We hope you are having a successful school year and looking forward to second semester. At Navient, we are here to answer any federal loan servicing questions and help you, your students, and alumni in any way we can.
School Ombudsman Corner
Robyn directs all activity associated with the strategic support of our loan servicing relationships with schools across the U.S.
Hard to believe we are already in the fourth quarter of 2016. And, what a year it has been so far, with the introduction of the early FAFSA and use of PPY data, not to mention the elections! As we wind down the year and head into the holiday season, here are a few reminders…
Assistance with Gainful Employment Debt-to-Earnings Challenges:
By now you should have received your draft Gainful Employment (GE) Debt-to-Earning (D/E) rates through your SAIG mailbox. As noted by ED, schools can submit a challenge to the data ED used to calculate the draft GE D/E rates. The period to challenge draft rates ends December 7, 2016. To gather the backup documentation, you need for a successful challenge, first use the Common Origination and Disbursement (COD) and National Student Loan Data System (NSLDS) websites. If those don’t yield the information you are looking for, the Navient SSP may be able to fill in any gaps. Of course, should you need additional assistance on individual Navient loans, please contact CollegeServ at (888-2SCHOOL), or for help with multiple borrowers, email CollegeServ@Navient.com, with “Gainful Employment” in the subject line and specific details needed for each borrower. In order to ensure all requests are completed by the end of the ED designated appeal period, please contact CollegeServ by 5:00 PM ET Wednesday November 30, 2016.
Technical Changes in Navient SSP and FMS in early December:
To make our data more secure, Navient is upgrading to Transport Layer Security (TLS) 1.2 in early December. For most SSP and FMS users, there will be no visible change. Technology will detect and make the necessary changes for you. However, if you’re using an older browser, you may see web errors such as “This page cannot be displayed” or “SSL Connection error”. If these errors occur, you may be able to upgrade the browser settings yourself. If you need assistance, please contact Navient Electronic Services at ESNAVI@navient.com.
My colleague Steve Wynne and I will be at the 2016 FSA Training Conference in Atlanta. And I also will be attending and presenting at several regional financial aid conferences in the coming months. Please keep an eye out and stop by our table to say hello!
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 in the Industry
Webcasts for borrowers held October 26, 2016
Managing Successful Student Loan Repayment
Navient hosted three loan customer webcasts on October 26, inviting federal loan borrowers who were within 45 days of entering repayment or within 2.5 years in repayment. Information for the webcast was taken from our most accessed resources, 10 things to do before you make your 1st student loan payment and Managing Your Account Online. During the webcast, we provided instructions for using our Schedule a Call Back service inside the login at Navient.com. See the next section for more information on this expanding service. Survey results from the end of the webcast showed 88% thought the webcast information was valuable and 89% have been to Navient.com or used our mobile app. Dozens of respondents asked for more detailed information on federal repayment plans and loan forgiveness – topics we plan to cover in future webcasts. More information, downloads, and a replay of one of the webcasts are on Navient.com/Managing Your Account Online
Expanded Schedule a Call Back option for borrowers in December
With a focus on helping borrowers with repayment options, in December Navient will provide more options to Schedule a Call Back from one of our customer service representatives. Once a borrower has logged into their account on Navient.com, they will soon see Schedule a Call Back on even more pages than currently available. Our scheduling software allows a borrower to:
- request a call back on a specific day and time,
- provide a reason for the call, and
- provide the best phone number to call.
In the first few months of having Schedule a Call Back available, borrowers have scheduled over 11,500 appointments. To date, top reasons for appointments are to discuss lowering monthly payments and selecting a repayment plan.
Navient study highlights value of degree completion
Our second annual Money Under 35 study demonstrates how attaining a college degree is so important to the financial health of young Americans.
Findings reveal an improved financial picture for young adults compared to our 2015 study. We sent information on the study to all college presidents the first week of November and are including here for you as much of what we found should be relevant and supportive of your retention efforts on campus.
- Young adults see themselves as more financially secure in 2016 than in 2015. More young adults report being employed full time compared to last year. The vast majority (83%) are in "good" or "excellent" financial health this year, with an increase in those scoring in the "excellent" range compared to 2015.
- Those with a college degree are better off financially than those without. Degree holders are more likely to be employed, earn higher wages, have a higher credit score, and are more likely to buy a home, than those without a degree. Associate degree appears to be the breaking point for improving financing health.
- Financial outcomes for those who borrowed to earn a degree are better than those without a degree, and are not significantly different from non-borrowing degree holders. Individuals with an associate degree or higher have higher self-assessments of their own financial health compared to those without a degree, regardless of student loans. Borrowers are also as likely to have a good or excellent credit score compared to peers at the same education level who did not borrow. Borrowers and non-borrowers with a degree are equally likely to have a mortgage.
- The vast majority of young adults report they are saving, but their savings goals are mostly short-term, such as for an emergency fund, a vacation, or a car. Just 3 in 10 are saving for retirement.
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 can play an important role too, providing all borrowers with valuable information on their loans 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.
Updated Navient Contact Document for Your Staff
We recently updated our Servicing Contact Information sheet with additional information on all federal servicers and for all Navient loan types. As a reminder, the Navient CollegeServ and Electronic Services teams are not staffed for borrower calls. Should you need to be on the phone with a borrower, CollegeServ can assist you both. You should stay on the line to assure all questions are answered. Contact information for Navient borrowers is included on the reverse side of the updated document.
Offering guidance to your Navient comprehensive reports and data through our SSP.
A comprehensive guide, with information and resources you can use to help your borrowers avoid default and delinquency.
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.
Information for Borrowers
Online Resources for Borrowers and Schools
Borrowers strive to manage their student loans while handling other life expenses, trying to set and keep track of realistic financial goals, and saving for the future. Our tools and resources can help. 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.
Tips for Managing Accounts Online
Managing Your Account Online is our 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 use our Help Center.
We link to this document in many of our borrower email messages, to reinforce the importance of educating borrowers about their student loans.
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
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.
Servicing contract information
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.
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.
Providing schools with information and solutions to support your delinquency management initiatives and drive your successful portfolio analysis.
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.
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.