Resolving Default Issues
In our roles, what can we do to assist a potential student in resolving issues concerning their default issues?
I believe communications is the key to this. Making sure the prospective students truly understand the value of the education they are obtaining, but also the realities involved with repayment of any such loans.
our finainal aid dept. provides them with the proper phone number and website that the student can go onto in order to set up a payment plan to stark paying back on loans. and any other help or direction they made in.
I agree, if we truly care about what is best for the student we must help them understand what their options are. I always encourage my students to contact their lender directly and find out what options they may have to get back in good standing on their loans so they can move forward with their educational goals.
As a smaller school our financial aid department wears many hats. They are open to helping students manage their debt and by helping them with a budget.
I agree that Admissions and Financial Aid should work together to keep each department updated with regard to new information, procedures, and ongoing statuses of students. Although I feel this way, I do find it very important for both of these departments to be respected as individual entities. When prospective students have specific inquiries about FA policies/procedures, I will invite the FA department to address and field those questions that I am not 100% sure on. I feel this benefits the student so they obtain accurate information as well as see how well each department works together toward the aid of the student.
We can guide them to the NSLDS website so they are able to see their total debt and contact phone numbers to help resolve their issue.
I feel this is the best way to deal with loans and FA in general. If there is ever a question about FA, I just head straight down to the Fa office and go over it with her. I am not comfortable talking and dealing with FA at all.
If a student takes a tour that is in default, I direct them to our financial aid director. He is able to give them information on how to clear it up or inquire into a consolation.
I think that's a great approach becuase FA is a very important part of the proccess and it makes most students nervous.
I agree with James, we need to teach our students to not avoid the collection agencies. They need to learn that working with those collecting will benifit them so much more than avoiding. I think most students believe that their debt will disappear, when in reality it gets much worse. I try to guide my students through the process when they are in default and motivate them to clear up their problems.
My campus has a loan specialist rep that helps potential students resolve default loan issues.
My institution has a strict division of responsibility in regards to financial aid information.Financial Aid advisors would provide the intial FA conseling. We have also established a seperate loan default division.
On any number of fronts, it's important for the FA and Admissions reps to keep each other "in the loop" regarding the ongoing status of a prospective student; needless to say, without disclosing specific information about a student's financial picture
I always encourage students to ask alot of questions when talking with FA because that is their time and they should be well informed about their financing their education.
We need to discuss what options are available for the student. We need to let them know there are better options other than ignoring those collection calls. Urge them to call their lender. Lenders are more apt to assist in making arrangements with a student that communicates with them.
talk to financial aid dept about what steps to take about getting back in good status with defaulted loans
