TG Updates

TG offers online resources, including calculator tool, for Income-Based Repayment

On July 1, the new student loan repayment plan, Income-Based Repayment (IBR), will become available to qualifying FFELP and Direct Loan borrowers. IBR is one option among several repayment plan alternatives that may help borrowers by minimizing monthly payments and, in certain cases, even providing loan forgiveness.

Educating borrowers about IBR is important given its potential benefits. With a challenging economy and changing job markets, graduating students may need a more flexible repayment plan that matches their earnings. For borrowers who meet certain eligibility requirements of income, family size, and outstanding federal student loan balance, IBR may be the right plan that allows them to make payments and meet other financial obligations at the same time.

Schools and lenders can play an important part in educating borrowers about IBR by supplying information during exit counseling or directing borrowers to Web sites that provide comprehensive information. TG offers just such a Web site through TG Online as well as a calculator tool assisting borrowers in determining eligibility and estimating monthly payments under IBR.

New TG Online pages on IBR

TG provides a convenient resource for learning more about IBR through TG Online. TG's Income-Based Repayment page defines IBR, describes who may be eligible, and answers various questions that borrowers may have about the plan. The IBR page adds one more tool to TG Online's Managing Repayment area for borrowers. Managing Repayment also offers a comparison of repayment plans, including IBR, to help borrowers consider all their options and choose a plan that best meets their financial circumstance.

Visit TG's IBR page at www.tgslc.org/borrowers/repay/ibr.cfm.

IBR calculator

TG also provides a simple calculator tool for helping to determine whether a borrower qualifies for IBR and estimating a monthly payment based on such factors as income, total federal student loan debt, and family size. Note that the calculator is provided for estimation of IBR eligibility purposes only. Specific details about eligibility and payments will be determined by a lender or servicer during the IBR application process.

Visit TG's Adventures In Education Web site at http://www.aie.org/Calculators/IBR/index.cfm to access the calculator.

To learn more

For questions about IBR, NCHELP has developed a series of general as well as focused training sessions. Recordings of these sessions are available free of charge at www.nchelp.org/elibrary/index.cfm?parent=1985.

TG to introduce new Web-based lender tool for reporting disbursements

TG is adding more convenience to its disbursement reporting process, converting its paper-based system to a Web-based tool. In July, TG will roll out the electronic Lender Disbursement Reporting (LDR). LDR will replace TG's monthly paper report for unreported disbursements. The last such paper report will be mailed in mid-July.

Benefits to customers

LDR will help reduce reporting time and simplify the reporting process for those lenders that do not use Common Account Maintenance (CAM) reporting.

Among other things, the tool also:

• Provides a secure method of retrieving and updating disbursement information.
• Saves time. Records displayed as unreported are updated nightly regardless of how the update was received, i.e., via CAM, by TG update, or through LDR.
• Offers a simple, user-friendly Web interface that allows users to:
  • Limit results by selecting specific criteria with sort options by SSN or last name
  • Cancel disbursements
  • Cancel undisbursed loans
  • Reduce and report actual disbursement amounts
  • Change and report actual disbursement dates
• Enhances data management with new reports, including:
  • Unreported disbursement detail report
  • Unreported disbursement summary report
  • Lender disbursement received results report

Webinar

To help users incorporate the LDR tool in any loan processing and reconciliation process, TG has scheduled several webinars.

• Monday, June 29, 2 p.m.–3 p.m., Central Time
• Wednesday, July 1, 10 a.m.–11 a.m., Central Time (repeat session)

To participate in one of these webinars, register at www.tgslc.org/training/webinars/register.cfm.

To learn more

If you have questions about the new LDR tool, please contact TG's product support group at (800) 332-1455, or send an e-mail message to product.support@tgslc.org.

Join TG at upcoming financial literacy symposium

TG is hosting several symposiums this summer that focus on developing and implementing on-campus financial literacy programs. The first symposium will be held in Houston, Texas.

Mark your calendar

The Houston symposium will be offered on Monday, June 29, 9:30 a.m.–3:30 p.m., Central Time, at the Embassy Suites Hotel near the Galleria. The symposium will help generate ideas and tips that professionals can use to develop a financial literacy program best-suited for their campus and students. Among other things, attendees will discuss developing financial literacy initiatives and improving successful financial literacy programs.

To register

For more information about TG's 2009 Financial Literacy Symposiums, or to register to attend the Houston event, visit TG Online at www.tgslc.org/training/literacy.

For questions

To learn more about TG's upcoming symposiums, contact TG's financial literacy program manager Margie Harvey at (800) 252-9743, or send an e-mail message to margery.harvey@tgslc.org.

TG product training recordings now available

If you were unable to participate in the recent product webinars for spring enhancements to AdvanTG Web™ and TG Loans By Web ™, TG offers the next best thing: an audio-visual recording of the event.

TG has placed recordings of the product enhancement webinars online. These recordings contain the audio and visual portions of the presentations. You can rewind, pause, and fast forward the recordings for easy viewing and listening. The recordings, as well as webinar presentation materials, are now accessible from TG Online at www.tgslc.org/training/webinars/webinars0904.cfm.

Enhancement information

To learn more about the enhancements that the webinar featured, review previous Shoptalk Online articles, including edition 495, edition 496, and edition 497.

For help

For questions about AdvanTG Web or TG Loans by Web, please contact TG's product support team at (800) 332-1455, or send an e-mail message to product.support@tgslc.org.

Correction to article on variable interest rates

In last week's Shoptalk Online, the article titled "Variable interest rates drop again" incorrectly listed the interest rate for Stafford loans during repayment and forbearance, effective July 1, 2009.

On July 1, 2009, interest rates on Stafford loans during repayment and forbearance will be 2.48 percent.

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