October 6, 2010

New Default Prevention SuperTeam

As a result of the federal student loan program changes that went into effect July 1, 2010, we’re changing some of the ways we do business. One of the biggest changes we’ve made since we shifted our primary focus to student support services is forming a new default prevention SuperTeam that consists of staff from four different fields of expertise: Loan Services, School/Lender Support Services, Early Assistance and Default Prevention. (They’re faster than a speeding bullet and more powerful than a locomotive, too.)

Since 2005, OGSLP has contracted default prevention services to the Student Assistance Corporation. However, beginning Sept. 23, our SuperTeam began internally working accounts that are 60 or more days delinquent, but not yet in default. They’ve also implemented shift schedules throughout the week, since experience shows we can reach and serve more borrowers during the evening hours. This skilled and customer service-oriented team is excited to meet this challenge and help borrowers resolve their accounts to avoid default.

Our agency and the Default Prevention department will continue to evolve as the student loan landscape changes and continue to provide important tools, resources and services to make your work easier and even more effective. Here are some of the other tasks performed by our default prevention SuperTeam:

• Contacting borrowers who are delinquent on their student loan payments and informing them of their repayment, deferment and forbearance options.
• Counseling borrowers who ask for information about their student loans.
• Sending Borrower Debt Management letters to students who are approaching graduation.
• Providing exit counseling resources to schools and assisting them with exit counseling sessions.
• Providing default prevention flyers schools can use to reach out to students who are about to graduate or who have dropped below a half-time enrollment status.
• Installing and providing training for our free Default Prevention School Tool (DPST) software, which enables schools to streamline their default management efforts.
• Providing average borrower indebtedness figures and cohort analysis to schools.
• Providing continued support for NSLDS and loan maintenance processing.

Need help from our SuperTeam? Contact our Default Prevention department today at 800.358.5460 (toll-free) or WeCanHelp@ogslp.org.