helping you help students avoid default: debt management tools for schools and students
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Helping you Help Students Avoid Default: Debt Management Tools for Schools and Students. Russell Judd Great Lakes Higher Education Corp. Doug Falk National Student Clearinghouse. Annual Conference 2008. Meteor. - PowerPoint PPT PresentationTRANSCRIPT
Helping you Help Students Helping you Help Students Avoid Default:Avoid Default:
Debt Management Tools Debt Management Tools for for
Schools and StudentsSchools and Students
Russell JuddRussell JuddGreat Lakes Higher Education Corp.Great Lakes Higher Education Corp.
Doug FalkDoug FalkNational Student ClearinghouseNational Student Clearinghouse
Annual Conference 2008
Meteor is a valuable tool that provides Meteor is a valuable tool that provides Financial Aid Professionals and borrowers Financial Aid Professionals and borrowers secure access to real-time financial aid secure access to real-time financial aid information.information.
Information from multiple data providers Information from multiple data providers is aggregated to assist the FAP and the is aggregated to assist the FAP and the borrower with the financial aid process, borrower with the financial aid process, repayment and default aversion.repayment and default aversion.
Meteor is a neutral, collaborative effort Meteor is a neutral, collaborative effort of the FFELP community.of the FFELP community.
Accurate, real-time information Accurate, real-time information Receive loan information and, in many Receive loan information and, in many
cases, exit counseling in a single web cases, exit counseling in a single web visitvisit
Some implementations allow a student Some implementations allow a student to do “what-if” analysis with counseling to do “what-if” analysis with counseling calculatorscalculators
More likely to remember loan status, More likely to remember loan status, holder, etc. holder, etc.
Benefits to StudentsBenefits to Students
Legislative ChangesLegislative Changes Legislative changes may make it Legislative changes may make it
difficult for students and schools to difficult for students and schools to keep track of their debtkeep track of their debt Schools and students will need to work Schools and students will need to work
with more providerswith more providers Meteor can help!Meteor can help!
Single, impartial point of access to Single, impartial point of access to multiple loan providersmultiple loan providers
AgendaAgenda Meteor Overview & Functionality ReviewMeteor Overview & Functionality Review Software CustomizationSoftware Customization
Mapping Your FutureMapping Your Future NYHESCNYHESC OthersOthers
The National Student ClearinghouseThe National Student Clearinghouse as the Meteor Index Provideras the Meteor Index Provider Campus Based AuthenticationCampus Based Authentication
Meteor OverviewMeteor Overview
Annual Conference 2008
In the beginning….In the beginning…. Pre-Meteor Environment Pre-Meteor Environment
Lenders, Guarantors, Servicers, Schools Lenders, Guarantors, Servicers, Schools and others all offer independent, and others all offer independent, proprietary web servicesproprietary web services
Access requires multiple loginsAccess requires multiple logins FFELP Providers SolutionFFELP Providers Solution
Spring 2000: In response to Federal Spring 2000: In response to Federal Modernization Blueprint, NCHELP Modernization Blueprint, NCHELP members move to create a platform and members move to create a platform and program neutral information network to program neutral information network to provide aggregated financial aid provide aggregated financial aid information.information.
In the beginning….In the beginning…. Foundation PrinciplesFoundation Principles
Open SourceOpen Source Open CollaborationOpen Collaboration Freely AvailableFreely Available Controlled Participation NetworkControlled Participation Network Not tied to a specific website, school Not tied to a specific website, school
product, or organizationproduct, or organization Policy and Technology DecisionsPolicy and Technology Decisions
The technical solutions were easyThe technical solutions were easy The policy decisions required collaboration The policy decisions required collaboration
and teamwork…“co-opetition” and teamwork…“co-opetition” similar to CommonLine and CR:Csimilar to CommonLine and CR:C
The Result….The Result…. Non-proprietary, open source software Non-proprietary, open source software
that brings together data from distributed that brings together data from distributed databases across the higher education databases across the higher education financing community.financing community.
