUCATION LOAN Getting Started Understanding My Statement Repayment Plans Standard Income Sensitive Graduated Extended Income-Based Repayment (IBR) PLUS Interest
More informationS. XXX, the Student Loan Borrower Bill of Rights Senators Durbin, Warren, Boxer, and Reed Section by Section
S. XXX, the Student Loan Borrower Bill of Rights Senators Durbin, Warren, Boxer, and Reed Section by Section Section 1. Short Title The Student Loan Borrowers Bill of Rights Section 2. Truth in Lending
More informationIn Home Sales Training Manual. Debt Settlement Program
In Home Sales Training Manual Debt Settlement Program Introduction to the industry The debt relief business is booming because of the rise in unemployment rates, the poor economy, and those who have found
More informationBuilding Good Credit and Improving Your Credit Score
Building Good Credit and Improving Your Credit Score US Consumer Debt Statistics August 2014 Consumer Debt = $11.74 Trillion 5% Increase over 2013 9% Delinquent Mortgages = $8.24 Trillion Avg. Mortgage
More informationSTUDENT LOAN REPAYMENT
STUDENT LOAN REPAYMENT Chase College of Law Financial Aid Presentation April 14 th, 2011 TOPICS TO BE COVERED General Repayment Information Loan consolidation Repayment Plans Public service loan forgiveness
More informationS.I.N. Budgeting and Loans 101 Know Before You Owe. Holly Wright and Julie Pavlish Program Manager and Program Assistant
S.I.N. Budgeting and Loans 101 Know Before You Owe Holly Wright and Julie Pavlish Program Manager and Program Assistant Federal Student Aid Personal Finance Budgets Credit Reports Savings Account Reaching
More informationDelinquent Borrower Counseling. 6 steps to preventing defaults
step-by-step guide Delinquent Borrower Counseling 6 steps to preventing defaults 1 Contact Borrower Begin Step 1 Before calling, verify that the account is delinquent as of today by checking the servicer
More informationhttps://youtu.be/rfrdgmzy-ri
https://youtu.be/rfrdgmzy-ri Federal Loan Exit December 2015 Jess Christensen Assistant Director of Financial Aid jchriste@cord.edu 218-299-3010 Types of Direct Student Loans Subsidized Federal Direct
More information2015 State of the Financial Counseling and Education Sector. Susan C. Keating. President and CEO. National Foundation for Credit Counseling
2015 State of the Financial Counseling and Education Sector Susan C. Keating President and CEO National Foundation for Credit Counseling 50 th Annual Leaders Conference Indianapolis, Indiana September
More informationSettlement ==========SOLUTION S. Your Debt Your Way.com= SERV CE YOU CAN COUNT ON. (!/lliful (Ou& ({;tudtana PROGRAM
Settlement ==========SOLUTION S Your Debt Your Way.com= SERV CE YOU CAN COUNT ON (!/lliful (Ou& ({;tudtana PROGRAM TM INTRODUCTION There are too many families that living pay check to pay check during
More informationHow To Finish A Degree In Four Years
The Texas B-On-Time Loan Program THE TEXAS B-ON-TIME LOAN PROGRAM Counseling for Student Borrowers KNOWLEDGE in Real Time Complete the following as you go through the presentation. 01. The B-On-Time loan
More informationPlanning & Paying for College: Overview
CHARTERBANK - Student Checking 4.0 Planning & Paying for College Above: Student Checking 4.0 - Debit Card Design Planning & Paying for College: Overview Many factors go in to planning and paying for college.
More informationGrace Period and Repayment Guide for Stafford and Direct Loans
Grace Period and Repayment Guide for Stafford and Direct Loans Communication is key! This guide session covers loans from the following programs: Federal Family Education Loan Program (FFELP) Federal Stafford
More informationAPPLICATION INSTRUCTIONS FOR NEW PARTICIPANTS
APPLICATION INSTRUCTIONS FOR NEW PARTICIPANTS Thank you for your interest in the Georgetown University Law Center Loan Repayment Assistance Program (LRAP). Please take a moment to review the information
More informationWilliam D. Ford Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower s Rights and Responsibilities Statement
Important Notice: This Borrower s Rights and Responsibilities Statement provides additional information about the terms and conditions of the loans you receive under the accompanying Master Promissory
More informationAs soon as you know you can t make your payment, take the following steps:
As soon as you know you can t make your payment, take the following steps: Call your lender. Ask for the loss mitigation department. Be honest about your situation so you can get the best, most realistic
More informationPrivate Loan Guide. Apply for free, federal and state financial aid programs:
Private Loan Guide Private loan basics Private student loans are non-federal loans. You should only borrow private loans to fund your education as a last resort. Do all of the following before you consider
More informationVicky L. Cagle Director of Student Financial Services Vanderbilt University School of Medicine. November 2, 2012
Vicky L. Cagle Director of Student Financial Services Vanderbilt University School of Medicine November 2, 2012 q What type of loans do you have? q What are grace, deferment and forbearance? q What repayment
More informationveterinary medicine Office of Student Financial Aid 2015 16 FINANCIAL AID
2015 16 FINANCIAL AID veterinary medicine Office of Student Financial Aid The Office of Student Financial Aid (OSFA) assists veterinary medicine students whose personal and family resources are not adequate
More informationHow To Help Students With Money Management
Reboot Your Exit Counseling April 2015 Since 2009, we have serviced federal student loans on behalf of the U.S. Department of Education. We manage over $300 billion in outstanding student loan balances
More informationWilliam D. Ford Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower s Rights and Responsibilities Statement
Important Notice: This Borrower s Rights and Responsibilities Statement provides additional information about the terms and conditions of the loans you receive under the accompanying Master Promissory
More informationOf West Georgia / East Alabama, A program of The Family Center of Columbus, Inc.
