TSAC Loan Division Jane Pennington. Reconnect Project Began in late 2015 School contracts finalized this year Identify potential Reconnect students in.

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Presentation transcript:

TSAC Loan Division Jane Pennington

Reconnect Project Began in late 2015 School contracts finalized this year Identify potential Reconnect students in default Using our resources to reach these students – Establish repayment – Resolve default – Obtain eligibility for additional Title IV

Reconnect

License Review Program Continues to be a viable program Matches defaulted borrowers possessing a TN professional license Encourages borrowers into a successful repayment plan Over 9,000 borrowers in the program Recovered approximately $77 million in defaulted loans

License Review Program More than 1,000 borrowers have paid in full Rehabilitation of the defaulted loan is best option – Removes the default status from NSLDS – Allows borrower to obtain additional aid – Helps improve borrower’s credit – 77% of the money recovered is from Rehabilitation

License Review

License Review Suspensions

License Review Recissions

License Review Recoveries

License Review Non-Recoveries

Scholarship to Loans Collaborating with Grant and Scholarship division State loan forgiveness program Using our customer relationship database – Contact borrowers – Review accounts – Manage repayment/service

Account Activity and Results

Collection Activities

Delinquency Resolved

Delinquency Closed

Default Management Default Aversion activities Financial Literacy Entrance/Exit sessions School Portfolio Report monthly analysis Cohort Default Report analysis and challenges SKIP tracing

School Services Our experienced team provides you with – Consulting services – Education support – Temporary emergency assistance – Program review and audit findings – Training – Webinars – Career fairs

Loan Portfolio Transition/ECMC National Student Loan Data Systems (NSLDS) allowed 3% error rate has remained well below 1% for years TSAC guaranteed 3 million loans for over 950,000 borrowers, representing $13.1 billion