Get the Word Out About Options
Helping Students Understand Their Repayment Options
Last Thursday I spoke on a local Boston cable network program called "Ready For College". This weekly program is sponsored by Teri College Access and is hosted by Kristi Pierce who is the Associate Director of that organization.
The purpose of this broadcast was to offer information to borrowers about student loan repayment options. This is a very timely subject, since most borrows who have graduated this past spring, are about to finish their 6 month grace period and enter into repayment on their loans this November or December. This is a critical time for borrowers who do not know the options available to them to manage their loan repayment.
For some students the first payment is going to be difficult, specifically for those who have yet to find a professional position or who are overwhelmed by the expenses associated with settling into non-college life. At ASA we provide outreach to these students through our Journeys program, in which we provide repayment information to all recent graduates.
But more can be done. At ASA we know that students respond to information provided through a "trusted agent", and that recent college graduates respect information sent from their college. That is why I urge colleges to take this opportunity to offer their recent grads information about repayment, deferment and forbearance.
It does not have to be a time consuming or costly effort. Simply an e-mail blast to recent graduates offering them links to information can be helpful. Just letting borrowers know that they do not have to accept the 10 year standard repayment plan, and that there are options available to lower their monthly payment is helpful. ASA's website provides students with all the information they need.
All of our experimentation with outreach to borrowers has proven that even small efforts pay off in big dividends. And as future supportive alumni, your recent graduates will appreciate your help.
There are other easy and inexpensive ways to reach out to students. Let me know if you would like any additional ideas.
Best, Duane
Posted by Duane Quinn on November 15, 2006 at 12:20 PM EST
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Blog Author
Mike Ryan
Vice President of Borrower Services
Biography
Michael T. Ryan is Vice President of Borrower Services for American Student Assistance, a position he has held since joining ASA in February, 2003. Mr. Ryan heads ASA’s Borrower Services Division, which is responsible for all aspects of the management and delivery of service to borrowers in ASA’s education loan portfolio, including all default prevention and recovery efforts.
In his 20-plus year career in higher education financing, Mr. Ryan has held key management positions at the Massachusetts Educational Financing Authority (MEFA), and Key Education Resources (formerly Knight Tuition Payment Plans). As MEFA’s Associate Director for Programs and Operations, Mr. Ryan facilitated MEFA’s entry as a Federal Family Education Loan Program (FFELP) provider. He also played an instrumental role in the introduction of the U. Fund, (MEFA’s Section 529 College Investing Plan), managed MEFA’s U. Plan (Prepaid Tuition Program), and was responsible for the operation of MEFA’s loan programs.
While at Knight and Key, Mr. Ryan held progressively responsible management positions, from Account Manager to Senior Vice President.
Mr. Ryan is a graduate of Merrimack College.
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