I think that there should be some type of financial councling on loans and overpayments so that the student is completely aware as to what to expect once they have left school
first we should try to help the student from withdrawing and then if it is a last resort then talk to them about ALL the options and explain everything to the student and what all the conseqences will be.
First, I think its beneficial to always advise our students to stay in communications with their Financial Aid Representative if they have any questions or concerns. Second, I suggest to students if you are having financial challenges to utilize the representative to help assist with any options or ideas to help with payment arrangements of plans to avoid default situations.
I believe every institution provide students financial counseling and consequence loans provide which equal an education leading to gainful employment. It's kind of like a financial investment the student has to manage over a period of time to reap the benefits of "ROI" return on investment.
I belive one of the most important things would not only have students complete entrance and exit counseling but also specialized workshops in regards to default management discuss their rights as well as their responsibilities.
I feel that individual time spent with finacial aid representatives to offer counselling is essential to a students understanding of their obligations. Once this counselling takes place, our admissions representative "cools down" the appointment to ensure that the information made sense, did not overwhelm, and was acceptable. The default consequences are clearly discussed to ensure students are responsible, and communicate with their lender.
Making sure the prospective student understands completely the nature of the student loan repayment process and the consequences of default and the priority of budget management once they seek employment in the field of their degree.
most students default because they dont understand the options that are afforded to them during the repayment process.
fully disclose student responsibilites and compensation levels of entry level employees.... with a plan, budget and some sacrifice our students can get an foothold in the middle class.
I am a part of a school that have not had the opportunity to work with school loans and them being in default.
I agree it is important to remember that many career college students have not had to be loan responsible. With that said, a constant sprinkling of the importance of loan responsibility and budgeting throughout their educational process is the most effective route.
I think it would be a great idea for our campus to have a person dedicated to default prevention.
At our school every financial aid appointment for estimate or enrollment will also have a visit with our Director of Financial Aid. Our loan retention specialist has an open door policy for students and we practice early intervention after identifying high risk students. Although I am in Admissions I let every prospective student know that we will answer all their questions. There are daily and weekly meetings regarding the status and needs of our students.
I feel that the student loan counseling helps and just letting the student or prospective student know their responsiblilties and loan amounts in attending the school. Always be honets and give correct information.
Communication is key. Staying in contact with the student during and after they complete the progrsm is something that can help to avoid financial aid issues. If you know in advance that the student is possibly going to run into issues with the loan they have, you can help them avoid default by getting them in contact with the correct person.
I think the most important thing we can do as schools is educate the students. They need to know when payments will start, the amounts and the duration. Just delivering the entrance and exit counseling is often not often and you may need to og into further detail with students.
Our Student Service Dept.here at our college provides the student with entrance and exit counseling.
Counseling Students about Loans and the Payment that they will have to make.
Entrance counseling and exit counseling. Talking to the students about what it means to take out and pay back student loans and it's importance.
I thinkthe best way to help prevent a student from defaulting on their student loans is to make sure they understand the responsibilities that they have when taking out student loans
Our financial aid officer takes a lot of time explaining the importance of paying off the student loan and when it's due during an exit interview. This has really helped students know who to pay
