Mapping Your Future®
and
Meteor™
Where is my
student loan?
Presented by:
Cathy Mueller
Mapping Your Future
Tim Cameron
Meteor
Mapping Your Future
A valuable resource
• Provides services to schools for
ultimate benefit of student
• Loan counseling meets regulatory
requirements and does not limit
student choice of lenders, guarantors
A valuable resource
• Provides variety of resources for
students and families
–
–
–
–
Career exploration
College preparation
Paying for college
Money management
• Provides neutral content and
encourages students to look at all
sources of free funding
Help students track debt
in this new landscape
Split servicing
• Student changed lender/guarantor to
take advantage of benefits
• Student consolidated while in-school
to lock in a low fixed interest rate
• Student transferred to a new school
• School switched from FDLP to FFELP
or vice versa
• Lenders suspended student loans
Legislative changes
• Ensuring Continued Access to Student
Loans Act (ECASLA)
– Loan Participation Purchase Program
– Loan Purchase Commitment Program
• Term Asset-Backed Securities Loan
Facility (TALF)
• Higher Education Opportunity Act
(Servicemembers Civil Relief Act)
Impact to student
Communication overload!
• Multiple servicers to single student
• Status change notifications, privacy
notice, 1098-E
• Delinquency letters, phone calls, emails
• Single student to multiple servicers
• Changes in address or phone
number
• Payments
• Requests for deferment,
forbearance
Impact to student
• Payment schedule complications
– Multiple payment due dates
– Multiple payment methods
– Potential loss of extended repayment
options
• Deferment and forbearance
complications
– Inconsistent deferment documentation
standards
– Inconsistent forbearance period
maximums
Solution
Each of these “hurdles” is easily
addressed so long as the borrower
knows who their lenders/servicers are
and how to get in touch with them.
So, WHERE is my loan?
The Meteor project
The Meteor project
• 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
Others
Approval
FSA approval for use of real-time data
• Collaborative effort to bring about
change to the requirements for
schools to solely rely on NSLDS data
• Allows schools to resolve
discrepancies by using real-time data
that comes directly from loan holders'
databases
Features
• Access real-time, student-specific
financial aid information from multiple
sources with intuitive user interface
and navigation
• Currently provides real-time, detailed
information on FFELP and alternative
loans (capability exists to include
Direct and Perkins Loans)
How Meteor works
Participant types
•
•
•
•
Access Providers (AP)
Authentication Agents (AA)
Data Providers (DP)
Index Providers (IP)
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
Data available
through Meteor
Meteor and the National
Student Clearinghouse:
campus-based authentication
Authentication model
• Schools that have entered into
electronic services agreement with
Clearinghouse act as Authentication
Agents
• Students' campus-issued credentials
utilized to access Meteor and other
Clearinghouse services via Student
Self-Service website
Student Self-Service
• Meteor is integrated into
Clearinghouse’s Student Self-Service
application
• For schools that wish to provide
students with Meteor access, Meteor
loan detail is incorporated into
LoanLocator display
Online award letter pilot
• Will serve as debt management tool
(borrowing history presented BEFORE
new award is accepted)
• Ensures borrower is aware of
potential impact of increasing
aggregate loan amount
– Total current outstanding
– New total outstanding with addition of
new loan
– Repayment scenarios based on
aggregates
Help your students
Remind students how successful
repayment can be accomplished
• Keeping good records
• Staying in touch with loan holders
• Maintaining strategy for repayment
Get more information
• Interactive website
www.MeteorNetwork.org
– Audio presentation
– Interactive demonstration version of
software
– Link to Meteor project site
• Project documentation
www.NCHELP.org/Meteor.htm
– Implementation information
– Provider list
– User Guide and other documentation
Online Student
Loan Counseling
Features
Neutral
Instructions
Loan types
Limits
Borrow
conservatively
Debt/salary
wizard
Budget
calculator
Customization
Counseling sessions
1. Stafford entrance
2. Stafford exit
3. Stafford entrance (Spanish)
4. Stafford exit (Spanish)
5. Perkins entrance
6. Perkins exit
7. Stafford and Perkins combined entrance
8. Stafford and Perkins combined exit
9. Nursing Student Loan entrance
Counseling sessions
