Webinar on SB 887 Student Debt Letter Implementation
When: 06/04/2018 09:30 AM-11:00 AM
Senate Bill 887, 85th Regular Legislature
Decoding the Cost of College: The Case for Transparent Financial Aid Award Letters
THECB has scheduled a webinar with Indiana University (IU) leadership and staff to assist institutions with implementation of Senate Bill (SB) 887. IU was the first institution in the nation to send students a debt letter to inform them about the amount(s) they borrowed and what they should expect to pay off their loans. SB 887 was modeled after Indiana’s House Bill 1042, which scaled IU’s initiative statewide.
We have asked IU staff to share their experiences with us, and to address key questions we have logged over the last eight months:
- How do you calculate a single interest rate and a single monthly repayment estimate for a 10-year repayment plan if the student has more than one loan, and each of these loans has different repayment terms and conditions?
What if the institution does not know the interest rate of a private loan? What interest rate should the institution assign to this loan?
Which data sources should institutions use to efficiently pull debt data? To accurately calculate student indebtedness?
What can institutions do to ensure that the electronic delivery of the student debt letter complies with FERPA?
What data systems did IU use to manipulate loan information for the purposes of generating student debt letters? What changes were made to those systems?
If you have any questions that are not listed above, please send them before or during the webinar to firstname.lastname@example.org. IU will address your questions in the Q&A after their presentation. This webinar will be webcast; the video link will be available on THECB’s home page www.thecb.state.tx.us the morning of June 4.
A second webinar focused on how to effectively communicate information about loans and expected future payments to students in a letter format is being planned. Details about this second webinar are forthcoming.(YouTube )