I think the most important thing they can do is to make sure they set clear expectation as to the amount that will be owed upon completion. I know this is supposed to be done through entrance counseling and exit counseling but I still don't think a lot of student full understand how much they are borrowing and what needs to be repaid. I think a strong emphasis on insisting that students research the occupations they are seeking and implement more counseling would help establish firm expectations as to what will be due later on.
I agree. I think that some students are so focused on going to school and perhaps a little misguided on what they will be making after it is all said and done that their repayment becomes somewhat of an afterthought.
I think it's important to set a clear expectation, from the start, so that students completely understand their commitment.
Early detection. Our school has a employee that helps with all the students that are in default or becoming close to defaulting on their loans.
Make sure the student understands the importance of paying for their education once they finish their degree and find a good job.
Provide term distributed emails discussing the offered loan payment workshops available at the institution, that way the Students are consistently aware of the need to be careful with their loans nort just at the beginning of enrollment and at exit of the institution.
Being clear about what needs to be repaid, meeting with financial aid advisors during enrolment and also during the exit. Our students have a relationship with FA throughout their time at school.
Do not make up information about federal financial aid
I believe the very first course a prospective student should take at any post-secondary educational institution--if that student will be taking out student loans--is an on-going course that explains in great detail the transaction of funding one's education with federal student loans. It should feel just like any other course with a syllabus, discussion of central themes,extensive knowledge of components (lenders, options, etc.) with an intended understanding at the end of the course. This way the student enters their educational experience with a balanced understanding and set of expectations so that the student is best prepared to conduct him/herself at time of repayment.
I think it is very important in order for the prospective student to be aware of any debt they could have as well as any information in order to help repayment.
I agree a one time entrance and exit counseling is not enough to inform students on how to handle their student loan debt. Schools should take a more pro-active approach to inform students through-out their time at school as well as once they graduate.
The most important thing is have happy, satisfied GRADUATES. That means that we need to make sure we are meeting expectations and not trying to oversell what we have. Nothing is 100% and our students should understand the good and the bad so they are never disappointed....that will help retention reducing default.
We have a department of people who are focused on helping our students better manage their student loan debt. It has been a great success for our school and students.
At my school we do not have Federal Financial Aid, but what we do for those students that use one of our payment plans is to constantly remind them of payments and give them ample opportunity and time to present us with any problems before they arise.
Be upfront and explicit in the loan counseling process.
I would say that providing Financial Aid counseling would be the best option before the student gets approved with the loan. Providing the correct information and what the student is getting into would be beneficial upon completion of the course.
I agree with this statement John. The student needs to be well informed to make the right choice and understanding the debt management after completion of school is very important.
we provide a cost estimate to every student who applies, and is gone over again when they complete the finacial aid process
Like Janet, I'm not involved in this area much at my institution. I do believe that it should be discussed during new student registration and just before graduation. I also believe that follow-up sessions during the semester would also be beneficial.
I think being honest and upfront with them about the responsibility of repayment is beneficial. Also, providing individualized counseling is also very important as well. Knowledge is power.
