One by one is the best. It help to counsel the students on an indiviual basis and more likely to ask questions or express any concerns that they might have. In the other hand,small group also the option to help the student to understand what they are signing and talk to the students through their program about how important is it to repay your student loan.
Asking questions and having patience is important. In the end you want the student to trust that you have provided them with the necessary information so that if they do have questions in the future they will know they can turn to you for assistance.
I think that it can help us if we ask students more questions during our entrance & exit counseling to make sure they fully understand not that we arent already but it's important we make sure they understand what they are getting themself into & they understand what they will be paying once they graduate.
It's great that you offer both one on one and group. You never know where a person may be more comfortable learning and both offer diferent opportunities to ask questions and get answers.
Reminders along the way are excellent reinforcements. Also a question may arise that they had not thought of during the initial contact and this gives them the opportunity to clarify anything that may be confusing to them.
Reaching out to the student mid way is a great idea and another way to enforce their obligation.
We hold both one on one exit interviews and a group session prior to externship. I feel they can enhance this process by verifying all contact information is correct and taking the time to sit one on one with any student that needs additional information. Stressing the importance of loan re-pay.
Definately not an easy topic to make interesting but you can make it easier by highlighting the most important information down to a few points, such as this is a loan that must be repaid, I have options available to me if I am unable to make payment, if I have any questions or need assistance I can call...
Provide all the details in writing but cover the basics several times.
I agree with a larger school the one-on-one sessions can be more difficult. It sounds as if you have a very sound practice in place for your entrance and exit interviews and getting additional information in during the process as well.
The Grace period contact is a great addition. It shows the borrower your support and also gives you the chance to ensure you still have current contact information before too much time passes.
Although I agree that one-on-one sessions are very focused and beneficial to our students, when you have a large school, it may not be as simple to complete.
We complete entrance counseling during the second appointment of their initial time with financial aid. In addition, we go to their first class to focus on budgeting and preparing them for their future repayment obligations.
Exit counseling is complete within 3 months of their graduation dates. We do a group session and perform one-on-ones when they come to complete a graduation request form. In addition, we have also added another step in contacting the borrower during their grace period to ensure that they are ready for repayment.
Whether the message is given in one to one or group sessions, the important part is how it is presented. We need to make sure the topic is covered in a way that the students understand. Financial Aid can be a complicated and confusing topic. Are there any suggestions for making it easier or more interesting?
We could improve our Entrance and Exit counseling by adding the Check Disbursement Acknowledgements process to make students aware of how much they have taken out in loans each quarter. This way they can take ownership for their loans. Since we are already doing one-on-one interviews in Fianancial Aid and group presentations in classrooms with our Default Prevention Specialist, I think that we are doing a good job of counseling our students in financial literacy.
At the time of doing an entrance we provide the students with a bilingual hand book glancing thru the important topics. AT the time of a Exit we have them provide us with the same book and we verify all there informations. Student calls the Loan company while we are doing the Exit to verify their addresses and change of phone numbers.
We work one-on-one with each student. I found in other schools that when we did this as a group most students felt that this information was confidential and did not listen as intently.
I would appreciate some suggestions regarding exit interviews. I have heard that there are organizations that will come in an do an exit interview - has anyone used this method? If so, did it work?
Thank you.
I believe having a group meeting reviewing the basics of the Entrance and Exit Interviews and then meeting with each student individually can aid in educating the students in a more effective and timely manner. Having the basics covered as a group can help, since some students may ask questions other students haven't thought to ask. This will also help to minimize the time met with the students individually, and yet maximize the quality of the time spent with the individual student.
Our students set through the counseling and ask very few questions. If we can get interaction by using games as a means is worth a try.
That is something to think about! The title does sound pretty harsh. I will see what I can do to change the title to something less threating.
Keeping it short and simple and repeating the major points throughout the students enrollment is definitely the key to driving the message home.
Establishing a relationship from the beginning and gaining the students trust is exactly what it is about.
One thing I have noticed many institutions doing is changing the title of the Default Prevention Manager to something less intimidating for the student such as Student Loan Consultant or Student Loan Adviser.
I agree our Financial Aid Departments are excellent in explaining the consequences of default and how important repayment can be for their personal benefit. However, it still might be nice for the students to know who I am and what I do. Because when their student loan payments begin and if they need assistance I will be the person the students are directed to.