Of West Georgia / East Alabama, A program of The Family Center of Columbus, Inc. Welcome! We understand that you are here because you are currently in bankruptcy proceedings and are required to complete
More informationSMALL BUSINESS REVOLVING LOAN FUND GUIDELINES 1.0 INTRODUCTION
SMALL BUSINESS REVOLVING LOAN FUND GUIDELINES 1.0 INTRODUCTION Fay-Penn Economic Development Council has established a Small Business Loan Fund. The Small Business Loan Fund Program is designed to stimulate
More informationHow To Get Out Of A Subgratame Loan With A Credit Card
Income Based Repayment Questions and Answers (Q&A) Prepared by Federal Student Aid U.S. Department of Education January 5, 2010 The Questions & Answers (Q&As) that follow provide information about the
More informationApril 13, 2014. Melissa Miller Office of Financial Aid SUNY Buffalo State 1300 Elmwood Avenue Buffalo, NY 14222. Dear Melissa,
April 13, 2014 Melissa Miller Office of Financial Aid SUNY Buffalo State 1300 Elmwood Avenue Buffalo, NY 14222 Dear Melissa, Thank you for providing SunTrust Bank with the opportunity to respond to SUNY
More informationSTUDENT DEBT MYTHS AND FACTS Second Edition
STUDENT DEBT MYTHS AND FACTS Second Edition April 2014 The Issue Student loan debt is now approximately $1 trillion, and the delinquency rate for student loans has increased to 10 percent. Critics are
More informationDepartment of Legislative Services Maryland General Assembly 2016 Session
House Bill 1015 Ways and Means Department of Legislative Services Maryland General Assembly 2016 Session FISCAL AND POLICY NOTE Third Reader - Revised (Delegate Kaiser, et al.) HB 1015 Budget and Taxation
More informationRULES FOR THE OLIVE C. FARR LOAN FUND IOWA PHYSICAL THERAPY FOUNDATION (Revised 10/2007)
RULES FOR THE OLIVE C. FARR LOAN FUND IOWA PHYSICAL THERAPY FOUNDATION (Revised 10/2007) ELIGIBILITY: 1. Loans are available to students enrolled in accredited physical therapy programs in the State of
More information2013 SUNYFAP Conference System Administration Update
2013 SUNYFAP Conference System Administration Update 1 Agenda Shared Services Smart Track Shared Services Financial Aid State Authorization OPEN SUNY TAP Report Federal Aid Reform The Vision Over the next
More informationFinancial Aid and Loan Repayment for Graduate Students. Nick Bromley Counselor GVSU Financial Aid Office
Financial Aid and Loan Repayment for Graduate Students Nick Bromley Counselor GVSU Financial Aid Office Financial Aid for Graduate Students Financial Aid is Scholarships Grants Loans Employment funds that
More informationSAVANNAH STATE UNIVERSITY FINANCIAL AID - STUDENT LOAN DEFAULT PREVENTION
SAVANNAH STATE UNIVERSITY FINANCIAL AID - STUDENT LOAN DEFAULT PREVENTION WHAT IS DEFAULT? Default occurs when you have made no payments on your student loan for at least 270 days. When you default you
More informationPlan and Track Your Finances
Chapter 9 Plan and Track Your Finances 9.1 Finance Your Business 9.2 Pro Forma Financial Statements 9.3 Record Keeping for Businesses Ideas in Action Electronic Safekeeping Katelin Shea addressed the unmet
More informationStudent loan repayment
Student loan repayment Casey Galindo Wells Fargo Education Financial Services 2014 Wells Fargo Bank, N.A. All rights reserved. For public use. Congratulations You re ready to move on. You re done with
More informationHUMAN CAPITAL PERFORMANCE BONDS(HUCAP) Steve Rothschild investinoutcomes.org 612-396-0295
HUMAN CAPITAL PERFORMANCE BONDS(HUCAP) Steve Rothschild investinoutcomes.org 612-396-0295 Agenda The Problem What s Required A New Idea Implications for Budget and Policy Goals/Status/Plans Implications
More informationBORROWER Q&AS. 2. I'm current on my mortgage. Will the Home Affordable Refinance help me?
MAKING HOME AFFORDABLE BORROWER Q&AS 1. What is Making Home Affordable" all about? Making Home Affordable is part of President Obama's comprehensive strategy to get the housing market back on track. Through
More informationVeridian Private Student Loan - Option 1
Private Education Loan Application Disclosure Form Page 1 of 6 Veridian Private Student Loan - Option 1 Veridian Credit Union c/o Aspire Servicing Center 6775 Vista Drive West Des Moines, IA 50266-9305
More informationRegulatory Practice Letter November 2012 RPL 12-20
Regulatory Practice Letter November 2012 RPL 12-20 Private Student Lending - CFPB Reports Executive Summary The Bureau of Consumer Financial Protection ( CFBP or Bureau ) recently released two reports
More informationFinancial Aid Student Loan Guide 2013-2014
Financial Aid Student Loan Guide 2013-2014 LA City College Loan Philosophy As low-cost public institutions with limited entrance requirements, we are concerned about our students and believe that it is
More informationFactsheet Higher Education Affordability Act
Factsheet Higher Education Affordability Act Title I General Provisions 90/10 Rule - Changes the 90/10 rule to 85/15 for proprietary institutions, requiring proprietary institutions to derive more than
More information