All Access

Direct Loan Servicing: A Year Later

Posted By: Amy Manfredi @ Access Group

We had a great Direct Loan Servicing discussion led by Vicki Shipley. 

Representatives from Nelnet, Sallie Mae, Great Lakes and FedLoan Servicing fielded questions ranging from their efforts to standardize communication and how they are working with the Department to ensure borrowers are prepared for repayment to the soon-to-be-launched Special Direct Consolidation Loan Program.

Regarding their communication with borrowers, clarity and transparency is key.  Communication from the 4 TIVAs should be consistent, all bearing the Department’s logo, so that the entity servicing their loan is transparent.

They strive to communicate with the borrowers in the manner most convenient;   whether it is mail, email, or text messages.  A few of them are even using mobile apps, Facebook and Twitter.

They encouraged the attendees to counsel their students to familiarize themselves with their servicer, get acquainted with their web portals, validate their contact information and opt-in to their communication options. 

The panel noted that while extended and graduated repayment options are being chosen frequently, they believe that the requirement of documentation for IBR has deterred many borrowers from applying.  Their websites have tools for the borrowers to calculate the benefits of IBR and since these tools are seeing a lot of usage, they hope more will enroll.

The last big topic was that of the ”Special Direct Consolidation.”  The window of opportunity is an important point to remain mindful of – they indicated that applications will be processed between January 17th and June 30th.  Each servicer will be assigned borrowers to whom they can market the program and counsel as to its pros and cons.  The servicers will not know which borrowers they will be assigned until they receive their lists.  We were all reminded that to qualify, the borrower must have an "anchor loan” which is a direct or PUT loan and another federal loan not held by the Department. 

All in all, it was a session with a lot of dialogue and valuable information.

Why I Attend the Access Group Conference, Year after Year

Posted by:  Susan A. Bogart, Director of Financial Aid, Penn State Law

Aristotle said it first.  “The whole is greater than the sum of its parts.”

Steve Jobs said it in a way I love.  “My model for business is The Beatles.  They were four guys who kept each other’s kind of negative tendencies in check.  They balanced each other and the total was greater than the sum of the parts.  That’s how I see business:  great things in business are never done by one person, they’re done by a team of people.”—Interview with 60 Minutes, 2003.

The muppets in this video said it in a way that sings through my soul.

 

The first time I attended an Access Group Conference it was all about only one part:  what I could learn.  I attended sessions voraciously and absorbed everything I could.  Finally…an educational experience that was specifically about the graduate and professional school population!  There were no Pell Grant sessions to tune out and no TEACH Loan Grant sessions to glaze over.  This was all about my students and what they needed.

But I learned quickly that the best benefit of attending the Access Group Conference was the opportunity to meet other people who work in graduate/professional school financial aid.  They knew what I experience in my job.  They shared their experiences and I learned from them.  I shared my experiences and others learned from me.  And it didn’t stop with the conclusion of the conference.  You can’t help but develop a network of colleagues.  And each individual person has an area where they stand out as a true expert.  When I have questions throughout the year, I don’t hesitate to reach out to this network of colleagues friends to get another perspective.   When I have doubts or confusion, I have people to turn to for ideas or advice.

I’m human.  I have weaknesses.  And I have strengths.  And I’m sure I would have succeeded in my job without the network I developed with the help of this conference.  But having the strengths of others placed easily within my reach has consistently helped me to make a positive difference for my students.

The reason I attend the Access Group Conference year after year is simple.  It’s because “When you put them all together (I am sure you will agree) the whole sounds better than the parts, as you can plainly see.”

Follow Along with the 2011 Access Group Conference

Whether you're registered and have already started packing or you'll miss this year's Conference, the All Access blog will keep you up-to-date with conference happenings.  Look for:

• Session recaps
• Reminders and conference details
• Updates and insights

Follow along with Access Group’s staff and conference attendees for posts and comments to help you “Discover Your Foundation”

Check back daily from November 17th through 19th and feel free to join the conversation by sharing and commenting right here at AllAccess. 

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Everything You Want to Know About the 2011 Access Group Conference

From dates and location to session descriptions to the Conference schedule ...

Whether you have already registered or you simply haven't had the time yet, the Conference Registration Book will answer all your questions about this year's Conference ... including this one:

Why Should I Attend the Conference this Year?

The 2011 Conference program is filled with new training and development opportunities for seasoned professionals and newcomers alike:

• A specially-designed training workshop, conducted by the Association of Financial Counseling, Planning and Education will help better equip you with the skills and resources essential to meeting the financial counseling needs of your students.
• The addition of a direct lending-focused pre-conference session, along with the chance to meet one-on-one with direct loan servicers, will benefit you and your students as we embark on the first year of 100% Direct Lending repayment conversion.
• And, as you have come to expect - exciting, nationally-acclaimed speakers and an unmatched line-up of sessions focusing on the key issues facing the graduate and professional community today.

If you haven't seen the Registration Book in your mailbox yet, click below to view the 2011 Registration eBook online.