Anyone can participate!Anyone can participate! LendersLenders GuarantorsGuarantors ServicersServicers SchoolsSchools U.S. Department of EducationU.S. Department of Education And others!And others!
Access real-time, student-specific Access real-time, student-specific financial aid information from multiple financial aid information from multiple sources with an intuitive user sources with an intuitive user interface and navigation interface and navigation
CurrentlyCurrently provides information on provides information on FFELP and alternative loans FFELP and alternative loans (capability exists to include Direct (capability exists to include Direct Loans & Perkins Loans)Loans & Perkins Loans)
Meteor FeaturesMeteor Features
Meteor TodayMeteor Today 14 Independent points of access to 14 Independent points of access to
the Networkthe Network 20 Data providers20 Data providers Several customized implementationsSeveral customized implementations Leading the way for transitive trust in Leading the way for transitive trust in
higher education financinghigher education financing
How Meteor WorksHow Meteor Works
Annual Conference 2008
Meteor Participant TypesMeteor Participant Types Organizations that implement the Organizations that implement the
Meteor softwareMeteor software Access Providers (AP)Access Providers (AP) Authentication Agents (AA)Authentication Agents (AA) Data Providers (DP)Data Providers (DP) Index Providers (IP)Index Providers (IP)
The Meteor ProcessThe Meteor Process
One
Two
Access Provider Data
Providers
Student/Borrower or
Financial Aid Professional
orAccess Provider Representative
orLender Three
Index Provider
UsersAuthentication (by AP or AA)
AESwww.aesSuccess.org
Montana Guaranteed Student Loan Montana Guaranteed Student Loan ProgramProgramwww.mgslp.state.mt.us
CSLFwww.cslf.org/enroute
National Student Clearinghousewww.nationalstudentclearinghouse.org
Florida OSFAFlorida OSFAwww.fldoe.org www.fldoe.org
NELANELAwww.educationassistance.net www.educationassistance.net
Great Lakeswww.mygreatlakes.com
New Hampshirewww.nhheaf.org
Illinois Student AssistanceIllinois Student Assistancewww.collegezone.com www.collegezone.com
Rhode Islandwww.riheaa.org
Kentucky Kentucky www.kheaa.org www.kheaa.org
Sallie Maewww.salliemae.com/school/index.html
Mapping Your Futurewww.mapping-your-future.org
United Student Aid Funds http://portal.usafunds.org
NOTE: EASFAA Region Providers are Highlighted
Meteor Access ProvidersMeteor Access Providers
AES/PHEAA Montana Guaranteed Student Loan ProgramMontana Guaranteed Student Loan ProgramConnecticut Student Loan Foundation National Student Loan ProgramNational Student Loan ProgramEducation Assistance CorporationEducation Assistance Corporation NELANELAFinance Authority of Maine New Hampshire Higher Education
Assistance FoundationFlorida Office of Financial Assistance—Florida Office of Financial Assistance—OSFAOSFA
New York State Higher Education Services Corporation
Georgia Higher Education Assistance Corp.Georgia Higher Education Assistance Corp. Oklahoma State Regents for Higher EducationOklahoma State Regents for Higher EducationGreat Lakes Educational Loan Services, Inc
Rhode Island Higher Education Assistance Authority
Kentucky Higher Education Assistance Kentucky Higher Education Assistance AuthorityAuthority
Sallie Mae
Louisiana Office of Student Financial Louisiana Office of Student Financial AssistanceAssistance
Student Loan Guarantee Foundation of Student Loan Guarantee Foundation of ArkansasArkansas
Michigan Higher Education Assistance Michigan Higher Education Assistance AuthorityAuthority
Student Loans of North DakotaStudent Loans of North Dakota
NOTE: EASFAA Region Providers are Highlighted
USA Funds
Meteor Real Time Meteor Real Time Data ProvidersData Providers
Data Available Data Available Through the Meteor Through the Meteor
NetworkNetwork
Annual Conference 2008
Meteor Customization Meteor Customization Options and ExamplesOptions and Examples
Annual Conference 2008
Meteor CustomizationMeteor 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 Mapping Your Future’s Online Student Loan Online Student Loan
