Helping you Help Students Avoid Default: Debt Management Tools for Schools and Students Russell Judd Great Lakes Higher Education Corp. Doug Falk National.

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 Financial Aid Professionals and borrowers secure access to real-time borrowers secure access to real-time financial aid information.financial aid 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 Receive loan information and, in

many cases, exit counseling in a many cases, exit counseling in a single web visitsingle web visit

Some implementations allow a Some implementations allow a student to do “what-if” analysis with student to do “what-if” analysis with counseling calculatorscounseling calculators

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 Meteor Overview & Functionality ReviewReview

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 Program

Connecticut Student Loan Foundation National Student Loan ProgramNational Student Loan Program

Education Assistance CorporationEducation Assistance Corporation NELANELA

Finance Authority of Maine New Hampshire Higher Education Assistance Foundation

Florida 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 Education

Great 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