Cornerstone educational loan services

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Federal Loan Servicing. Brenda Cox, UHEAA/Cornerstone Wanda Hall, Edfinancial Matt Stover, Nelnet. Federal Loan Servicers. Aspire Resources Inc. CornerStone ESA/ Edfinancial FedLoan Servicing (PHEAA) Granite State – GSMR Great Lakes Educational Loan Services, Inc. MOHELA

Cornerstone educational loan services

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Cornerstone educational loan services

Brenda Cox, UHEAA/Cornerstone

Wanda Hall, Edfinancial

Matt Stover, Nelnet

Cornerstone educational loan services

  • FedLoan Servicing (PHEAA)

  • Granite State – GSMR

  • Great Lakes Educational Loan Services, Inc.

  • Navient (formerly Sallie Mae)

    Cornerstone educational loan services

    • March 31st letter from the Department of Education to Senator Harkin

    • Establish Common Performance Metrics

  • Incentive Based Pricing

  • Provide Not For Profit Servicers Additional Volume

  • Move Towards Comparable Portfolios Across Servicers

    Cornerstone educational loan services

    • June 9th2014 – President Obama Delivers Speech on Student Loan Debt

    • Expands the Pay As You Earn Program

  • Focus on borrower satisfaction and repayment

  • Negotiated Rulemaking starts in early 2015 to expand Pay As You Earn

    Cornerstone educational loan services

    • Contract changes incorporated into Title IV Additional Servicers (TIVAS) and Not For Profit Servicers (NFPs) servicing agreements

  • All Federal servicers will be measured under a common set of performance metrics

    Cornerstone educational loan services

    • Third-Party Debt Relief companies

  • In grace period and owe more than $25K

  • 181-270 days delinquent

    • > $50K and entered repayment prior year

    Cornerstone educational loan services

    • Improve awareness of IDR

  • Increase application and adoption of IDR plans

  • Reduce borrower delinquency and default

  • Contact servicer to apply for IDR

  • 80% of opened emails opened within 24 hours

    • Negligible after 36 hours

    Cornerstone educational loan services

    • 34.61% changed to in repayment

    Cornerstone educational loan services

    • Total outstanding student loan debt has more than doubled since 2007 by approximately 85%

  • Outstanding student loan debt has shifted from FFEL to Direct Loans

  • 2014 Release of FSA Data by IHEP

    Cornerstone educational loan services

    • Majority of outstanding loans/borrowers are currently in repayment

  • Loan dollars in default 10%

    Cornerstone educational loan services

    • 13% of borrowers enrolled in IDR

    • Standard repayment 10 years or less: 61%

  • Standard repayment more than 10 years: 9%

  • Graduated more than 10 years: 2%

    Cornerstone educational loan services

    • 74% of Direct Loans in repayment are being repaid

  • Nearly ВЅ of loan dollars not paid on-time are less than 91 days delinquent

  • 31-90 days delinquent 3%

  • 91-180 days delinquent 2%

  • 181-270 days delinquent 1%

  • 271-360 days delinquent 1%

    Cornerstone educational loan services

  • Proof on income documentation

    Cornerstone educational loan services

  • Type of school attended

  • Length of attendance

    Cornerstone educational loan services

    • IDR campaigns – emails and postcard reminders of need to recertify for IDR (upcoming or past)

  • Email notification that received correspondence

  • Email notification that processed correspondence

  • Delinquency driven email and call campaigns

  • Age driven correspondence – “New and Edgy”

  • 100 Club – All hands on deck – Own accounts

    Cornerstone educational loan services

    • Borrower communication channels

  • Document submission capabilities

    Cornerstone educational loan services

  • Innovation & Resource Usage

  • Training & Professional Development

    Cornerstone educational loan services

    • FSA Change Request Outlined Requirements

  • Intersystem Testing Scheduled Beginning Fall

  • Servicers Begin Receiving New Loans in January

  • Small Initial Allocation Pool

    Cornerstone educational loan services

    • New process starting January 1st, 2014

  • Joint session between TIVAS and GA community to discuss issues.

  • Issues must be addressed when moving from one provider to multiple providers

    Cornerstone educational loan services

    • Inclusion of collection costs if the LVC is not received.

  • Invalid fields or naming conventions causing file load errors.

  • Pending changes for overpayments.

    Cornerstone educational loan services

    • Since July 1, 2013 (effective date of new regulations)

  • Application initial review – over 226K

  • Outgoing correspondence – over 1.5M

  • Borrowers approved – over 162K

    • New SSA method for qualifying for TPD has represented 15-20% of the monthly FSA approvals

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