Shoptalk 532, December 8, 2009
TG Report
Offer your June graduates an electronic way of staying on top of repayment
As the grace period for June graduates ends, you're probably considering how to help your former students as they transition into one of the more challenging markets of recent years. TG offers online assistance in terms of loan repayment with its Web-based loan account management tool, myTG℠. The myTG portal provides TG borrowers a convenient way to monitor payment history, download repayment forms, and update details of personal information. TG also recently added new features that allow defaulted borrowers to make loan payments.
Easy payment 24/7
The myTG portal helps TG borrowers stay on top of repayment for their TG loans. The newest enhancements provide various online tools to help borrowers resume repayment on their loans if they're delinquent or in default. Online payment methods include: debit card, credit card, and single or recurring autodraft from a checking or savings account. Defaulted borrowers eligible for repayment can even negotiate their down payment and set up a repayment schedule.
Other borrower services
The myTG portal offers secure, online access to important loan information for borrowers and co-borrowers, including:
- A summary of TG-guaranteed loans, no matter the status
- School, lender, and servicer information for each loan
- Information on deferment, forbearance, and loan discharge and forgiveness as well as the corresponding forms to help borrowers manage their student loans
- Detailed account information for delinquent or defaulted loans
To learn more
For more information about myTG, please contact TG customer assistance team at (800) 845-6267, or send an email message to cust.assist@tgslc.org.
Options, resources, information: TG Online helps borrowers make sense of repayment
Students face a series of hurdles after they collect their diploma, including starting a career, relocating in some cases, and establishing a financial base by which to manage any outstanding debts. Add student loan repayment to these objectives and you have the makings for one of the more confusing transition periods in a graduate's life.
In a variety of ways, TG helps borrowers navigate repayment, providing information on borrower obligations and options by phone, printed publications, and Web. TG's call centers are available to answer questions and guide borrowers through the repayment process. TG offers a variety of printed brochures to outline repayment plans and recommend responsible payment habits. And TG's corporate website, TG Online, provides borrowers an extensive set of resources titled Repaying Your Student Loan. Offer your graduates this information, which is available to answer questions 24/7 from any Web browser. Here's a brief outline of TG Online's repayment area.
- Ways to Repay Your Loan
Borrower repayment plans have different requirements for eligibility. This section succinctly describes these requirements and explains details of repayment for the Standard Repayment Plan, Income-Based Repayment Plan, Graduated Repayment Plan, Extended Repayment Plan, and Income-Sensitive Repayment Plan. - Comparison of Repayment Plans
Choosing the most appropriate repayment plan can be confusing. Borrowers may want to pay more now so that their total interest payments are lower. Or they may need to pay less now in order to accommodate straitened circumstances. This section offers a table comparing the relative cost of repayment by each plan given a set loan balance and interest rate. - Responsibilities and Obligations
This section contains links to an online statement of terms and conditions for federal PLUS and Stafford loans. The section also defines a change in status for borrowers and describes the purpose and length of the grace period. - Why Should You Care?
This section describes two of the chief reasons for repaying loans responsibly — avoiding delinquency and default. - Helpful Repayment Options
Borrowers have several options at their disposal in case repayment becomes difficult, including alternative loan repayment plans, deferment, forbearance, and consolidation, all described in this section. - Income-Based Repayment
Income-Based Repayment (IBR) is an alternative student loan repayment plan. TG's IBR page defines IBR, describes who may be eligible, and answers various questions that borrowers may have about the plan. The page also offers a link to the IBR application as well as TG's IBR calculator.
To learn more
For more information about myTG, please contact TG customer assistance team at (800) 845-6267, or send an email message to cust.assist@tgslc.org.
Meet UNT's Paul Goebel, Financial Counselor of the Year
Given shifting markets and rising student loan debt levels, many universities want students to graduate with more than a degree — they're investing in training that offers students a financial literacy education as well. In some ways, the University of North Texas (UNT) has been at the forefront of these efforts. In 2005, UNT established the Student Money Management Center, a campus resource offering consultative services and information to students on a variety of financial topics, from budgeting and expense planning to establishing credit. The center, which serves 8,000 students annually, has been recognized for its comprehensive approach to financial literacy education.
Paul Goebel has served as director for the center since its inception. During his tenure, he's helped transform the center from a two-person operation into a dynamic financial literacy program, providing campus outreach as well as varied workshops and services. Goebel is an impassioned advocate for students as they strive to establish a sound financial footing before they graduate. Goebel believes that students should be free from financial anxiety while in school in order to focus on completing their degree. Understanding how to manage money is key to that goal.
"I have a strong belief in the difference effective money management skills can make in a person's life, whether they are college students, working professionals, or retirees," said Goebel.
In recognition of his profound commitment to serving students, Goebel was recently recognized as Financial Counselor of the Year by the Association of Financial Counseling, Planning, and Education (AFCPE), a professional organization that supports and promotes the field of financial counseling and planning education. The association is made up of university educators, cooperative extension instructors, military financial counselors, private practitioners, and others.
The award is given to an AFCPE member who has contributed outstanding work in financial counseling and accomplished "a high level of outreach, evidence of outcomes, and an innovative approach to counseling."
A proactive money management approach
Goebel says his success springs from a strong commitment to student success. "Every opportunity I have to help a student strengthen his or her financial literacy skills makes my work worthwhile," said Goebel.
He sees the center's success in a similar light, describing its growth partly as a collaboration or engagement with students. "We reached out to students as we were creating our program," said Goebel. "We have even sought out their advice in the design of our office. Engaging students during our first days on campus and continuing to engage them each semester has helped the center produce a dynamic array of services."
The financial literacy needs of a diverse student body keep Goebel focused in his work. He also wants to remove the negative association that comes with seeking help for financial issues. "There's a stigma in our society about talking with others about money, especially when problems occur," said Goebel. "Where money is involved people tend to be more reactive than proactive. I believe a great number of students face their college years underprepared for assuming the financial responsibilities of today's college experience."
Long-term benefits of financial literacy
Schools can help in varied ways, according to Goebel. They can communicate scholarship opportunities more effectively; they can also prepare students by offering more structured financial literacy training during college.
As an example, Goebel notes that the center takes a more personalized approach to serving students with its consultative service, the Financial Success Program. The program provides one-on-one counseling for financial issues. The consultations serve to educate students on money-management topics and help students apply these concepts in their own lives. The center averages about 500 consultations every academic year.
Such training offers long-term benefits to students, especially those managing high levels of educational debt long after graduation. "It's important we give our students more attention in the area of financial literacy if we want them to succeed for themselves and for their families," said Goebel.
Goebel grew up in New Jersey before making his way to Texas in the late '70s. He received an undergraduate degree in advertising from the University of Texas at Austin, followed by a master's degree in marketing from St. Edward's University in Austin. He took his current position with the center in 2005.
