THE Today

Comprehensive borrower education available online

2008-05-15T12:20:52Z

Now it’s easier than ever for borrowers to find borrower education resources, thanks to a __new addition on our web site – the borrower education section__. Designed to be easy to use, borrowers can search for materials using drop down menus either by their enrollment phase or resource type:

[urlNewBorrEd]: http://www.theloanprogram.org/education/ [urlLoanProgram]: http://www.theloanprogram.org/ ]]>

T.H.E. holiday schedule

2008-05-14T22:13:14Z

T.H.E.’s offices will be closed in observance of the following holidays: * May 26 – Memorial Day * July 3 – Day Before Independence Day * July 4 – Independence Day Disbursements are not affected —- our holiday tables prevent disbursements from being scheduled on designated holidays. Our web site and online origination system remain accessible during holiday hours.

School relations upcoming events calendar

2008-05-14T20:08:27Z

May
May 18 — May 21	EASFAA(Portland, ME)
May 27 — May 30	OASFAA(Huron, OH)

Loan funding update

2008-04-25T20:02:59Z

We are encouraged that Congress and the Administration are finally addressing a problem that we feel has been vastly underestimated. As of today, we feel they are still quite a ways from a solution that works and we encourage you to contact your Congressional representatives and press them to be, in Secretary Spellings’ words, “double-dog sure” they have a solution that provides uninterrupted access to FFEL loans for your students. Our website has been updated with the most current information you can share with your staff and students.

T.H.E. implements online changes

2008-04-25T19:57:12Z

__Security upgrade__ To better protect each borrower's account information, T.H.E. upgraded online security. One new feature is a personalized image and phrase that tells users they are logging in to an authentic T.H.E. online account page. Another feature is a set of three security questions all users will be asked to select and answer. These answers will be used to ensure that accounts are kept secure and private so users feel safe with every transaction. As part of this implementation, all existing users will have to go through a one-time enrollment process to collect the new security information for all logins starting April 16, 2008. __Home page change__ In order to better serve our student loan borrowers, on April 16, 2008, T.H.E. changed our home page from [www.northstar.org][URLNorthStar] to [www.theloanprogram.org][URLLoanProgram]. Please update any bookmarks you may have saved. We also ask that you be patient during any redirects. [URLNorthStar]: http://www.northstar.org/ [URLLoanProgram]: http://www.theloanprogram.org/

Why we’re calling our spring grads

2008-04-15T20:01:52Z

Transitioning into repayment can be a challenging task for many students. Although graduates have a variety of repayment options available, we often hear that students don’t take advantage of options other than the standard repayment plan. Usually, it’s because they’re overwhelmed with the choices or simply don’t know their options. “From what we’ve seen in industry studies, students who don’t make plans for repayment many times struggle with meeting their student loan payment obligation,” says Bob Forbrook, vice president of debt management and default aversion. If a delinquency does occur, financially stressed borrowers are often either too embarrassed or scared to call their lender for a solution. As a preventive measure, T.H.E. started a calling campaign to reach borrowers before mistakes happen. “Our debt management department runs multiple calling campaigns throughout the year to help our students set up a repayment strategy that fits their situation,” Forbrook says. Spring brings about the biggest effort – March through July, our debt management counselors are slated to contact almost 14,000 spring graduates. Counselors work with specific graduating classes. The goal is to let students know about the Electronic Loan Counselor (ELC), an electronic repayment planning tool, and help them file forms for repayment postponement and repayment plan options. Debt management counselors also answer any repayment questions borrowers may have. Spring graduates have enough to think about besides worrying about repayment. T.H.E. brings personal service to these borrowers so they can get peace of mind during a complex transition.

How you can evaluate customer service

2008-04-15T20:00:25Z

Customer service is the foundation of a quality student loan program. But what do you look for in a lender’s customer service program? We [put together a brief guide][urlEvalCustServ] to help you ask the right questions about each potential lender’s customer service capabilities. [urlEvalCustServ]: http://www.theloanprogram.org/downloads/EvalCustServ.pdf

Online tutorial covers changes to your students’ loans

2008-04-15T19:56:15Z

Earlier in the year, we introduced a new presentation, __Student loan update: understand the details behind the headlines__. Now, your students can see this material in an [online tutorial on our website][urlStudentLoanupdate]. The tutorial takes about 15 minutes and covers: [urlStudentLoanupdate]: http://www.theloanprogram.org/TLC/Education/files/StudentLoanUpdate_Section1.html * How recent legislation and economic conditions are affecting student loans * Why students need to re-evaluate their loans and lenders right now * How students can budget and borrow responsibly Much has happened in the student loan industry this year. In a time of economic uncertainty, students can benefit form a lender-neutral source to better understand what’s at stake for their loans.

