TG Updates

TG announces upcoming Electronic Funds Transfer (EFT) enhancements

This fall, TG will introduce its Next Day Funding (NDF) EFT process, which will compress our three-day funding into an overnight process. In addition to faster funds delivery, TG's Change Transaction and Disbursement Roster processing will be enhanced from the evening batch method to hourly processing.

TG EFT customers can expect to see these enhancements late November.

NDF timeline
Next day funding will shorten TG's EFT process by moving the approval/roster deadline to 1 p.m. (CST) each business day (Day 1). At 2 p.m. (CST), TG will begin the funding process for disbursements and return transactions that are to be credited or debited the next business day. EFT reports and files will be available a short time later. EFT funds will be available the morning of the next business day (Day 2).

Change Transaction processing

• Nightly Change Transaction (CT) batch processing now will occur hourly during the day.
• Responses generated in the change process will to be sent to TG's business partners after the hourly runs.
• Money-moving CTs successfully processed prior to TG's 2 p.m. (CST) EFT processing (see chart) will generate EFT reports and files available that afternoon and funds will move the following business day.
• Changes that are processed after the 2 p.m. (CST) EFT processing will generate reports and files the following business day and funds will move on the third business day (TG's current EFT flow).
• CTs will continue to be processed hourly through 6 p.m. (CST).

Disbursement Roster processing

• Disbursement Roster processing will be enhanced from once-a-night to hourly, following the CT processing. This will give lenders the opportunity to correct any error roster records and re-submit them for the next hourly run.
• At the end of each processing hour an 'acknowledgement file' containing only error records will be sent for every roster submitted. One consolidated 'acknowledgement file' of all successfully processed records will be sent to each lender after the last hourly Disbursement Roster run at 1 p.m. (CST).
  
  Please note: The last roster processing hour results will be combined with the consolidated 'acknowledgement file' and may contain both successful and error records.
• Disbursement roster processing will continue hourly through 6 p.m. (CST). Rosters and approvals that are received and processed after 2 p.m. (CST) will generate reports and files the following business day and funds will be available on the third business day (TG's current EFT flow).

Lender considerations

• To participate in TG's NDF process, Disbursement Rosters or online approvals must be submitted and successfully processed prior to 2 p.m. (CST).
• Lenders who submit rosters or approvals multiple times prior to 1 p.m. (CST) have the potential to receive multiple, error-only 'Acknowledgement files' in addition to the consolidated 'Acknowledgement file' that will be produced.
• Lenders who wish to receive only one 'Acknowledgement file' should submit rosters or approvals between noon and 1 p.m. (CST).
• Funding in the NDF flow will occur on Day 2 of the process when debits and credits settle to the lender and school EFT accounts.
• If an online approval or Disbursement Roster is received after 1 p.m. (CST), the approval or roster will be processed on Day 1, and the funds will move in TG's current three-day process. Lenders will receive the 'Acknowledgement file' on the next business morning (Day 2), and funds will move the following business day (Day 3).

School considerations
Schools will receive EFT reports and files at a new time:

• EFT reports and files now will be available to all institutions by 5 p.m. (CST).
• In the NDF flow, disbursements will be credited to the school's EFT account the next business day.
• For CT processing, all changes received and successfully processed by 1 p.m. (CST) will result in reports and files available the same business day (Day 1). Funds will be debited and credited to and from the lender's and school's EFT account the following business day (Day 2).

Institutional work flows
To successfully take advantage of the enhanced funding timeline and hourly processing, TG encourages all institutions to consider how the proposed enhancements will affect the operational work flows within their own offices and within their bursar, loan origination, and cash management teams.

To learn more
For more information about TG's Next Day Funding or the new Change Transaction and Disbursement Roster processing cycles, contact TG product support at (800) 332-1455, or send an e-mail message to Renee Gilmer at renee.gilmer@tgslc.org.

