Default Manager Tutorial - Transcript

HESC’s Default Manager is an innovative, free Web based tool that can help you significantly lower your school’s default rate. By using Default Manager consistently, you’ll help keep your students on track repaying their loans, and pinpoint problems early giving you more time to assist your students.

Designed for all your HESC guaranteed loans, Default Manager is easy, paperless and gives you the most up-to-date and best information on your borrowers.

Thanks to Default Manager and our proactive money management programs for students, HESC’s cohort default rate remains significantly below the national rate, and HESC has averted billions of dollars in potential defaults.

To access Default Manager, simply visit hesc.org. Log on to HESC’s secure transaction center, and click Default Manager under the Loans tab.

On this screen you can view the cohort summary for your school. Unlike other guarantors HESC has designed default manager to target only students who have affected your cohort default rate.

The cohort default summary gives you three ways to view data for the two most recent or current cohort years. You can view information drawn from the national student loan data system on the 15th of each month. You can also view the activity in HESC’s system at the beginning of each month including DAAR, claims, averted and purchases and you can track monthly up to date activity for students in those two cohort years.

To view the cohort roster simply click details, a DAAR is a loan delinquent for at least 60 days, a claim is a loan more than 270 days delinquent where the status is critical. A DAAR or a claim that has been brought into repayment, deferment or forbearance is averted. A purchase occurs when a student is in default and the guarantor has purchased the loan from the lender.

The cohort roster allows you to view data for as many as 50 students per page, and gives you multiple ways to sort these records. The roster indicates new records with a “Y”, shows the status, and whether or not the student is at risk. HESC calculates the risk levels so you don’t have to, and a “Y” means you should act to help that student avoid default. To update the action record for an individual borrower, simply click on “Details.”

On this page you can quickly and easily track your activities with individual borrowers. Convenient dropdown menus allow you to record the action you took, the outcome, anticipated follow-up, and follow-up date. Additionally, all loans in the HESC system for that borrower are displayed. You can also print a copy of your updated action record.

Here, you can view the action history for any borrower. This history log is maintained for six months after the cohort year-ends, In case you need the information to challenge your cohort default rate. Slide 12: Default Manager also lets you view your follow-up list and sort it by user name or date, making it ideal for offices in any size educational institution.

On the view/update borrower contacts page you can easily update borrower information, including address, phone number and references. This data is updated by HESC within 24 hours.

If you have any comments or suggestions regarding Default Manager, you can send them to the HESC Advocate Unit on this page.

At any point in Default Manager, you can click “Help” for assistance and support if you have questions or encounter any problems. For specific questions regarding Default Manager, you can call your regional service manager or HESC’s Customer Communication Center.

Default Manager saves your staff time by targeting the students who need your help most and focuses on borrowers who directly affect your cohort default rate. It prioritizes borrowers by identifying those closest to default, and can reduce your default rate dramatically with a minimal investment of your staff’s time.

With Default Manager, HESC performs all risk calculations, saving your staff time. Default Manager gives you the most current information in real time. It gives you a logical, structured way to schedule and track your default prevention activities and follow-up. It’s simple to operate. And, it’s flexible enough to meet the special needs of your financial aid office.

Nobody works harder to make your job easier. HESC, we help people pay for college.