Shoptalk 571, September 14, 2010

TG Report

TG to launch enhanced Integrated Default Assistant℠

On September 26, TG will make available a new version of the Integrated Default Assistant℠ (IDA℠), a Web-based tool for managing a school's cohort default rate. With this version of IDA, TG implements a key change, allowing schools to import delinquency data from multiple sources, including both loans guaranteed under the FFELP and loans made under the FDLP. This new feature helps schools to create a more comprehensive picture of a given cohort of borrowers. It also makes tracking and communicating with borrowers who have delinquent loans easier.

The information below describes other IDA enhancements and offers an overview of the process for transitioning current users to the new IDA.

IDA enhancements in detail
IDA features have been added or expanded to make managing cohort default rates simpler and more efficient. Here's a preview of application changes.

Importing data and creating reports: Schools will be able to import records of delinquent loans made under the FDLP, guaranteed by TG, or put to the Department under the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA). In addition, schools can generate reports to track the status of loans for borrowers with delinquent loans, and evaluate FDLP servicer performance using IDA's reporting and analysis features.
Communicating with borrowers: IDA offers two ways to communicate with borrowers at risk of default — letters and emails. These email and letter templates are now available in both Spanish and English. In addition, IDA will allow schools to identify borrowers by such characteristics as delinquency level and enrollment status, and then create custom letters for these borrowers.
Managing borrower data: Schools will be able to update contact information for borrowers as needed. They will also have the ability to document the most recent actions taken on a borrower's account, such as calls made and letters or emails sent.
Accessing IDA through new school portal: Users will now be able to view IDA and other TG resources through myTG℠, TG's new Web-based portal for schools. The myTG portal will simplify navigation for users, presenting resources and information by category such as "Default Prevention" and "Financial Literacy." New self-service features will allow users to view and update account data, including contact information. Schools will also be able to update passwords and view user access permissions. Note that current IDA users will have myTG password information emailed to them by Sunday, September 26.

Transitioning current IDA users to new system
TG will manage the transfer of all data and information from the previous version of IDA. A password to access the new version of IDA will be emailed to users on September 26.

Existing school users will be able to access the revised application at myTG.tgslc.org/school beginning Monday, September 27.

School users will log in using their current user IDs and passwords emailed on September 26. IDA will then prompt users to change their passwords and create identity verification, or challenge, questions for the password. Schools can continue to access IDA through AdvanTG Web™; however, users will be required to log in twice, once to AdvanTG Web and then again to IDA.

Training to use the enhanced IDA will be available via a pre-recorded webinar, which will be made available to users by Sunday, September 26. Shoptalk will notify readers about the webinar as soon as it becomes available. Note that online help will be accessible from each Web page of the IDA application. Users can also request IDA training by contacting their account executive at (800) 252-9743.

A note about data loads to IDA — Because of the release, there will not be a data load to IDA on Saturday, September 18. Regular data loads will resume on Saturday, September 25.

For questions about using IDA
If you have questions about using the enhanced IDA, please contact TG's product support group at (800) 332-1455, or send an email message to product.support@tgslc.org. TG offers IDA at no cost to Texas schools and schools outside of Texas that have borrowers with TG-guaranteed loans. A school's TG account executive can provide more details.

For more information
To learn more about IDA, contact your TG account executive at (800) 252-9743, or send an email message to relationship.management@tgslc.org.

"Know who you owe" — TG offers printed materials to help keep borrowers on top of repayment

As students transition from college to career, it's vital to keep them aware of any federal student loan obligations they take with them. Among other materials, TG offers a brochure on Income-Based Repayment (IBR) and two statement stuffers, one on IBR and another on using NSLDS. Order these printed materials for your office lobby or provide them directly to students as mailings or handouts.

IBR brochure
TG's Income-Based Repayment brochure describes the newest repayment plan, which could potentially benefit a variety of borrowers of federal student loans, including those experiencing difficulties in meeting their student loan payments. For borrowers who qualify, IBR sets an affordable monthly payment based on income, federal student loan debt, and family size. TG's brochure defines IBR and offers a number of repayment examples that illustrate the possible payment amount reduction under the IBR plan. The brochure also describes how borrowers can apply for IBR and lists the types of loans that are eligible to include under an IBR plan. To help borrowers learn more, the brochure's back panel offers a list of TG's resources, including information about TG's IBR calculator, online help, and phone support.

