I think that we should convey to prospective and enrolled students, that student loans should be prmarily used for tuition, housing and books, not cars or clothing. Sometimes the excess of loan money is very tempting to students to use in a unresponsible manner.
I think it is very important to ensure that each student understands the importatnce of loan re-payment, and most importantly, the consequences the student will face if they default.
At our campus, we have a team of people who educate our graduates on when their loan will be required to be repaid. This team also regularly communicates with the students after graduation to ensure they are making scheduled payments, as well as, providing direction on how to handle possible finanical challenges as it relates to loan repayment.
We keep a very close eye on our graduates. We like to know what they are doing. This is a question that I like to ask them about. They are open for discussion and tell me they are doing well financially and either are paying it off or have paid it off.
Students should simply adhere to the student loan regulations. If the guidelines are followed, they should be able to keep up with whatever payment plan they agree to.
Making sure the student understand the commitment they are making from the beginning. After enrollment making sure that the student has the support to continue being successful. Assisting them in their journey to graduation so opportunites for a successful future are more probable.
I feel that is important to have the knowledge about default management that way we as an adviser can better serve the students with any questions or concerns.
Loan counseling should be explained in detail to students not only when they are borrowing but also before the finish the program to prevent default. We have a loan counseling form which is really simple but it gives students options and orientation on it
I also think that students need to be educated on how their loans work and have that open line of communication for any of their questions to be answered. It is very important for them to realize the consequences of not paying the loans back and how important it is to do so.
In my opinion, students should be advised initially the importance of student loans and repayment. Not an issue that should be bandaged after the student has dropped/graduated.
I agree. This is very important to inform students of this.
The most important thing we can do is stress an open line of communication between the student, school and lender. We need to make sure that the students are informed of their rights as a borrower as well as the rights of the lender.
The entry and exit training are vital to preparing a student for dealing with there loans after school. Our institution also helps by offering extra financial counseling and speakers in throughout the year to prepare students for life after graduation.
I think the most important thing a school can do to help prevent default on student loans is keep students well informed. When a student comes to out school they meet with a financial planner. This planner gives every student a detailed outline of the cost of their education.
When students visit and tour our facilities, they are then required to meet with a financial aid expert to walk them thru thier individual evaluation. Showing them how thier financial situatiion can be resolved.
Well I think what we can do is let the students know that alot of the information about any financial aid we be available on our website
"Workshops" to keep students informed, and provide options seem to be a pretty good option. Information provided in any way is valuable, and most people simply dont know what their options are. Having a way to provide those options and that information would seemingly be extreemly helpful to students with loan debt.
We have a price calculator on our website that shows you the exact amount to expect to pay for your education. Also when students come in for an interview, they are paired up with a Financial Planner that will break their tuition down for them and what they will expect to pay for their entire 2 years of education.
I think it is vitally important to advise students prior to enrolling regarding their responsibility in repaying federal loans. Fully educating students before they make any financial commitments.
To be upfront about the cost of the program and counseling upon enrolling is important as well as
informing the student of graduation rates.
It is extremely important for a student to be aware of the consequences of defaulting. Our school has financial aid dept to help students to avoid those situations. They also will work with prospective students to talk with the department of education to resolve default issues and set up loan repayment plans and loan consolidation options.
