One of Nelnet’s core values is giving back to our communities. On top of organizing numerous corporate charitable initiatives and programs, the company has a generous matching program for associates who want to make donations to their own favorite charities.
In January, I made a donation to the Vested Interest in K9s. This non-profit supplies ballistic- and stab-proof vests to law enforcement dogs across the United States through sponsorships and individual donations. Most law enforcement agencies don’t have the budget to provide their dogs with these vests, so the charity plays a role in protecting dogs while they’re on duty protecting us. My donation provided Max from the Aurora Police Department (in Colorado, where I live and Nelnet has offices) with a protective vest.
As part of the matching gift program, Nelnet made a donation in April, which provided Blek (pictured right) with a protective vest. Blek is a 20-month-old German Shepherd/Belgian Malinois cross born in Slovakia. He has been a member of the Queen Anne’s County Sheriff’s Office in Maryland since July 2014. Blek enjoys chew toys, playing ball, and laying out on the deck.
Blek’s protective vest would not have been possible without Nelnet’s matching program. Because I work for a company that encourages associates to give to the causes that matter most to them, Blek will be safe as he protects the people of Queen Anne’s County, Maryland.
What You Know: Nsight Plus Letter Merge
As you may already know, Nsight Plus, Nelnet’s free reporting tool for schools, offers the ability to generate student-specific letters about their current student loan status. Administrators are able to easily pull borrower data from Nsight Plus, merge the data with the appropriate letter, place letters on your institution’s letterhead, and send by email or physical mail. Letter options include:
- Deferment Ending – For borrowers within 60 days of their deferment end date
- Forbearance Ending – For borrowers within 60 days of their forbearance end date
- X-Days Past Due – For borrowers between 60 and 240 days delinquent
- Late Stage Delinquency – For borrowers between 241 and 360 days delinquent
You are able to create either letters for a group of students or just individual letters. These letters are available for any borrower serviced by Nelnet, along with those serviced by EdFinancial, Granite State, OSLA, and VSAC. Click here for a step-by-step guide to creating these letters.
A New Approach: Combining Communication with Education
On their own, Nsight Plus’ letters are valuable default prevention and management tools. However, combined with the appropriate Nelnet resources, we think these letters could be an especially powerful tool for your institution. By using our letters in tandem with our resources, borrowers will not only be informed of their loan status, but they will also receive a brief, to-the-point education on topics critical to them in their current status. This is the fourth and final article in our series that looks at how to effectively package letters from Nsight Plus with Nelnet’s resources. In previous articles, we have addressed how to use the Deferment Ending, Forbearance Ending, and X-Days Past Due letters.
The Late Stage Delinquency letter is sent to borrowers who are 241 to 360 days delinquent. It warns borrowers that if no action is taken, their loan(s) will default in 30 days. The letter lets the borrower know how many days past due their payment is includes ways to contact Nelnet and make that payment. Here is an example of the Late Stage Delinquency letter:
Educating borrowers about their situation can help them make wise, educated decisions about student loan repayment. Include our resource on How to Avoid Delinquency and Default on Your Student Loan to help borrowers in late stage delinquency understand the consequences of not making payments. In addition, you could send these borrowers Understanding Deferment and Forbearance, which lays out various options available to borrowers who are struggling to make payments. By pairing these materials with the Late Stage Delinquency letter, borrowers will understand not only that their payment is due, but also why responsible repayment is important to their financial wellbeing.
FSA recently made enhancements to NSLDS to allow for reporting of reaffirmation agreements from lenders, lender servicers, and federal loan servicers and for reporting on the ISIR. Reporting reaffirmation data to NSLDS is required for federal loan servicers and optional for FFELP lenders and lender servicers.
For more information, please see the original Electronic Announcement.
Registration for the 2015 FSA Training Conference is now open. You can complete your registration and book lodging at FSAConferences.ed.gov.
As a reminder, the conference will be held December 1-4, 2015, at the Mandalay Bay Hotel in Las Vegas. Program and session information will be posted in the coming months.
Nelnet establishes a relationship with borrowers by communicating regularly throughout every stage of the student loan life cycle. To make sure borrowers have the information they need to get the most out of their student loan experience, we regularly send them emails, mailers, letters, and phone message blasts. Nelnet continuously researches how to best reach borrowers, and our ability to keep up with their needs has helped us receive the highest borrower satisfaction score amongst the TIVAS servicers on FSA’s most recent survey.
To help our school partners better understand how Nelnet communicates with borrowers, we’ve created our Borrower Communication Summary. This timeline details the communication pieces we send to students and when they are sent.
Download the Borrower Communication Summary so you and your students know what to expect from Nelnet at every stage of the student loan life cycle.
On July 1, FSA’s 2015-2016 Direct Loan interest rates went into effect. The new rates apply to Direct Loans first disbursed between July 1, 2015 and June 30, 2016. We’ve updated our interest rate chart so that you can keep the new rates handy or share them with your students.