Helping you Help Students Avoid Default: Debt Management Tools for Schools and Students Russell Judd Great Lakes Higher Education Corp. Doug Falk National Student Clearinghouse Annual Conference 2008

Meteor is a valuable tool that provides Financial Aid Professionals and borrowers secure access to real-time financial aid information. Meteor is a valuable tool that provides Financial Aid Professionals and borrowers secure access to real-time financial aid information. Information from multiple data providers is aggregated to assist the FAP and the borrower with the financial aid process, repayment and default aversion. Information from multiple data providers is aggregated to assist the FAP and the borrower with the financial aid process, repayment and default aversion. Meteor is a neutral, collaborative effort of the FFELP community. Meteor is a neutral, collaborative effort of the FFELP community.

Accurate, real-time information Accurate, real-time information Receive loan information and, in many cases, exit counseling in a single web visit Receive loan information and, in many cases, exit counseling in a single web visit Some implementations allow a student to do “what-if” analysis with counseling calculators Some implementations allow a student to do “what-if” analysis with counseling calculators More likely to remember loan status, holder, etc. More likely to remember loan status, holder, etc. Benefits to Students

Legislative Changes Legislative changes may make it difficult for students and schools to keep track of their debt Legislative changes may make it difficult for students and schools to keep track of their debt Schools and students will need to work with more providers Schools and students will need to work with more providers Meteor can help! Meteor can help! Single, impartial point of access to multiple loan providers Single, impartial point of access to multiple loan providers

Agenda Meteor Overview & Functionality Review Meteor Overview & Functionality Review Software Customization Software Customization Mapping Your Future Mapping Your Future NYHESC NYHESC Others Others The National Student Clearinghouse The National Student Clearinghouse as the Meteor Index Provider as the Meteor Index Provider Campus Based Authentication Campus Based Authentication

Meteor Overview Annual Conference 2008

In the beginning…. Pre-Meteor Environment Pre-Meteor Environment Lenders, Guarantors, Servicers, Schools and others all offer independent, proprietary web services Lenders, Guarantors, Servicers, Schools and others all offer independent, proprietary web services Access requires multiple logins Access requires multiple logins FFELP Providers Solution FFELP Providers Solution Spring 2000: In response to Federal Modernization Blueprint, NCHELP members move to create a platform and program neutral information network to provide aggregated financial aid information. Spring 2000: In response to Federal Modernization Blueprint, NCHELP members move to create a platform and program neutral information network to provide aggregated financial aid information.

In the beginning…. Foundation Principles Foundation Principles Open Source Open Source Open Collaboration Open Collaboration Freely Available Freely Available Controlled Participation Network Controlled Participation Network Not tied to a specific website, school product, or organization Not tied to a specific website, school product, or organization Policy and Technology Decisions Policy and Technology Decisions The technical solutions were easy The technical solutions were easy The policy decisions required collaboration and teamwork…“co-opetition” The policy decisions required collaboration and teamwork…“co-opetition” similar to CommonLine and CR:C similar to CommonLine and CR:C

The Result…. Non-proprietary, open source software that brings together data from distributed databases across the higher education financing community. Non-proprietary, open source software that brings together data from distributed databases across the higher education financing community. Anyone can participate! Anyone can participate! Lenders Lenders Guarantors Guarantors Servicers Servicers Schools Schools U.S. Department of Education U.S. Department of Education And others! And others!

Access real-time, student-specific financial aid information from multiple sources with an intuitive user interface and navigation Access real-time, student-specific financial aid information from multiple sources with an intuitive user interface and navigation Currently provides information on FFELP and alternative loans (capability exists to include Direct Loans & Perkins Loans) Currently provides information on FFELP and alternative loans (capability exists to include Direct Loans & Perkins Loans) Meteor Features

Meteor Today 14 Independent points of access to the Network 14 Independent points of access to the Network 20 Data providers 20 Data providers Several customized implementations Several customized implementations Leading the way for transitive trust in higher education financing Leading the way for transitive trust in higher education financing

How Meteor Works Annual Conference 2008

Meteor Participant Types Organizations that implement the Meteor software Organizations that implement the Meteor software Access Providers (AP) Access Providers (AP) Authentication Agents (AA) Authentication Agents (AA) Data Providers (DP) Data Providers (DP) Index Providers (IP) Index Providers (IP)

The Meteor Process One Two Access Provider Data Providers Student/Borrower or Financial Aid Professional or Access Provider Representative or Lender Three Index Provider Users Authentication (by AP or AA)

AES Montana Guaranteed Student Loan Program CSLF National Student Clearinghouse Florida OSFA NELA Great Lakes New Hampshire Illinois Student Assistance Rhode Island Kentucky Sallie Mae Mapping Your Future United Student Aid Funds NOTE: EASFAA Region Providers are Highlighted Meteor Access Providers

