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Late Stage Delinquency Assistance (LSDA)

Session 41. Late Stage Delinquency Assistance (LSDA). Cynthia Battle Eileen Marcy. Agenda. Background of Default. LSDA School Sample. Reports from Colleagues. DLSS Access and Reports. Now It’s Your Turn. Background of Default. Cohort Default Rates Composition by School Type

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Late Stage Delinquency Assistance (LSDA)

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  1. Session 41 Late Stage Delinquency Assistance (LSDA) Cynthia Battle Eileen Marcy

  2. Agenda Background of Default LSDA School Sample Reports from Colleagues DLSS Access and Reports Now It’s Your Turn

  3. Background of Default • Cohort Default Rates • Composition by School Type • Borrower Delinquency Pattern • Defaulter Characteristics

  4. Official Cohort Default Rates

  5. Composition of Cohort Default Rate

  6. Borrower Delinquency Pattern

  7. Defaulter Characteristics • 89% did not receive the advantage of the full 6 month grace period as a result of late enrollment notification (Sample) • 76% withdrew from school and did not complete studies (Actual) • 93% were not successfully contacted by telephone during the 360 day collection effort (Sample) • 98% delinquencies are corrected for borrowers we talk to

  8. LSDA School Sample • Participants • Workload • Results

  9. Selected LSDA Participating Schools

  10. LSDA Minimal Workload

  11. LSDA Results are Dramatic!

  12. WOW!!!!!! 36% Reduction in Cohort Default Rate at LSDA Schools

  13. Colleagues Report Testimonials Why LSDA Works Tools and Tips

  14. Testimonials • “I just wanted to drop you a note of thanks and appreciation for your help with my direct student loan. It had become a sore issue that I found difficult to face, being that I had no answers regarding payment. I was not aware of deferment options regarding unemployment, just those associated with schooling. Thanks again for your help and persistence.” ~Student • “I’m glad you cared enough to contact me and not give up on me when I had just about given up on myself.” ~Student • “Borrowers are grateful that someone is willing to work with them and help them get through the critical point. A lot of the borrowers do not realize the seriousness of defaulting and the options that are available.” ~Margaret Pearson, San Antonio College/Career Centers

  15. Why is LSDA Working ? • Schools feel it is the right thing to do • Schools feel that it is very doable • Students respond well to schools • It doesn't take a lot of resources • The results are dramatic

  16. Tools: LSDA User Guide How to implement LSDA process Available in English and Spanish Section I - Introduction Section II - Late Stage Delinquency Assistance Initiative Section III - Web Tools Guide Section IV - Ideas and Tips Available from your School Services Representative.

  17. LSDA Tools • Direct Loan Web Site • Flexibility • Identify unique borrower populations • Direct Loan Servicing Center Assistance • LSDA User Guide and tips • 3-way calls with delinquent borrowers • Numbers and Hours School Services: 1-888-877-7658 M-F 8:00 a.m. - 8:30 p.m. EST. Loan Counseling : 1-800-848-0981 Available M-F 8:30 p.m. – Midnight Sat. 8:00 a.m. - 5:30 p.m. EST.

  18. Tips for Success • Use a light touch – remember you are there to help, not to collect. • Call at different times of the day – more people are home in the evening and you can call from home using a calling card. • Mailing handwritten notes has been successful. • Use contact information from the Web, student email addresses, Perkins Loan info, Registrar’s Office, Alumni Office, etc. • Send out information on repayment options, deferments and forbearance. • Connect the student with the Servicing Center in a three-way call.

  19. DLSS Access and Reports • Login • Reports • LSDA Reports

  20. Login Start at the Direct Loan Servicing Web site for Schools and select Login.

  21. You will transfer to the COD Web site. Login in with your COD login.

  22. Select the Services menu option from the top navigation bar.

  23. Select the Direct Loan Servicing link from the left to display the available resources.

  24. Select the DLSS Website link to be securely logged into the Direct Loan Servicing Web site for schools.

  25. From the School Reports menu, select Delinquency reports to get to the LSDA Report.

  26. Tools:Summary Report

  27. Tools:LSDA Report NEW!

  28. Choose the campus for which you want to run the report on, if applicable, select Execute Report.

  29. The LSDA Report provides the most recent report of borrowers from your institution between 241 and 360 days delinquent. These borrowers affect your cohort default rate.

  30. Use the sort icons in each column heading. Selecting the icon will sort the report in Ascending or Descending order based on that single column.

  31. To perform more complex sorts using multiple columns, use the Sort options on the Data menu. This will activate a sort windows so you can define the sort parameters.

  32. Drop down boxes replace report tabs. New Menu Options allow you to Print or Export your students data. Export options include: HTML, Excel, and Text, to name a few.

  33. New Menu Option allows you to sort and display the report to your individual preference.

  34. New Menu Option allows for instant refreshing or resorting of the data

  35. New Menu Option allows for different, customized views of the data.

  36. Direct Loan LSDANow it’s Your Turn

  37. Effective Implementation Plan Schedule Tips from others Make it someone's responsibility

  38. Contact Us: john.pierson@ed.gov cynthia.battle@ed.gov mark.walsh@ed.gov Questions and Comments

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