A New Approach to Reaching Your Students
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 first article in a series where we will look at how to effectively package letters from Nsight Plus with Nelnet’s resources.
The Deferment Ending letter reminds borrowers that they are responsible for paying the interest that accrues during the deferment period and that they will need to start making payments again soon. Here’s a sample of the Deferment Ending letter:
As students are exiting deferment, it is a good time to remind them of repayment plan options. Download Nelnet’s Student Loan Repayment Plans and Income-Driven Repayment Plans resources and include them when you send Deferment Letters. By reminding students that there are repayment plan options that may be better for their current situation, you can give them a head start toward successful repayment and proactively help them avoid delinquency and default.