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A New Approach to Reaching Your Students, Part II: Forbearance Ending

January 20, 2015

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 second article in our series that looks at how to effectively package letters from Nsight Plus with Nelnet’s resources.

The Forbearance Ending letter reminds borrowers that their next payment is approaching and that any interest left unpaid as they exit forbearance will be capitalized. Here’s a sample of the Forbearance Ending letter:

forbearance ending

 

We suggest pairing the Forbearance Ending letter with Nelnet’s Loan Repayment Plan Comparison and Income-Driven Repayment Plans resources. By reminding students who are exiting forbearance that there are repayment plan options available to them, you can start them on the path toward successful repayment. Download these resources and include them when you mail or email borrowers with the Forbearance Ending letter.

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To sign up for Nsight Plus and start integrating our letters into your school’s default prevention plan, click here. For a look at more useful resources, visit our library.

 

Melissa Stokes, Concierge Representative, Nelnet Partner Solutions | Kristin Tobias, Communications Coordinator, Nelnet Partner Solutions

Melissa Stokes, Concierge Representative, Nelnet Partner Solutions | Kristin Tobias, Communications Coordinator, Nelnet Partner Solutions

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