10. Nursing Student Loan exit
11. Health Professions entrance
12. Health Professions exit
13. Grad PLUS entrance
14. Grad PLUS exit
15. Stafford and Grad PLUS combined entrance
16. Stafford and Grad PLUS combined exit
17. TEACH Grant initial and subsequent
18. TEACH Grant exit
Meet regulatory
requirements
Requirements
Maintain documentation
Sample repayment information
Respond to questions
Stafford exit data to guaranty agency
Written repayment information to
Perkins borrowers
• Provide contact information
• Definition of half-time enrollment
• Appropriate offices if withdraw
•
•
•
•
•
Requirements
• Prevent borrowers from
circumventing or exiting counseling
before complete
• OSLC team and staff continue to
monitor regulations
Documentation
• Paper records
– Daily records
– Reports tab
• Export
• Automated method
Archive policy
• Mapping Your Future isn’t record
keeper
• Archive policy
– One year of data online
– Two prior years available by customer
service request
– Prior data is unavailable
Sample repayment
• Stafford entrance
– Range of indebtedness or
– Average indebtedness of borrowers
who obtained Stafford Loans for
attendance at school or in program of
study
– If student borrows Stafford AND Grad
PLUS loans, sample repayment
amount based on average
indebtedness must include both
Stafford and Grad PLUS indebtedness
Sample repayment
• Grad PLUS entrance
– Range of debt levels or
– average indebtedness of Grad PLUS
borrowers at school or in program of
study
– If student borrows Stafford AND Grad
PLUS loans, sample repayment
amount based on average
indebtedness must include both
Stafford and Grad PLUS indebtedness
Sample repayment
• Stafford exit
– Borrower's actual indebtedness or
– Average indebtedness of borrowers
who obtained Federal Stafford or SLS
loans at school or in program of study
– If student borrows Stafford AND Grad
PLUS loans, sample repayment
amount based on average
indebtedness must include both
Stafford and Grad PLUS indebtedness
Sample repayment
• Display information with monthly
payment amount at maximum
interest rate
–
–
–
–
With instructions to borrower
On your website
On customized counseling start page
Use indebtedness customization
Example
Indebtedness
Mapping Your Future
with Meteor
First step
Guaranty
Agencies
Schools
Lenders
The student chooses an
Access Provider site
Servicers
Secure connection
Guaranty
Agencies
Schools
Lenders
Servicers
Borrower options
• Enhanced exit counseling integrates
borrower's loan information in real
time into exit counseling session.
Option requires that student has a
PIN from the service provider
(NYSHESC)
• Allows borrower to continue process
without PIN and complete exit
interview without benefit of seeing
real-time loan data
Authentication
User authenticated and sent to Mapping
Your Future to complete counseling
AUTH
Guaranty
Agencies
NSC
Schools
Lenders /
Servicers
Detail screen displays
Counseling steps
• Reads content and answers questions
• Read and acknowledge Meteor
disclaimer
• Views Meteor data (customized
screen)
• Views calculator (debt/salary wizard)
• Completes form, providing required
data
• Views, prints confirmation page
• Chooses to view complete Meteor
data
Benefits
• Default prevention
• Value-added service for schools and
students
• Cost-benefit calculation for
organization
• Effective process to meet regulatory
requirements
Process
• Requirements for guarantors
– Have authentication process in place
– Be Meteor Access Provider
– IT resources for development
• Requirements for schools
– Participate in Online Student Loan
Counseling
– Determine if primary service providers
are Meteor participants
– Must be Meteor Access Provider or
have relationship with Meteor Access
Provider
Customize
Customization
School logo
Questions
Money
management
content
Average
indebtedness
Budget
Start page
Student form
End URL
Counseling start page
• School-specific information
–
–
–
–
–
–
–
Dates
Disbursement procedures
Refund policies
Sample repayment*
Contact information*
Withdrawal contacts*
Half-time definition*
• Template
• One per session
Counseling start page
• Options
– Wizard—create a new page
– Edit—edit existing page
– Submit—Submit page for approval
•
•
•
•
School logo (insert URL in image box)
Type text directly into Pagemaster
Save changes every 15 minutes
Link to page
Counseling start page
Future of OSLC
• Reengineering database
• PESC Online Loan Counseling
standard
• Financial literacy counseling
• Future releases
Get more information
feedback@mappingyourfuture.org
(573) 796-3730
Cathy Mueller
Mapping Your Future
(940) 497-0741
cathy@mappingyourfuture.org