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Five ways for schools to enhance default prevention plans
February 20, 2015
Default rates are a top concern for many financial aid professionals. Rising default rates mean a school's previous students are not succeeding and the increased rates can put a school's Title IV funding at risk - two reasons why many schools are looking for creative ways to keep default rates low.
Five ways schools can use Mapping Your Future's Online Counseling to enhance their default prevention plans:
- Provide non-regulatory counseling, such as Financial Literacy or Private Loan counseling, to students. This provides an overall understanding of money management and the various types of student loans.
- Customize your counseling sessions to include school-specific information. This makes the session more meaningful to your students.
- Require that students complete the counseling sessions more than once. Most of us need to have information repeated in order to remember it. Mapping Your Future's counseling allows students to complete multiple sessions.
- Collect updated data. One of the issues many schools face is having up-to-date contact information for a student. Schools can use Mapping Your Future's Grace Period and Repayment counseling as well other counseling to collect updated contact information for their students.
- Supplement the counseling sessions. Mapping Your Future offers many handouts for download, including the interest rate chart you can distribute in mailings or have available in your office.
For more information, contact the Mapping Your Future staff at feedback@mappingyourfuture.org or (800) 374-4072.