CounselingCounseling Integration of real-time data Integration of real-time data
NYHESC/Meteor/MYF ImplementationNYHESC/Meteor/MYF Implementation Advice on borrowing conservatively Advice on borrowing conservatively
and maintaining debt and maintaining debt Debt/salary wizard Debt/salary wizard Optional budget calculatorOptional budget calculator School customization options School customization options
USA Funds Exit CounselingUSA Funds Exit Counseling Using the XML data provided in a Using the XML data provided in a
Meteor inquiry response, USA Funds Meteor inquiry response, USA Funds populates their exit counseling loan populates their exit counseling loan screens with real-time data from the screens with real-time data from the Meteor NetworkMeteor Network
Meteor CustomizationMeteor Customization Style sheet changesStyle sheet changes Integration of data into other online Integration of data into other online
servicesservices
Meteor network data is
presented in NELA
branded style sheets
Other Customization Other Customization OptionsOptions
How Could You Use Meteor Data?How Could You Use Meteor Data? Integration into Debt Management Integration into Debt Management
SolutionsSolutions Integration into CSR/Call Center SolutionsIntegration into CSR/Call Center Solutions
What’s the Catch?What’s the Catch? Need prior approval from M.A.T.Need prior approval from M.A.T. Need to implement Meteor Access Need to implement Meteor Access
ProviderProvider
Online Award Letter PilotOnline Award Letter Pilot Will serve as a debt management tool Will serve as a debt management tool
Borrowing history presented BEFORE a new Borrowing history presented BEFORE a new award is acceptedaward is accepted
Ensures that borrower is aware of the Ensures that borrower is aware of the potential impact of increasing his potential impact of increasing his aggregate loan(s) amountaggregate loan(s) amount Total current outstandingTotal current outstanding New total outstanding with the addition of the New total outstanding with the addition of the
new loannew loan Repayment scenarios based on aggregatesRepayment scenarios based on aggregates
The National Student The National Student ClearinghouseClearinghouse
Annual Conference 2008
The NSC as the Meteor The NSC as the Meteor Index ProviderIndex 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 NSC Campus Based AuthenticationAuthentication
Annual Conference 2008
Campus Based Campus Based AuthenticationAuthentication
Schools that have entered into an Schools that have entered into an electronic services agreement with the electronic services agreement with the NSC will act as Authentication Agents.NSC will act as Authentication Agents.
NSC will review the school’s NSC will review the school’s authentication policies & procedures authentication policies & procedures
Students campus issued credentials will Students campus issued credentials will be utilized to access Meteor and other be utilized to access Meteor and other NSC services via NSC Student Self-Service NSC services via NSC Student Self-Service Web siteWeb site
NSC Student Self-ServiceNSC Student Self-Service
Meteor is integrated into NSC Student Meteor is integrated into NSC Student Self-Service ApplicationSelf-Service Application
For schools that wish to provide students For schools that wish to provide students with Meteor access, Meteor loan detail is with Meteor access, Meteor loan detail is incorporated into the LoanLocator displayincorporated into the LoanLocator display
For More Information….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 Documentationwww.NCHELP.org/Meteor.htm Implementation Information Current Provider List User Guide and other documentation
Tim CameronTim CameronMeteor Project ManagerMeteor Project Manager(954) 565-7229(954) [email protected]@nchelp.org
Doug FalkDoug FalkNational Student ClearinghouseNational Student [email protected] [email protected]
Russ JuddRuss JuddGreat Lakes Higher Education Corp.Great Lakes Higher Education [email protected] [email protected]
Contact InformationContact Information