Default Management

At Eastern Florida State College (EFSC), we care deeply about our students and their success. Pursuing an education can be both an exciting and challenging journey, and we are here to support you every step of the way.

Our mission is to help students learn, graduate, find employment, and manage their finances responsibly. This Default Prevention and Management Plan is thoughtfully designed with your well-being in mind, aiming to foster a nurturing campus environment.

We recognize that navigating student loans and financial responsibilities can be overwhelming. That’s why EFSC is dedicated to proactive default prevention and debt management, creating a supportive framework that prioritizes your needs while achieving our goals together.

Overview of EFSC's Plan

At EFSC, we believe that a collaborative effort is fundamental to a successful default prevention program. We care about every student, whether you're an applicant, an incoming freshman, a transfer student, an alumnus, or someone who has withdrawn without finishing their educational path.

Explore these topics that are part of our plan.

Pre-Enrollment Efforts

We extend our outreach to high school students in the community, helping them understand their financial options before they even step onto campus. This effort is all about empowering you to create a thoughtful financial plan for your college experience. While we currently do not track metrics for success at this stage, we are committed to developing meaningful ways to measure our impact as we invest more resources in Default Management.

Enrollment Efforts

EFSC's Default Prevention and Management Plan places a strong emphasis on open and ongoing communication with our students during their enrollment at EFSC. We understand that this is a crucial time, and we want to encourage your active participation. Our aim is to ensure that you feel comfortable reaching out to Financial Aid staff, know how to contact your loan servicer, are fully aware of your financial responsibilities, and feel supported in managing your debts.

Financial Aid Packaging Policy

We take the time each year to thoughtfully evaluate our financial aid packaging policy, balancing institutional and student needs. Our Financial Aid department is here to guide you toward conservative borrowing practices, emphasizing scholarships and Federal Work Study opportunities over loans whenever possible.

Entrance Counseling and Master Promissory Notes

We want to ensure that you feel prepared before taking out a Federal Direct Loan. That’s why we require all students to complete Loan Entrance Counseling and provide clarity on the Master Promissory Note process, offering step-by-step guidance to make this process as smooth as possible for you.

Enrollment Reporting

We understand the importance of accurate and timely enrollment reporting to the National Student Loan Data Systems (NSLDS). This is not just a regulatory requirement for us; it’s about making sure you receive the full benefits you deserve. We believe that thorough reporting can significantly reduce loan defaults, and we are committed to ensuring that your experience is as positive as possible.

Exit Counseling

For students moving on from their programs, we place great importance on Loan Exit Counseling. This counseling is completed online at studentaid.gov/exit-counseling, and we send gentle reminders to those who may need assistance in completing this requirement. Our goal is to ensure you have all the information necessary as you transition into the next phase of your life.

Post-Enrollment Efforts

When students apply for graduation, are not enrolled for the semester, or do a total withdrawal from EFSC, the Loan Exit Counseling requirement is placed on their account. The student is emailed regarding this requirement, and the Loan Exit Counseling information is sent to the listed home address for the student. Included in this letter home is a brochure regarding payment options for Federal Student Loans.

Student Resources for Responsible Borrowing

EFSC Contacts and Information

Additional Resources

  • StudentAid.gov: This platform serves as your primary resource for applying for and learning about Federal Direct Student Loans.
  • Student Aid Loan Simulator: Use this tool to navigate your loan options comfortably and make informed decisions.
  • Student Loan Forgiveness: We offer guidance on federal loan forgiveness in specific situations, helping you understand your options.
  • Public Service Loan Forgiveness: We provide information on eligibility for loan forgiveness for those in government or non-profit roles.
  • Repayment Flexibilities: There are numerous options available for students who may be facing financial difficulties, and we're here to help you explore them.

Contact Information

Conclusion: Default Management Plan Evaluation

Our Default Task Force conducts compassionate and thorough reviews of EFSC's Default Prevention and Management Plan each year, ensuring we capture what works well for our students and where improvements are needed. We actively seek insights from similar institutions to inform our strategies. Committee members are encouraged to propose constructive ideas during our regular meetings, and we take their suggestions seriously, reviewing them with our leadership team for possible implementation.

We are fully aware that default prevention and debt management are essential for student success at EFSC. Our commitment extends beyond our staff to include valuable partnerships with Federal Loan Servicers, all working together to provide our students with a comprehensive and effective Default Management Program. We work diligently to assist students in making sound investments in their education. Our goal is to support our students in making informed, meaningful decisions about their educational finances while ensuring their path to success is as smooth as possible.