AES/PHEAA Montana Guaranteed Student Loan Program Connecticut Student Loan Foundation National Student Loan Program Education Assistance Corporation NELA Finance Authority of MaineNew Hampshire Higher Education Assistance Foundation Florida Office of Financial Assistance—OSFA New York State Higher Education Services Corporation Georgia Higher Education Assistance Corp. Oklahoma State Regents for Higher Education Great Lakes Educational Loan Services, IncRhode Island Higher Education Assistance Authority Kentucky Higher Education Assistance Authority Sallie Mae Louisiana Office of Student Financial Assistance Student Loan Guarantee Foundation of Arkansas Michigan Higher Education Assistance Authority Student Loans of North Dakota NOTE: EASFAA Region Providers are Highlighted USA Funds Meteor Real Time Data Providers

Data Available Through the Meteor Network Annual Conference 2008

Meteor Customization Options and Examples Annual Conference 2008

Meteor Customization Data integration to existing web applications i.e. several Meteor members have integrated data from the Meteor Network into their exit counseling processes Great tool for debt management and default aversion One stop service – no need for the student to collect their outstanding loan information in separate sessions. Student sees THEIR actual outstanding loan debt in the counseling session.

Mapping Your Future’s Online Student Loan Counseling Integration of real-time data Integration of real-time data NYHESC/Meteor/MYF Implementation NYHESC/Meteor/MYF Implementation Advice on borrowing conservatively and maintaining debt Advice on borrowing conservatively and maintaining debt Debt/salary wizard Debt/salary wizard Optional budget calculator Optional budget calculator School customization options School customization options

USA Funds Exit Counseling Using the XML data provided in a Meteor inquiry response, USA Funds populates their exit counseling loan screens with real-time data from the Meteor Network Using the XML data provided in a Meteor inquiry response, USA Funds populates their exit counseling loan screens with real-time data from the Meteor Network

Meteor Customization Style sheet changes Style sheet changes Integration of data into other online services Integration of data into other online services

Meteor network data is presented in NELA branded style sheets

Other Customization Options How Could You Use Meteor Data? How Could You Use Meteor Data? Integration into Debt Management Solutions Integration into Debt Management Solutions Integration into CSR/Call Center Solutions Integration into CSR/Call Center Solutions What’s the Catch? What’s the Catch? Need prior approval from M.A.T. Need prior approval from M.A.T. Need to implement Meteor Access Provider Need to implement Meteor Access Provider

Online Award Letter Pilot Will serve as a debt management tool Will serve as a debt management tool Borrowing history presented BEFORE a new award is accepted Borrowing history presented BEFORE a new award is accepted Ensures that borrower is aware of the potential impact of increasing his aggregate loan(s) amount Ensures that borrower is aware of the potential impact of increasing his aggregate loan(s) amount Total current outstanding Total current outstanding New total outstanding with the addition of the new loan New total outstanding with the addition of the new loan Repayment scenarios based on aggregates Repayment scenarios based on aggregates

The National Student Clearinghouse Annual Conference 2008

The NSC as the Meteor Index Provider 100% (over 25 million) of FFELP guarantee volume 100% (over 6.5 million) of Direct Loan Program accounts Over 19.2 million FFELP servicer accounts Over 2.9 million Perkins/Private/Alternative Loan servicer accounts

NSC Campus Based Authentication Annual Conference 2008

Campus Based Authentication Schools that have entered into an electronic services agreement with the NSC will act as Authentication Agents. Schools that have entered into an electronic services agreement with the NSC will act as Authentication Agents. NSC will review the school’s authentication policies & procedures NSC will review the school’s authentication policies & procedures Students campus issued credentials will be utilized to access Meteor and other NSC services via NSC Student Self-Service Web site Students campus issued credentials will be utilized to access Meteor and other NSC services via NSC Student Self-Service Web site

NSC Student Self-Service Meteor is integrated into NSC Student Self- Service Application Meteor is integrated into NSC Student Self- Service Application For schools that wish to provide students with Meteor access, Meteor loan detail is incorporated into the LoanLocator display For schools that wish to provide students with Meteor access, Meteor loan detail is incorporated into the LoanLocator display

For More Information…. Interactive Web Site Launched Audio presentation Interactive demonstration version of the software Link to the Meteor project site Project Documentation Implementation Information Current Provider List User Guide and other documentation

Tim Cameron Meteor Project Manager (954) Tim Cameron Meteor Project Manager (954) Doug Falk National Student Clearinghouse Doug Falk National Student Clearinghouse Russ Judd Great Lakes Higher Education Corp. Russ Judd Great Lakes Higher Education Corp. Contact Information