1. The Coming REVOLUTION (??) in Student Aid Delivery November 2, 1998 Sponsored by NASFAA, AACRAO, HEWI Washington, D.C. “Modernization of Student Loans” Dr. Keith Jepsen (www.nyu.edu/classes/jepsen) Director of Financial Aid New York University Project EASI Core Teamwww.nyu.edu/classes/jepsen

2. Evolution not Revolution, but... Let’s keep going “Revolution”---just a trick to get you here Change (modernization) is usually incremental Carly wasn’t yet 1 year old when Secretary Riley charged us to: “design, integrate, and develop a world-class comprehensive student financial aid delivery system using state-of- the-art information technology” (Project EASI). Last week we celebrated Carly’s 4th birthday. Per current ED discussions, Carly will be 9 years old when EASI/ED is “implemented.” There’s lots for all of us, not just ED, to do to implement Project EASI (more later).

3. Past, Present, and Future of Loans, etc. (using NYU for example) Two Reauthorizations ago: # Lenders serving NYU clients:200 + $ Borrowed:$30 million FFELP $5 Private Delivery:Many forms No standards “Stovepipe” systems

4. Past, Present, and Future of Loans, etc. (using NYU for example) Now: # Lenders serving NYU clients:  95% in 4 $ Borrowed:  $300 mil Federal (DL?)  $50 mil Private (incl. International loans)International Delivery:Project EASIProject EASI -- including EASI/ED -- including SSGSSSGS FAFSA on the WebFAFSA on the Web (no other forms) Standards CouncilStandards Council -- with ANSI FastWEB.com Multi-Year Note Access America for Students NY Mentor “NYU On-line, Inc.” (See Chronicle 10/8/98) Clearinghouse * * * Schools “connected” by 2000 * * * Performance-Based Organization

5. Past, Present, and Future of Loans, etc. (using NYU for example) # Lenders serving NYU clients: The Future (before the next Reauthorization):  3 (maybe NYU as lender FFELP) [caution re: DL] $ Borrowed:? Most students --- private loans too --- especially international Delivery: (“point and click” generation) Access America = student account Line of credit “Web-centric” student services 24 x 7 Open, common, integrated (per Carly) All providers delivering and being “graded” (SSGS)SSGS Electronic signatures Personal assistance/assistants Simulations by clients before “purchase” NY MentorNY Mentor--- “choose lender” from the School’s preferred lender list One-stop shopping More distance learning (Stock in “NYU On-line, Inc.”)

6. What should we do to prepare? How will we get there? Support ED to deliver EASI/ED “on time” or sooner Schools plan systems with software vendors to do non- ED portion of Project EASI vision Get web-enabled Think from client’s (Carly’s) perspective Think global Support the Clearinghouse -- for all students’ enrollment verificationClearinghouse Support Standards CouncilStandards Council Support ELMELM Support Access America for Students -- expand pilots Work with your state to bring Mentor to your state Push for distance learning financial aid EASI Corp.??