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Skill builders: What did you say? Learn to be a better communicator

Have you ever ended a conversation with a customer or coworker unsure if that person understood what you were trying to say or whether you clearly addressed his or her concerns?

Communicating effectively often can be difficult, especially with all of today's distractions, but anyone can learn to be a better communicator. One way is with help from the TG Speakers Bureau training session titled Say What? Communicating More Effectively.

Why communication is important
Darron Grussendorf, senior customer trainer, said Say What? focuses on the importance of good communication at work, whether among coworkers or customers, as well as in personal relationships.

"Many problems in the office are a result of miscommunication," Darron said. "So many times we think we've communicated well with someone, but we both walk away with two different ideas of what just transpired in our conversation."

Darron said the class helps participants work on their communication skills by providing lots of opportunity for interactivity, scenarios, and role playing. Participants learn about the barriers to communication, the importance of "I" messages, reading and monitoring nonverbal behavior, and how to improve their listening and speaking skills.

"Most people are either good speakers or good listeners, not usually both," he said. "But communication is a two-way street, so it's necessary to hone both of these skills to be an effective communicator."

Listening is the key
Learning to become a good listener is the most important skill in becoming a good communicator, Darron noted, but often is the most difficult skill to develop. He pointed out that while many people have received training in speech or public speaking, most have not been trained in listening.

However, being a poor listener can be a barrier to good communication because, without fully listening to the other person, we often make assumptions about what that person is saying or find ourselves formulating a response before he or she has finished speaking.

"This can be especially true in the financial aid office, where staff members often hear the same question or concern from customers," Darron said. "But if we tune out before they are done speaking, we may miss something important they've said that makes their question or concern unique. This can lead to misunderstandings, upset customers, and poor customer service."

Listening = Caring
Empathy is another critical tool in becoming a good listener. Showing empathy, or that you can understand or relate to other people's situations or concerns, goes a long way in letting them know you have heard them.

"When people feel heard, they feel valued and understood," Darron said.

Learn more
For more information about Say What? or to schedule a TG Speakers Bureau event, contact TG Speakers Bureau at (800) 252-9743, ext. 4650, or send an e-mail message to customer.services@tgslc.org.

You can also complete an online TG Speakers Bureau request and learn about other Speakers Bureau topics by visiting TG Online at www.tgslc.org/speakers/index.cfm.

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Partner resources: NASFAA and TG — working together to promote advancement of student aid

TG is a member of the National Association of Student Financial Aid Administrators (NASFAA) and often works with the organization to share professional expertise with industry partners, associates, and customers.

What is NASFAA?
NASFAA is a nonprofit membership organization that represents more than 10,000 financial aid professionals at nearly 3,000 colleges, universities, and career schools across the country. Based in Washington, D.C., NASFAA is the only national association with a primary focus on student aid legislation, regulatory analysis, and training for financial aid administrators.

Each year, members help more than 8 million students receive funding for postsecondary education. In addition to its Member Web site at www.NASFAA.org, the association offers a Web site with financial aid information for parents and students at www.StudentAid.org.

NASFAA's annual conference provides more than 2,000 financial aid industry experts across the country an opportunity to foster new relationships and discuss challenging issues in the field of student aid.

TG and NASFAA
In 2000, TG was one of the original partners of NASFAA who helped develop the nation's first online training for student financial aid administrators, www.learnstudentaid.org. The site is the first Web-based learning community created by financial aid administrators for financial aid administrators. As of August 1, 2005, the online training is available to non-NASFAA Members, including other associations and organizations with an interest in the professional training of individuals who assist students with financing their education.

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Question of the week

Q: Can a borrower receive teacher loan forgiveness on a Consolidation loan?

A: Assuming that the borrower meets all applicable eligibility criteria, a borrower may receive teacher loan forgiveness on only the outstanding portion of a Consolidation loan that was used to repay the borrower's qualifying Stafford loan.

Do you have a question?
If you have a question that needs an answer, feel free to Ask TG™. To submit a question to Ask TG, go to http://tgslc.custhelp.com.

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