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5 Updated Resources in the Nelnet Library

November 13, 2017

To help keep your students informed, over at the Nelnet Library we recently updated several of our useful borrower resources, including:

Just click on the links above to download the latest versions. You can also keep the interest rates handy with our interest rate chart. Check out our library for these and other free resources.

Latest from FSA: 12 Myths About the FAFSA

November 10, 2017

latestfromfsaOn the Department of Education’s HOMEROOM blog, FSA staff recently attempted to help students separate fact from fiction. The post covers 12 FAFSA myths and the truths that they often hide, helping students see the financial aid process in a new light.

The blog post covers myths like:

  • My parents make too much money, so I won’t qualify for aid
  • I support myself, so I don’t have to include my parent’s info on the FAFSA form
  • If I didn’t receive enough money for school, I’m just out of luck
  • I can share my FSA ID with my parents
  • And more

Check out FSA’s post over at the HOMEROOM blog and share it with your students.

3 Ways Our Updated Live Life Smart Guide Can Help Your Students

October 31, 2017

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What’s the difference between deferment and forbearance? Sure, the answer is easy for you, but what about for your students? With questions like that in mind, we present our updated Live Life Smart Guide. This comprehensive guide includes a variety of worksheets, infographics, and glossaries designed to help students increase their financial literacy. Here we present just three of the outstanding resources you can find in the guide.

The Life of a Student Loan infographic

How is my financial aid determined? What happens after I graduate? Our Life of a Student Loan infographic presents the ins and outs of student loans in easy-to-understand descriptions and visuals. The first step toward responsible borrowing is understanding the process, and this infographic helps make that easier than ever.

Budget worksheet

Crunching numbers can seem tough, but our budgeting worksheet makes it easy. With common spending categories and columns that make it easy to track budgeted expenses against actuals, any student can quickly calculate a reliable budget.

Student Loan Terms to Know

Deferment and forbearance? They are defined here, along with over 100 other common student loan terms. Help your students learn student loan terminology with this handy glossary.

Blending all of our printable literature into one PDF and adding a few new items, the Live Life Smart Guide is bursting at the seams with content. It’s simple. It’s chock full of information to help your students be smart borrowers. And it’s free. Check out the updated Live Life Smart Guide in our library today!

Latest from FSA: Termination of Credit Card Payments

October 24, 2017

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FSA recently announced that federal student loan payments via credit card will no longer be accepted beginning Dec. 4, 2017. If a borrower attempts to make a payment via credit card beginning on this date, it will be declined. This restriction will not affect debit and prepaid card payments, which will still be accepted.

If you have any questions regarding the termination of credit card payments, or anything else, please reach out to our School Service Center – 866.463.5638 or ssc@nelnet.net.

 

Nelnet to Acquire Great Lakes Educational Loan Services

October 19, 2017

We are excited to announce that Nelnet and Great Lakes Higher Education Corporation have entered into an agreement, through which Nelnet will acquire their student loan servicing organization, Great Lakes Educational Loan Services, Inc. (referred to as Great Lakes throughout this blog post). This transaction is scheduled to close January 1, 2018.

This acquisition will bring together 90 years of loan servicing experience and the skills of two highly successful organizations to provide unmatched technology and services. Nelnet and Great Lakes share similar cultures, with passions for serving students with integrity, high standards, and excellent customer service. We look forward to collaborating and leveraging one another’s industry experience to continue to improve the services we provide to you and your students.

The future is very bright for Nelnet, Great Lakes, and all of our teams. Together, we will have the opportunity to transform student loan servicing for millions of student loan borrowers, providing unmatched borrower experiences and the best technology.

Great Lakes’ Higher Education Guaranty Corporation will remain a separate entity, unrelated to this merger.

Please continue to work with the same Great Lakes or Nelnet contacts and tools, and obtain your reporting in the same manner you have in the past.

We look forward to continuing to serve you during this exciting period of development. We are confident that our collaboration will help us continue to provide the best possible experience for all of the schools and borrowers we serve. If you have any questions, please do not hesitate to contact Nelnet’s School Service Center at 866.463.5638 or Great Lakes Client Services at 888.686.6919.

How to Create Your FSA ID [video]

October 18, 2017

In order to sign the FAFSA form online, students (and parents of dependent students) need an FSA ID. On its YouTube Channel, Federal Student Aid offers up a short video that walks users through the process of creating an FSA ID. Check out the step-by-step tutorial and feel free to share it with your students.

Latest from FSA: NSLDS Updates and Reminders

October 5, 2017

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FSA recently announced an array of updates to the National Student Loan Data Service (NSLDS) enrollment reporting process and offered a few reminders, as well.

Changes to NSLDS include a new report that provides information about the students that NSLDS uses to calculate the Enrollment Reporting Statistics, and no longer adding students to schools’ Enrollment Reporting rosters based on information from the Transfer Student Monitoring (TSM) and Financial Aid History (FAH) processes.

The announcement also includes a series of reminders about the Enrollment Reporting process, including:

  • At a minimum, schools are required to certify enrollment for all students who are included on their roster file within 15 days of the date that NSLDS sends a roster file to the school or its third-party servicer.
  • Schools have the flexibility to set the schedule for the generation of their roster file. However, at a minimum, NSLDS will require that a roster be generated at least every other month.
  • Schools or their servicers must report back to NSLDS on all of the students who are included in the roster file, even if that student never enrolled at the school, or is no longer enrolled at the school.
  • The data on the roster is what NSLDS has as the most recently certified enrollment information.
  • Report an appropriate status for all programs on your roster.
  • NSLDS will remove the campus- or program-level enrollment for students after it has successfully processed the same campus- or program-level data with a “terminal” enrollment status twice (consecutively) with the same effective date.
  • NSLDS calculates and publishes Enrollment Reporting Statistics on the third Wednesday of each month.

For more details on the NSLDS enhancements and links to Enrollment Reporting resources, check out FSA’s announcement.