[Defaultprevention] In case you missed it.

[Heid, Mary]

In case you don't receive our OCAP Outlook here are two articles of interest.

Borrow Smart from the Start

Ready Set Repay<http://www.ocap.org/news/Outlook_articles.shtml#rsr> and Oklahoma Money Matters have joined forces to create a new publication for student loan [Borrow Smart] borrowers. Borrow Smart from the Start is a step-by-step guide through the student loan process that emphasizes the importance of completing the FAFSA, making smart borrowing choices, monitoring debt load, keeping track of student loans with NSLDS, considering various repayment options and more!

Here's what people had to say when asked about their plans for our new publication:

"We would like to incorporate these brochures with our current default prevention efforts. We feel that the more information we can give students, the better decisions they can make when borrowing money." -Jaclyn Riley, Carl Albert State College

"We are placing a link to this brochure on our website under loan information and plan to include it in an orientation video we are working on that will be posted to our website. We are also going to give the brochure out to all students requesting loans. There's great information in the brochure that includes the full gamut of student borrowing." -Myrna Cross, Western Oklahoma State College

Download a PDF version<http://www.readysetrepay.org/publications/publications/SmartBorrowingBrochure.pdf> of Borrow Smart from the Start to share with students electronically or include with campus financial aid award packaging. For printed copies, contact Kerry Mucker at kmucker at ocap.org<mailto:%20kmucker at ocap.org> (quantities limited).



Telephone Tips for Helping Student Loan Borrowers

Keeping cohort rates down is a priority for many schools, but most financial aid officers are used to talking to students face-to-face. If helping borrowers over the phone is a new challenge for your staff, OCAP is here to help. Our expanded default prevention initiative, Ready Set Repay<http://www.ocap.org/news/%20http:/www.readysetrepay.org/>, offers a wide selection of tools and resources to help you make the most of your borrower calls. Here are a few tips to help you get started.

Know the whole picture. Before contacting a borrower, make sure you know their student loan history. It will save you time and the borrower will appreciate not having to repeat the details. You can do this by logging into the National Student Loan Data System (NSLDS) to look up relevant student loan information.

Protect their identity. If the call is answered by a third party, be sure to protect the borrower's privacy by not revealing details about his or her student loan. You may simply want to say that you're making a courtesy call regarding student loan records.

Start with vital information. There may be a simple solution to resolving a defaulted loan, such as a change of address or change of name. Start your call by making sure the borrower is receiving his or her statements. Tell borrowers how their contact information is listed in NSLDS and encourage them to update it as needed with their lender.

Offer a wide range of solutions. If a borrower is having trouble making loan payments, describe any applicable deferment and repayment options. Don't forget to ask borrowers if they qualify for a military service or education related deferment.

For more tips on making successful borrower calls, visit ReadySetRepay.org<http://readysetrepay.org/> and check out our Default Prevention Telephone Scripts<http://www.readysetrepay.org/Partners/documents/Delinquent_Borrower_Script.pdf>. If you'd like to request staff training on default prevention efforts, customer service techniques or telephone skills, submit an External Training Request form<http://www.ocap.org/News/documents/External_Training_Request_Form.pdf> and someone from OCAP will contact you promptly.


Mary Heid
Director for Default Prevention, Compliance, and Training Services
Oklahoma College Assistance Program (OCAP)
a division of the Oklahoma State Regents for Higher Education
405.234.4489 (office direct)
405.234.4582 (fax)
www.ReadySetRepay.org<http://www.ReadySetRepay.org>
http://www.facebook.com/RepaymentScoop [cid:0F60BDCA488F7D44BB737951184A4E23 at osrhe.edu]

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