August 2016

School Ombudsman corner

img-Robyn-Hughes-School-Ombudsman-Navient

Robyn Hughes
School Ombudsman

Robyn directs all activity associated with the strategic support of our loan servicing relationships with schools across the U.S.

My colleague Steve Wynne and I enjoyed meeting so many of you face to face at our booth during the NASFAA 2016 National Conference in July in Washington, DC. Based on the feedback we received at the conference, this newsletter highlights some of our most useful handouts for students and FAOs. In addition, as we approach the start of a new academic year, I’d like to share a few Navient updates. Enrollment reporting – planned system fix If you are a school with multiple branch codes under a main six-digit ID, this update is for you! Navient will soon make system changes to recognize branches as separate entities from the main campus for enrollment reporting. This change should alleviate enrollment reporting issues. Navient Portfolio Detail Report – changes in effect since August 7 For those who download your Portfolio Detail report in .CSV format, we’ve removed all paired double quotes. We’ve also removed leading zeros for any fields with amounts.

In October I’ll be joining our Midwest schools at the MASFAA conference in Kansas City. Please stop by the Navient booth to say hello!

robyn-hughes-sign

Two new Path to Success®

In February we launched our latest module in our free online financial literacy series, Path to Success. Understanding How Interest Works defines key loan concepts such as principal, interest, and fees. The module also covers

  • interest calculations and capitalization
  • how loan payments are applied to principal and interest
  • review of student loans
  • what interest is and how it affects loan debt
  • how repayment works, and
  • tips for staying on top of student loan debt.

In March we launched The Career Playbook, providing strategies for planning a meaningful, long-term career, including managing expectations around job satisfaction, lifestyle, and compensation. Both modules employ relatable, real-life scenarios and situations.

Visit Navient.com/path for the full series of modules.

Navient.com/path

 
 

NAVIENT NEWS

Summer 2016

There shall be eternal summer in the grateful heart.

- Celia Thaxter, poet

We hope you are having a wonderful summer – and are preparing for a successful school year. With late registrations, disbursements/refunds, appeals, and the first-ever early FAFSA submissions for 2017/2018 right around the corner, we know this will be a busy fall. At Navient, we are here to answer any federal loan servicing questions and help you, your students, and alumni in any way we can.


We Need Your Help Updating Our Navient School Contacts

Have you had personnel changes in the past year?

Is there someone new in your office who should receive our newsletter?

We want to be sure we have the correct contact information for your office, so the members of your staff who would most benefit from federal loan servicer information are receiving our newsletter and other important information. If there have been changes in financial aid office personnel, please let us know.Email our School Ombudsman with contact name, title, phone number, and email address.


Navient in the Industry

We receive many requests from school staff who manage financial literacy initiatives and blogging, looking for relevant information to share with students. Navient recently posted two articles to Medium, an online publishing site. Heather, who worked her way through college as a part-time Navient employee, outlines How to Make (and Keep) a Budget After Graduation and one Navient borrower long into repayment, who explains How One Savvy College Grad Cut Expenses to Pay Off Her Student Loans.

Unique information uncovered in the study:

Read More

Four Recommendations to Improve Student Loan Success

In the spring, our CEO Jack Remondi spoke at a hearing held by the Republican Policy Committee Millennial Task Force on College Completion, Flexibility, and Affordability for an Emerging Generation. He provided insights and solutions to help address concerns about rising student debt in the United States, focusing on the importance of college completion, and made four specific recommendations to improve borrower success and the student loan program.

Read More


Robyn and Steve at the Navient booth

2016 NASFAA National Conference

From July 10–13, Navient’s School Ombudsman Robyn Hughes and ED Servicing team member Steve Wynne attended the 2016 NASFAA national conference in Washington D.C. We met with representatives from many financial aid offices, guarantors, and related companies. General sessions, Ask-A-Fed, and scheduled breakouts were very informative and allowed for participant feedback and detailed Q&A.


Robyn and Steve at the Navient booth


New Call Scheduling Service for Borrower Repayment Plan Support

Navient recently implemented a new service designed to provide federal borrowers the option to schedule an appointment with a customer service representative to explore repayment plan options. Once a borrower has logged into their account on Navient.com, online scheduling software allows them to:

  • choose between different call reasons (e.g., help lowering payments or renewing a repayment plan)
  • provide us the best phone number to call, and
  • to select adding the appointment to their calendar.

