My school is not accredited so we don't have a Financial Aid Dept.
Lisa,
Hi! I can understand the fact that exit interviews do not fall under your purview but I encourage you to learn more about the outcomes of the student experiences and the impact of poor cohort default rates on your school. You can never have too much information.
Cindy Bryant
Unfortunately, I work in Admissions and have no idea of their processes.
We do at every chance we get. As long as the students are here, we can get it done.
We have a similar set up. Our Financial Aid department does an Exit counseling presentation to the graduating class. They also assist graduates with their exit loan counseling. If a student withdraws or is dismissed they also offer one on one exit counseling at their exit time.
We conduct exit counseling on every student prior to graduation or in case a student drops. We dry and do this in person. The alternative is by mail. This is only one aspect of default management. It is a vital link in completing the students awareness of the responsibilities tied to student loans. We beleive it represents about 50% of the default effectiveness. The other 50% is made up of other initiatives.
Elizabeth,
I think that the fact that you have a team in place puts you ahead of the game. The casual table forums sets the tone for a non-threatening approach that will build trust that will make your exit interviews and one on one interviews run smoothly. Great Job!
Cindy Bryant
We have a Financial Literacy Team dedicated to conducting exit loan counseling. In addition to this responsibility, they also work with students to teach fiscal responsibility by holding information tables in common areas on campus, participating in new student orientations, meeting with students on a one-to-one basis and maintaining a presence through bulletin board information.
Definitely the exit interview is critical because it raises awareness to students about their financial responsibility on student loans.
Our school does loan Exit Counseling on an individual basis, utilizing the online NSLDS website. When a student has 100-200 hours remaining in their program, we contact them and set up an appointment for them in the financial aid office. Office staff walks the student through the online interview, and answers questions the student may still have regarding paying back student loans.
We have only been approved to offer TIV funds since Sept. 2011, so we don't have much to compare from; but, I believe fewer of the students who do the exit interview will default on their loans. It seems that a greater majority of the students who withdrew by non-attendance and did not do the exit interview tend to not start paying back their loans.
Exit councling is done every quater to update student on their responsibility
How often does your institution conduct exit loan counseling? How has exit loan counseling affected your campuses default loan metrics?
Kelly,
Having students meet with different departments is a great policy. Many times a student will change their mind when they fully understand the sacrifice, costs and risks involved by withdrawing from the school prior to graduation.
Cindy Bryant
When a student withdrawls from our institution they are set up with a meeting with the program director first. Once they have met with the program director then the student will come in and meet with Financial Aid and conduct an exit counseling session which is completed on the computer. Fiancial Aid will then send the student a packet to their house after the course is done online and they have talked with the student about repayment plans, the grace period, and other options available to them.
Our school does exit loan counseling in the last 3 weeks of school close to graduation. A student must complete the Direct loan Rights and Responsibilities summary checklist. The student receives the Direct Loan basics for students brochure.The students also watch an exit interview film. The students also receive average indebtedness and loan repayment information pertinent to the course they are enrolled in.Lastly students recieve the Locating your federal student loans brochure. Students that withdraw from our course will have there exit loan counseling via Mail.
we choose to do the Exit Interviews in person and personally customized for each student. We also have them go online and complete Exit Counseling.
Ruth,
Hi, if you are an institution that has a small student body I recommend completing Exits in person and on line. It is important that students be given the opportunity to ask questions and seek clarification for their own sake as well as the sake of the institution.
Cindy Bryant
As a small institution that be can greatly effected by defaults, we choose to do the Exit Interviews in person and personally customized for each student. Not only this, but we also require that they go online and complete Exit Counseling. The more borrowers learn about loans the less likely for default.
Erica,
Conducting exits in the last quarter is an excellent idea, this gives you time to review feedback, materials and financial aid needs and follow up with the student prior to graduation.
Cindy Bryant
Our institution conducts exit counseling during the final quarter of the student's program. The student meets with several people to discuss all the information needed.
