Default loan
this Info is very helpful. How would i find out if a student is in a default loan if student does not know..
If I need to know if a student is in default, I have the Financial Aid Department run an NSLD Report to determine the status of the student's loans.... I always refer the student to a Financial Aid Officer to explain to them the status of their loans.
This is an area that is covered in detail by our FA Reps. I do discuss default with the student in order to understand their educational background.
In situations like that, I let the financial aid coordinator inform the student of his/her current statue of their loans.
We always make sure the prospect knows they are in default right when we get the FAFSA. We offer information on who to contact to work on clearing themselves for title IV funding again.
I simply reach out to my FA department, and allow them to take it from there.
It looks as if you are getting some good responses to your question. As stated, our FA department runs an NSLDS report to check on any defaulted loans.
It is important for a student to know where they stand with regards to financial aid. If there is a possibility that the student is in default they need to sit down with a FA rep asap to see what their options are.
This is typically handled in Finance. Some students are aware prior to re-entry.
Our Financial Aid Dept also runs NSLDS on each applicant prior to enrollment so they can complete a cost of attendance worksheet and it seems that we are getting more students in Default or at or near the 600% Pell limit.
Your financial aid officer can run an NSLDS on the student and it will give you the financial aid history for them.
Our Financial Aid staff checks that during the application process for our school. As a Recruiter I'm not allowed to check this myself, only to ask the student.
There is a website that the student can go to to find out if they are in default. It is very helpful if they can't remember who their lender was because it also list that info as well. I can't remember it off the top of my head, but your financial aid dept will know what I'm talking about.
The student should call their lender. If they have been out of school for a substantial amount of time and have made no payments they may be in default. Also FA can help with this as well if the student is not aware of their lenders