Consolidation program temporarily suspended

2008-03-14T15:09:12Z

T.H.E. is temporarily suspending our consolidation loan program due to adverse financial market conditions and legislative cuts. The combination of the financial market disruption and the legislative cuts effective October 2007 has significantly reduced our financial ability to fund these types of loans. debtmanagement@theloanprogram.org. ]]>

Borrower education newsletter available online

2008-03-14T09:16:29Z

Our __Smart Choices__ borrower education newsletter, launched last fall, is now [available online][urlSmartSpring] on the T.H.E. Today main page. Focused on bringing you the latest borrower education tools and advice, the newsletter features: [urlSmartSpring]: http://www.thetodayedition.org/newsletter/Spring_Summer_2008.pdf * Lender-neutral education for both enrolled and graduating students * Relevant links to helpful tools and materials in each article Our online version puts every edition of the newsletter at your fingertips for easier reference. Do you have important borrower education topics you’d like to see covered in the Smart Choices newsletter? Please share them in the comments section below.

Debt-to-income ratio for Economic Hardship Deferment to be eliminated

2008-03-13T21:00:36Z

While the [new eligibility rules][urlEconomicHardship] make Economic Hardship Deferment an option for more students this year, one change to the program is the loss of the debt-to-income ratio pathway (i.e., Condition 6) as of July 2009. [urlEconomicHardship]: http://www.thetodayedition.org/archive/2008/03/economic-hardship-deferment-up.html *Based on $34,000 in subsidized Stafford loan debt at 6.8% interest. ]]>

Economic Hardship Deferment update

2008-03-13T20:06:36Z

With graduation fast approaching, we want to remind you that the Economic Hardship Deferment program has new eligibility rules in place, allowing more students to qualify for the program. debtmanagement@theloanprogram.org The chart below outlines the new income-to-debt requirements necessary to qualify for Economic Hardship Deferment.

This graph can be used as a general guideline to help you determine whether or not you are likely to qualify for an economic hardship deferment under condition six. Locate the point that your annual income intersects your total federal student loan debt on the graph. If this point is above the line, you likely qualify for an economic hardship deferment. Qualification Condition- (6) Work more than 30 hours per week(full time) and Your student loan payments are more than 20% of your monthly gross income and Your monthly gross income after your student loan payment(s) is less than 330% of the federal poverty level based on family size.	Annual Income	Monthly Income	Qualify with Stafford Loans at 6.8%
	$31,000	$2,583	$44,900
	$32,500	$2,708	$47,100
	$35,000	$2,916	$50,700
	$37,500	$3,125	$54,400
	$40,000	$3,333	$58,000
	$42,500	$3,541	$61,550
	$45,000	$3,750	$77,350
	$47,500	$3,958	$95,500
	$50,000	$4,166	$113,500
	$52,500	$4,375	$132,000
	$55,000	$4,583	$149,750
	$57,500	$4,791	$168,700
	$60,000	$5,000	$186,000
	$62,500	$5,208	$204,500
	$65,000	$5,416	$222,500
	$67,500	$5,625	$240,500

[urlEconomicHardship]: http://www.theloanprogram.org/tlc/Calculators/HardshipCalc.aspx [urlDeferHardship]: http://www.theloanprogram.org/downloads/defer_hardship.pdf]]>

Streamline your application process with a customized jump page

2008-03-13T19:00:19Z

Setting up a customized T.H.E. jump page for your school is a great way to simplify the loan application process for your students. Depending on your processing preferences, you determine which loan type(s) appear on the jump page. We’ve recently updated our school jump pages based on the feedback we received from schools. We thank the many schools who provided their insights for streamlining the appearance and flow of the page. Jump pages also link to helpful student materials, such as our lender-neutral [Evaluating a Lender][urlEvaluateLenderPDF] brochure and information on guarantors, outlining which charge fees and which do not. Getting started on creating a customized jump page is simple. [Contact our customer service representatives][urlContact] to find out more about setting up a jump page for your school. [urlEvaluateLenderPDF]: http://www.theloanprogram.org/downloads/DM043_evaluate_a_lender.pdf [urlContact]: http://www.thetodayedition.org/contact.html

Private loan rates for borrowers with existing loans

2008-03-13T16:03:16Z

###Private loans are variable and change each quarter. From April 1, 2008 to June 30, 2008, T.H.E.’s three-month LIBOR index is 3.67%. Our private loan rates are based on a spread of LIBOR rates plus an additional amount (defined in the borrower’s Truth-in-Lending Disclosure), according to the discipline of study. The interest rates for private loans are posted on our web site within the Rates/Savings sections of different loan programs and are updated each quarter to reflect the current interest rate. Below is a history of LIBOR rates we have used in the last 12 months. For the period of: January 1 to March 31, 2008 5.14% October 1 to December 31, 2007 5.52% July 1 to September 30, 2007 5.35% April 1 to June 30, 2007 5.34% ]]>

School Relations upcoming events calendar

2008-03-13T12:00:09Z

April
April 4 — April 8	WASFAA (Seattle, WA)