It is beneficial to obtain borrower contact and reference information throughtout the student's academic career because alot can happen during their enrollment period. They may move, get new friends, get divorced, married, fight with the references they had at the beginning.
You can have the students up date their information periodicaly. We do one on one exits with our graduates, we do check their references on their exit forms and let them know if we need more references or better information. This does help us get the best possible references before a student graduates. Most often they do not call up to update their information after they graduate.
I think it is beneficial to periodically update the reference and contact information. We also make sure all references are filled out completely.
I think it's beneficial to obtain borrower contact and reference information because if the student is not showing up for class we are able to at least call someone they know.
It is very beneficial to obtain new references every term. Not only for their references but for the student also. People move and change their numbers all the time, So every term the student should get a new reference sheet to fill out.
Interesting suggestion! I believe this is something that has not yet been brought up in the forums. Do you get a good response from family members when you call them regarding attendance?
I definitely agree… it is understandable that students may be suspicious if we ask for reference information at the same time we discuss loan repayment.
Acquiring information early and often is the best strategy!
I read a good summary of default management on the following link. As you suggested, they also said to communicate with students through e-mail. That way you know the e-mail address is current. They also suggested keeping th students' campus e-mail active after graduation/withdrawal as a way of staying in touch.
http://www.ifap.ed.gov/dpcletters/attachments/GEN0514Attach.pdf
It is beneficial to collect contact an reference info throughout the student's academic career because contact info and references may change as time passes. A student may have used a friend as a reference when they first started school and by the end, they may not be in touch with that person any longer.
The school I work for is only 10 months long, so we typically stick with gathering info about the students during the enrollment phase, entrance counseling and exit counseling. In order to improve on this I like the idea of checking references and making references aware of the school the student is attending. Once we hit the half way mark we could send a mailing to the references and make sure we have good addresses still. This way if we don't have good contact info then we can contact the student while they are still in school.
I definitely like the idea of ensuring that references are familiar with the school. If the borrower falls delinquent and we have to contact references "out of the blue", they can be suspicious reluctant to help. Establishing a relationship with them early on leads to significantly better results.
In Forum 1, you mentioned an Alumni database. This is also a great resource for borrower contact information, as students will continue to be involved with their school long after enrollment ends.
Information is gathered at each step of the way, references are taken but not called to verify so this is something that the FA dept. can implement. So many of these references #'s are NIS by the time I get to them for default so I use accurint web site and people search to try and find them. This sometimes works but if there is other means to find these students and their references I would love to know about it.
References are the best way to obtain information on a borrower should they become a skip. In today's economy people are not applying for credit as they have in the past and social traces are not giving current information like they have in the past.
Verifying references is becoming a critical part of the default prevention process. Some schools are asking for 2 references to be provided that can be verified before disbursing living expenses. Graduation postcards to family and friends provided by the student are also an excellent way of verifying information. Communication with the references early will establish a relationship that will assist you in the end.
I work at a career training facility and my students phone numbers change almost daily! I started going through classrooms at the end of each term (every 5 weeks) and ask students that if their phone number and/or address has changed to please make the adjustment on their account online as well as fill out a paper change of address and we make sure it's been updated one way or another. Definitely, the last thing I want is for anyone to default!!!
Great work Bobbi! I think you will defiantly find it is worth the extra effort up front to keep the students informed and information updated. I would suggest having them update emergency contact/reference information also as their phone numbers change just as quickly.
Our Financial Aid Department requires at least four references and they do specify parent, relative, and friends/associates. I believe that removing this information from our entrance interview form is a good idea. Financial Aid does update information on an annual basis, but we should update more often not only for default prevention, but for many other reasons as well. Asking for two references at the time of living expense disbursement is also another great idea. Maybe we can even take it one step further and contact the references immediately for verification purposes.
Before disbursements are issued is a great time to get a few new references. And if the student know they will be verified before they can get their funds they will provide accurate information.
Before a term we request new contact information and at the end of a term. This information has been very beneficial.
I believe that we can definetely collect more borrower information in the intial phases such as on the admissions applications. At this point my college only requires parent information and employer information. However, most students switch jobs and many times parents change their phone numbers. I agree with the idea of collecting 6 references up front and actually confr
Unfortunately students are more likely to give us bogus information once they are exiting the college.
I would like to see us make the effort college wide to take every opportunity to gather updated information. For example, if a student calls for information on their account we should have them verify their address, email, and telephone numbers before releasing any information.
Great idea on having them verify all contact information before releasing any information. You can even use the opportunity while you have them on the phone to ask for an emergency contact where you can leave a message in case you can't reach them in the future, you may get a new reference out of it.
At this point, we have a form for the Entrance and Exit Counseling meetings. The student acknowledges with their initials several points, which include: they must repay the loans, must notify lender in writing of any personal information changes, etc. We also request references and emergency contact information. I may try having change of address or personal information cards available. It is very important to have updated information for many reasons, particularly in order to alleviate the risk of defaults.
Sounds like you a doing a great job of hitting all the important points.
