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Mindy Chiat and Reza Venegas | Dec. 2013 U.S. Department of Education 2013 FSA Training Conference for Financial Aid Professionals StudentAid.gov & NSLDS New User Interface – New Resources for Borrowers Session 40
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What Will We Cover? StudentAid.gov & NSLDS New User Interface Updated Repayment Estimator Tool Videos/Infographics for Borrowers 2
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Focus on Borrowers About one out of five (19%) of the nation’s households owed student debt in 2010, more than double the share two decades earlier and a significant rise from the 15% that owed such debt in 2007, just prior to the onset of the Great Recession. -Pew Report, 2012 3
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Focus on Digital Engagement Consolidating and updating websites Offering mobile/tablet views Engaging through social media 4
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Other Drivers Digital Government Strategy Executive Order 13571 Customer Feedback 5 “You have all kinds of information on hypothetical repayment situations, but I can't find info on the specifics of my loan -- how much I owe, where to direct payment, etc.” – Site Survey Response We want everything on our phones.” BORROWER, Focus Group “
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StudentAid.gov Today Released July 2012 Informational content for students on FSA programs Mobile-optimized Consolidated 5 FSA websites Receiving close to 100,000 daily visitors, 20% via mobile 6
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NSLDS.ed.gov Today Student Access Displays loan, grant, overpayment information Contact information for loan servicers Update address, enrollment, authorization TEACH Exit Counseling 7
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StudentAid.gov & NSLDS Interface Display NSLDS Student Access Data within StudentAid.gov My Student Aid Summary Loan Detail Grant Detail Overpayment Detail Access to Other Sites Data Download Not Included in Release 1 (Must log onto NSLDS.ed.gov): Update address, enrollment, authorization Professional access TEACH Exit Counseling 8
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Walk Through: Site Log In 9
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Access to Other Sites 10
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Homepage Alerts Data Download Loan Summary Grant Summary Overpayment Summary 11
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Homepage Graph View 12
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Detail Page Loan Detail Grant Detail Overpayment Detail 13
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Things to Know Scheduled March 2014 release NSLDS.ed.gov will still be accessible Customer service through Federal Student Aid Information Center (1-800-4-FEDAID) Communications planned 14
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Expected Benefits 15 Improved Customer Experience Streamlined Internal Processes Improved Financial Literacy and Decision-Making Cost Savings: $1.5M to date
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Repayment Estimator Today Available on StudentLoans.gov For current borrowers Uses NSLDS information Shows repayment plan options and amounts 16
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Repayment Estimator Soon Available through StudentAid.gov For users with or without loans Spanish version Mobile-optimized Updated design 17
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Repayment Estimator Walkthrough Enter: Loans Tax Filing Status Income See: Repayment Plans 18
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Use Average Loan Balances IPEDS Data used to show average balances at different types of schools 19
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Repayment Estimator Full View Scheduled December 2013 Release Communications planned 20
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Videos for Borrowers How to Manage Your Student Loans 21
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Videos Topics: Responsible Borrowing Repayment: What to Expect How to Manage Your Student Loans StudentAid.gov/resources (*All videos available with Spanish captioning) 22
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Infographics Current Topics: Types of Federal Student Aid Eligibility Financial Aid Process Parent’s Information Coming Soon: Repayment Plan Overview Income-Driven Repayment Plans (*All available in Spanish) 23
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Borrower Communications 24 Campaign target outcomes: Improve awareness of income-driven repayment plans Reduce borrower delinquency and default Repayment Promotion E-mail Campaign Targets specific groups of at-risk borrowers Distribution began in November and runs 6 weeks Reaching 3.5 million borrowers
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What We’re Planning to do Next Adding additional NSLDS Student Access Functionality and 150% Loan Subsidy Limit Continuing to consolidate and update websites Creating more videos/infographics 25
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What Would You Like Us to do Next? Suggestions for website development/digital engagement Suggestions for additional resources for borrowers 26
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QUESTIONS? 27
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