SUNY InitiativesNYSFAAA Annual Conference
2012
October 2012
SUNY Smart TrackAn innovative and transparent system wide approach to promote awareness and understanding regarding college choice, college financing options and responsible loan borrowing
SUNY Smart TrackHelps students make the right choice in college and how to pay for college!
If borrowing is part of that plan, students must understand their rights and responsibilities to make informed decisions
National Research Strong financial literacy tools can assist
students in making informed decisions with respect to loan borrowing
Keeping students engaged promotes retention and increases completion rates
Students who complete their education are more likely to become successful student loan repayers-regardless of the amount borrowed
SUNY leads the nation
We want to make sure our students and their families make the right choices by providing the right tools and guidance throughout their time at any of our campuses…
Standard award letters, education and financial literacy and on going student engagement is the formula for SUNY students to achieve success!
SUNY Smart Track will help students stay out of default• Data driven approach to student retention and
default prevention using federal and SUNY data to identify at risk borrowers• Creates targeted and measurable campus
interventions to mitigate risk • Develops student engagement strategies for all
borrowers beginning with loan disbursement thru grace period and repayment• Additional strategies for delinquent borrowers and
defaulted borrowers
Adopts the federal shopping sheet format
Costs are displayed
Type of aid clearly displayed-loans vs grants
Campus comparison data-graduation rates, cohort
default rates and median loan debt
SUNY Award Letter
SUNY Student Loan Service Center
• Expands services to include communications with students throughout their time on campus and beyond
• Assists former students who are delinquent or in default on a loan they borrowed while attending one of our campuses
• Financial literacy• Loan payment estimators• Responsible borrowing• Successful repayment planning
Web Based Learning Center
• At risk students receive targeted interventions
• All students receive communications based on plan developed in collaboration with campus
• Customized at each campus
Student Engagement
On Boarding Process• Program description and expectations to College
Presidents
• Letter to College President-notification of schedule and request for campus contact designation
• Coordinate campus meeting Initial campus meeting to collaborate on campus plan
• Authorization for NSLDS data