Call backs are made by our newly formed call scheduling service team, comprised of 40 highly trained agents who placed at the top of our recently enhanced loan counselor certification program. In the first months, we have scheduled over 1000 appointments, re-connecting with 73% of borrowers. To date, top reasons for appointments are to discuss lowering monthly payments and select an IDR plan.


Does Your Office Have Information on the New Federal Loan Interest Rates for Borrowers?

Share our updated chart highlighting the new Federal Direct Student Loan 2016-2017 Interest Rates chart with your student borrowers and staff. The chart includes timely and useful information, including:

 

 

Rates for Federal Direct Student Loans disbursed July 1, 2016 through June 30, 2017

 
 

 

  • Federal Direct Loan repayment estimates
  • Historic interest rates
  • Information about who sets interest rates for Federal Student Loans and average student loan debt
 
Student Loan and Financial Planning Checklist

Student Loan and Financial Planning Checklist

 

Borrower-Focused Online Resources for Students and Schools

Information for Students

We know that while students strive to manage their student loans they are also handling expenses, trying to set and keep track of realistic financial goals, and save for the future. Our tools and resources can help. Each of the following documents can help your students focus on financial success. They also can supplement your exit counseling content. More information for borrowers is available at Getting Started on Navient.com/Loan-Customers


*NEW* Tips for Managing Accounts Online

Compelling New Information for Your Navient Student Borrowers

In late June, we added Managing Your Account Online to our library of borrower-focused collateral. It is a four-page overview of our borrower website inside the log in; with explantions of how to register and access Navient accounts, keep up to date with account summaries, make payments, enroll in Auto Pay, and utilize our Help Center.

We will also provide a link to the document in many of our borrower email messages - to reinforce the importance of educating borrowers

Managing Your Account Online can also assist financial aid office staff in answering borrowers’ questions and offer accurate, up-to-date information.

Download Managing Your Account Online

Managing your account online  

Borrower Contact Info Sheet

The one overview every borrower needs, with contact information for Navient and other Federal Loan Servicers.

10 Things to Do Before You Make Your First Student Loan Payment

This document has helped guide tens of thousands of borrowers along the path to successful repayment.

Student Loan and Financial Planning Checklist

An interactive, dynamic tool for finding and managing student loan information.

Money-saving tips for life

Offering guidance to manage everyday expenses, from entertainment and transportation to more complicated matters such as banking and credit cards.

Make a budget

An interactive tool helping set comprehensive income and spending goals and clarifying "where my money goes" each month.

Set your financial goals

An interactive worksheet to calculate realistic timeframes for short- and long-term financial goals.


Information for Schools

We follow a proven process of corresponding and communicating with borrowers to share important information and guidance about their federal student loan status and repayment options. We also promptly contact borrowers with delinquent loans and clearly explain how and why they should reach out to us to discuss and resolve their issues. Schools too can play an important role, providing all borrowers with valuable information on their loan and strategies for successful repayment. Details can be found in the documents highlighted below. More information is available on our Counseling Borrowers page on Navient.com/Schools.


School Servicing (SSP) Reports Overview

Offering guidance to your Navient comprehensive reports and data through our SSP.

Counseling Your Borrowers to Avoid Default

A comprehensive guide, with information and resources you can use to help your borrowers avoid default and delinquency.

Better Default Prevention 7 Steps

A step-by-step guide of practical, proven actions you can take to assist your office with effective default prevention. More information is available online.


Servicing contract information

CollegeServ®

Providing assistance with borrower-related issues/repayment counseling, enrollment updates, and guidance with our online reports, Monday – Thursday 8 am – 9 pm ET and Friday 8 am – 8 pm ET.

Phone: 888-272-4665
collegeserv@navient.com

 

Electronic Services

Providing technical support, Monday – Friday 8 am – 5 pm ET, for monitoring of your electronic file exchange, report delivery, and our school servicing portal navigation.

Phone: 800-348-4606
ESNAVI@navient.com

School Ombudsman

Providing schools with information and solutions to support your delinquency management initiatives and drive your successful portfolio analysis.

Phone: 703-984-6665
SchoolOmbudsman@navient.com

 

Military Benefits

Providing answers to borrowers’ questions regarding the Servicemembers Civil Relief Act and other military benefits. Monday – Thursday 8 am – 9 pm ET and Friday 8 am – 8 pm ET.

Phone: 855-284-4879
MilitaryBenefits@navient.com

Visit Navient.com to download our updated Servicing Contact Information with additional details on contact resources.

Be sure to visit Navient.com/schools for detailed information, documentation, and resources to help your students become and stay financially successful.