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Default Prevention Outreach programs educate and counsel student loan borrowers about their obligations while they are in school or entering their grace period. They also provide valuable information on loan repayment, personal finance, and career planning to help the student succeed in repaying their loan obligation and building good credit by not allowing their loan(s) to become delinquent and subsequently enter a defaulted status.
PERSONAL FINANCE PRESENTATION
Personal Financial Literacy is one of the cornerstones of ISAC’s default prevention outreach efforts. Because of this, ISAC will visit school campuses and have qualified instructors provide a one hour interactive presentation on personal finance. We encourage schools to schedule a seminar during student orientation or early in the student’s college career. To schedule a seminar, contact a School Services Representative.
There is a Ready-To-Use Presentation called Personal Finance Education available for you to either View Slides online or download the Power Point file (with instructions to download). This presentation is geared toward students who need assistance with the basics of money management.
ONLINE ENTRANCE/EXIT COUNSELING
In partnership with Mapping Your Future, ISAC enables students and schools to meet federal requirements for loan counseling via the Internet, through interactive Stafford and Perkins entrance and exit counseling and test sessions, and ExitExpress.
DEFAULT PREVENTION OUTREACH MATERIALS
ISAC has developed these unique Default Prevention Outreach materials to educate students on the consequences of defaulting on a student loan and the many resources available to help them successfully repay their loans. All of the materials are free of charge and were designed to motivate students to understand their responsibilities and the many benefits they’ll receive from being credit worthy.
MAPPING YOUR FUTURE
Mapping Your Future is a non-profit, public service Web site providing college, career, and financial aid information and services, and is quickly becoming the Default Prevention Web site. Visitors to Mapping Your Future may choose from several topics such as: 10 Steps to Financial Fitness, Budget Calculator, CAREERSHIP, Debt/Salary Wizard, and Deferment Navigator to name a few.
Mapping Your Future is a national collaborative financial aid industry organization sponsored by guaranty agencies such as ISAC, which participate in the Federal Family Educational Loan Program (FFELP) and are committed to providing information about higher education and career opportunities.
ON-SITE TRAINING
ISAC provides individual and group train-the-trainer default prevention workshops for Illinois post secondary institutions participating in the Federal Educational Loan Program (FFELP). These workshops are free of charge and provide specialized direction and strategies on how to best utilize and implement Default Prevention programs at institutions. Contact the Default Prevention Outreach Department to schedule a school visit.
DEFAULT PREVENTION PLAN/GUIDE – A STEP-BY-STEP PLAN FOR INSTITUTIONS
ISAC has developed a Default Prevention Plan/Guide that includes a Default Prevention Survey to help schools conduct a self-assessment of an institution’s default prevention efforts. This guide can be used to develop and implement specific Default Prevention Plans and has been proven to reduce default populations and decrease institutional Cohort Default Rates. Contact Default Prevention Outreach to schedule a school visit.
CONSUMER CREDIT COUNSELING PARTNERSHIP
ISAC has developed a key partnership with Money Management International to provide professional consumer credit counseling to delinquent student borrowers in order to assist them in repaying their loans and preventing default. Money Management International is a reputable not-for-profit organization which is certified by the National Foundation of Consumer Credit Counseling and provides free budget counseling, both in person and over the phone. It is also an umbrella organization for other important social services such as substance abuse, family planning, family violence and others.
NATIONAL CREDIT EDUCATION WEEK
ISAC actively participates in this weeklong national awareness event to help educate students on personal finance in order to make smart money decisions. To show support for this event, the Governor’s Office has also formally recognized National Credit Education Week in the form of a Gubernatorial Proclamation.
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