NSLDS and IBR statement stuffers
TG offers a new statement stuffer to borrowers on using NSLDS — "Know who you owe℠." Many students have student loans with various lenders. NSLDS offers a principal source of information for these borrowers who will need to monitor outstanding loan balances, loan statuses, and loan holders. TG also offers "What is IBR?," which outlines the latest repayment plan option for borrowers.

To order printed materials
You can order the Income-Based Repayment brochure and two statement stuffers online by visiting TG Online.

For questions about repayment
If you have questions about information available in the brochures, please call TG customer assistance at (800) 845-6267, or send an email message to cust.assist@tgslc.org.

TG's default aversion experts work one-on-one with schools

Preventing and reducing default is a collaborative effort. Schools often form committees from various campus departments, which work together to spearhead default initiatives. In the same vein, TG offers its own expertise via default aversion consultants who meet with financial aid and student services professionals, providing an outside perspective on what schools can do to enhance their default management efforts.

Here's how TG's consultants offer help.

Consulting on current campus programs — Consultants bring years of experience to their craft, often working with both schools and students in the effort to manage repayment. They provide insight about how to educate students and communicate with borrowers, what strategies schools can follow in enlisting campus buy-in, and building communicative relationships with other institutions such as servicers and lenders.
Default prevention plan expertise — TG's consultants offer help in designing a default prevention plan that considers technology, strategic enrollment, and student needs, among other things.
Staff training — Consultants lead "train-the-trainer" sessions so that schools can educate students on smart debt management. They also provide seminars on such industry topics as the transition to 3-year cohort default rates.

Meet TG's default aversion consultants
TG Online offers a short bio of each of TG's default aversion consultants. Refer to the information for each consultant to contact an individual.

Create a more effective default management plan with TG's default aversion self-assessment tool

A tough economy and climbing default rates are causing many schools to examine their default management plans with an eye to building new or more effective strategies. If you're enhancing your campus default prevention program, you'll find some ready support in TG's default aversion self-assessment tool.

Details and advantages
TG's self-assessment tool provides a series of questions on various aspects of default prevention to help schools evaluate processes and goals; compare recent CDRs with other similar types of institutions; and learn more about strategies designed to improve a school's default aversion effectiveness.

The self-assessment offers a number of advantages to schools. Schools can use the tool whenever they need it. Sections have been expanded to help consider aspects of default prevention, including a school's default aversion committee, enrollment management committee, latest CDRs, campus environment for students, and borrower interactions. At the end of the evaluation, schools have the opportunity to schedule an in-person consultation with one of TG's default aversion consultants, who will use the results of the school's self-assessment as a blueprint for recommending various strategies and tools to help improve the school's default prevention initiatives.

Get started
Access TG's Default Aversion Self-Assessment Tool through TG Online. You can learn more about TG's extensive set of default aversion products and services by contacting a TG account executive at (800) 252-9743 or sending an email message to relationship.management@tgslc.org.

TG's archived default prevention webinars offer one more tool for managing default

TG's policy experts offer webinars on various industry issues throughout the year, including several in FY 2010 on default prevention-related topics. A recording of each session is posted to TG's online archive within a day or two of the broadcast. Schools will also be able to view session handouts and, in some cases, a copy of the Q&A that followed the session. Below is a summary of this year's default prevention webinars.

IBR — a tool to help students manage repayment — Available to FFELP and FDLP borrowers, IBR can benefit eligible borrowers by minimizing monthly payments and providing loan forgiveness in some cases. Educating borrowers about this newest repayment plan and its benefits — whether through the loan counseling process or other communication — is key to realizing IBR's potential to help in a tough economy. This session presents a high-level introduction to the IBR plan, including how borrowers qualify, benefits the plan provides, and ideas for educating borrowers about IBR.
Know who you owe: Helping students manage split-loan servicing — More student borrowers are likely to contend with multiple loan holders (a.k.a. split-loan servicing) as a result of ED's student loan liquidity programs and the industry shift to the FDLP. This training will help financial aid administrators understand split-loan servicing from both the school's and the borrower's perspective, and explore strategies that can serve students as they repay their federal student loans.
How to challenge your draft cohort default rate — The webinar focuses on the release of the rates and why it is important for schools to verify the data used to calculate the rate. Participants will consider the different types of draft CDR challenges and the associated timelines. They will also learn what to look for in verifying CDR data. This webinar is intended for school staff directly responsible for monitoring and verifying the accuracy of a school's CDR.

To view
Visit TG Online to view the complete webinar archive along with the default prevention webinars listed above.