When the Student Leaves | Origin: FA120
This is a general discussion forum for the following learning topic:
Default Prevention: A State of Mind --> When the Student Leaves
Post what you've learned about this topic and how you intend to apply it. Feel free to post questions and comments too.
When a student leaves it's important they go with all the information to make sure they can repay their loans and understand the payment schedule they are commiting to.
I have learned that default prevention does not end when a student leaves my office. That knowledge is power for the student and that it is my job to keep them as informed as possible for their own success.
You have to give the student information and make it a two way street. You can also do default prevention which is one of the main things that I have learned from this. Making sure to keep in touch with alumni as well is very important
It is important that the student understand the pros and cons of having a student loans. and if have the student loan, it is important that he understand his responsability at all times.
For borrowers to be successful thoughout the entire repayment of their loans, they must be given the complete information they need to manage their loans. FAA/school must provide the information in a format that is easily accessible and easy to understand.
Loan repayment requires the same dedication the student displayed throughout their enrollment. The information they receive from the FAO is as important as the information they receive in all their other courses.
Loan repayment requires the same dedication the student displayed throughout their enrollment. The information they receive from the FAO is as important as the information they receive in all their other courses.
The first thing that I do from the beginning, is make the student comfortable with the idea of taking student loans, I talk to them about the importance of taking a student loan if needed and at the same time, we discuss repayment. During our discussions, I encourage students who needs loans to remember the responsibility of repayment, while reminding them that this is a bill and must be budgeted and paid.
Exit Counseling ONLINE is only ONE Step. It is important to sit with our students, help make sure the have as full of an understanding as possible and all the resources needed moving forward. I also have been making sure our students have either the servicer Mobile APP or Direct URL Link to their personal servicer on their cell phones during their exit/graduation interviews.
Students have many options that allow them to repay their loans and accommodate any changes brought upon them by life. Deferment and forbearance are useful tools and should be conveyed to them to ensure they are aware they have that as an option, but the strings attached to both should also be conveyed to students.
It is important to provide the student with all the options they have to repay their loans. Empowering with all the knowledge is key for them to be able to pay back their loans in the best way that will work for them.
By personalizing guidance on loan management tools like deferment and forbearance, financial aid offices can help students make informed decisions and successfully navigate their loan repayment journey.
