# Presentation: 060041

## Slide 1

## Default Aversion

**YOU’RE THE KEY TO SUCCESS**

**Session 28**

## PRESENTERS

- Adele Marsh
- Erl Suni
- Larry B. Eadie

## Mapping Your Future:
Adele Marsh 

**Adele Marsh**** **

## mapping-your-future.org
Sponsors and Friends
Mission: Counsel students & families about college, career, & financial aid
National collaborative public service project of the financial aid industry

- Sponsors and Friends
- Mission: Counsel students & families about college, career, & financial aid
- National collaborative public service project of the financial aid industry

- Mapping Your Future

## OSLC

- Enables schools & students to meet federal loan counseling requirements conveniently
- Free service provided by the Sponsors and Friends that support Mapping Your Future
- Stafford & Perkins entrance & exit counseling

## Financial Fitness Tools

- Educate students about personal finance
- Help in determining financial fitness
- Give advice on using credit wisely
- Tips on avoiding loan defaults

## Understand roles of student loan players
Avoid consequences of default
Be in control of your finances
Balance your checkbook
Establish a budget

- Avoid consequences of default
- Be in control of your finances
- Balance your checkbook
- Establish a budget

- 10 Steps

## 10 Steps

- Pay yourself and invest
- Use credit wisely
- Know your credit report
- Cleaning up credit
- Surf the web for more info

## Slide 10

## Slide 11

## Student Loan Calculator

- Estimate student loan payments
- What-if analysis for interest rate and loan amount

## Student Loan Calculator

## Budget Calculator

- Methods to develop budget
- Control finances by calculating income and expenses

## Budget Calculator

## Debt/Salary Wizard

- Encourages responsible borrowing
- Provides borrowing limits based on expected future earnings
- Estimates future income needed to support debt
- Links to salary.com to explore starting salaries by geographic area

## Debt/Salary Wizard

## Loan Wizard

- Interactive decision tree
- Borrowers answer series of yes/no questions
- Appropriate page opens on site

## Loan Wizard

## Deferment Navigator

- Basic information regarding purpose of deferments and application
- Deferment eligibility charts based on oldest outstanding loan disbursement
- Stafford
- Perkins

## Deferment Navigator

- Includes easy-to-understand definition of deferment types
- Links to the deferment application in Portable Document File (PDF) format for Stafford Loans

## Deferment Navigator

## Cathy MuellerExecutive Directorcathy.mueller@mapping-your-future.org(940) 321-0421
CariAnne CutshallProject/Team Coordinatorcarianne.cutshall@mapping-your-future.org(573) 634-8641

- CariAnne CutshallProject/Team Coordinatorcarianne.cutshall@mapping-your-future.org(573) 634-8641

- MYF Contacts

## Tech Slide

- I appreciate your feedback and comments.  I can be reached:
- 		Adele Marsh
- 		Phone: 717-720-2711
- 		Fax:  717-720-3937
- 		Email:amarsh@aessuccess.org

## Loan Consolidation:
Erl Suni 

**Erl Suni**** **

## Tech Slide

- I appreciate your feedback and comments.  I can be reached:
- 		Erl Suni
- 		Phone: 816-235-1083
- 		Email: SuniEA@umkc.edu

## The Long Term Solution:Larry B. Eadie

## Creating a Default Prevention Plan

- What Should I do first ?
- What Steps do I take?
- What are my available resources?

## What Should I do first ?

- Establish a Default Prevention Team

## Default Prevention Team Members

- Senior Management
- Business Office
- Admissions
- Registrar
- Financial Aid
- Alumni Affairs
- Student Representative
- Faculty

## Define role/mission of the Default Prevention Team 

- Analyze student populations,
- Identify common characteristics,
- Examine variables,
- Develop a Default Prevention Plan, and
- Implement the and assess the effectiveness of the Plan.

## Formulate a Plan:Items for Consideration

- Use your data in your school’s plan.
- Transform conclusions into action steps that are consistent with institutional:
-  philosophy
-  policy
-  resources
-  goals.

## Items for Consideration

- Set realistic and attainable Goals.
- Assign responsibility for action steps
- Establish time frames.
- Assess progress:  How will you know when your goals are attained?
- Inform senior management and your institution of progress.

## We appreciate your feedback and comments

- Name:   Larry B. Eadie
- 		Phone: 212-637-6404
- 		Fax:      212-264-1666
- 		Email:   larry.eadie@ed.gov

## Slide 35