Using NSLDS to Put Borrowers in Control of Their Loans
As financial aid professionals, you are constantly striving to provide students with the best information and guidance to steer them through the education loan process. But we all know that ultimately, the students themselves must take responsibility for their loans. That’s why the National Student Loan Data System (NSLDS) is such an important tool in getting students to adopt a more active role in managing their loans and, eventually, their education debt.
The NSLDS Student Access website is a free tool available to every borrower of federal student loans. After logging in to the site using a secure PIN, borrowers can see information such as how many loans they’ve borrowed, who owns each loan, and how much they owe per loan.
Why is this so important?
Well, time and again borrowers report feeling unsure about the scope and terms of their education loans. The NSLDS site lets borrowers see their loans in black and white. It’s web-based—a format that’s friendly to Generations X and Y. And instead of turning to the financial aid office for all the answers, borrowers will be able to join the conversation on financial aid already empowered with the knowledge of their loan status.
Today’s economic climate makes NSLDS even more vital. Both the ECASLA legislation and the financial downturn have increased the likelihood that a student’s loans will have changed owners and possibly servicers. In times such as these, borrowers need access to NSLDS more than ever to keep track of all the changes.
So what can you do?
– Consider addressing NSLDS on your department website or in your conversations with students. Direct borrowers to the NSLDS site and explain how this free resource can empower them to actively manage their student loans.
– If your borrowers’ loans are guaranteed by ASA, be sure to let them know that ASA is offering a dedicated NSLDS help line at 866.360.1414.
Have you used NSLDS as a resource for your student borrowers? What questions have you been fielding lately? We want to hear from you!
Posted by Susan Nathan on February 11, 2009 at 08:59 AM EST
Yours is such an important question! But every person’s financial aid situation is unique. I recommend calling an ASA Loan Counselor at 800.999.9080 to discuss your options.
To other students and parents out there wondering about their financial aid choices, I’d like to remind you that ASA is here to help! You can find information on our borrower site, e-mail us at customersupport@amsa.com, or call 800.999.9080 to get personalized help from a student loan specialist.
Best of luck,
Susan Nathan
Posted by Susan Nathan on June 04, 2009 at 03:36 PM EST
Will I have enough money to attend school for two years.
Posted by jgoddard on June 02, 2009 at 03:35 PM EST
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Susan Nathan Vice President, Lender and School Services
Biography
Susan Nathan is Vice President of Lender and School Services at American Student Assistance (ASA)®. She has held this position since October of 2002. Ms. Nathan joined ASA in February 1987 as supervisor of the external program review unit. She has held roles of increasing responsibility in product development, operations, client management and customer service, and marketing. She has been a member of the design teams for a number of ASA’s signature products, including FASTFUND, ASA’s disbursement product, and ASA Direct, ASA’s web processing tool. She was the manager of the business plan for ASA’s major system conversion in 1998.
She is credited with the development of ASA’s nationally recognized client management team. Ms. Nathan oversees the ASA Advisory Council, and is the staff liaison to the Marketing Planning Committee of ASA’s Board of Directors.
Prior to joining ASA, Ms. Nathan was a Financial Aid Officer for Lesley College. She is a graduate of Brown University and a fellow of the Institute for Educational Leadership. She is a member of state, regional and national financial aid associations and is routinely sought by the financial aid community as a professional development trainer.
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