Students Need Help With Financial Planning1 in 4 student loan borrowers are in default and About 70% would qualify for an income-driven repayment plan.
department of education - us newsOnly 24% of first-year students with federal loans were able to estimate their loan amount within 10% of its actual value: 51% underestimated & 25% overestimated it. Brookings Institute
Our Services Produce Results
- Decrease your average Cohort Default Rate (CDR)
- Decrease your average total and individual borrowing
- Increase your repayment rates
COMMUNICATION TOOLS & STRATEGIES
Many students can be intimidated by the loan repayment process, are reluctant to seek help, and are unsure of what to ask. In our 35+ years of experience, we have learned how to break through the clutter to get students attention. With persistent communications, we educate borrowers on their options, tell them what and how to ask for assistance, and motivate them to connect with their loan servicer. Our services are bilingual in English and Spanish. Schools may also utilize our communication tools for custom special messages.
We will educate your students and decrease your CDR by utilizing these smart, effective, and cost-efficient communications technologies, tools, and methods:
Weekly text messages with links to the borrower’s loan servicer and to our contact center.
Weekly phone calls with motivational messages to contact their servicer.
Weekly email communications with links to a borrower’s servicer and to our contact center.
We send postal mail to students with information about their loans and messages to contact their servicers or our help center co-branded with your school’s letterhead.
Our student website has robust financial literacy information and a custom calculator students can use to see how their choices today will have an effect in the future.
Using the best search databases and tools available, we actively seek new student addresses and telephone numbers when contact is lost.
We provide our partner schools with co-branded custom posters, rack cards, and other materials for campus communications.
35+ Years of Experience
GetWisEdu is a program of the New Mexico Student Loan Guarantee Corporation (NMSLGC), a 35-year veteran provider of student loan administration, defaulted student loan management services, and higher education-focused community outreach programs.
We are seasoned specialists in contacting and connecting with students. The average tenure for our employees is 23 years. Let us put our expertise to work for your educational institution.
We know schools strive to make the most of limited resources. By partnering with us to contact your students and provide financial literacy we will save your team time, frustration, and money.
You can contract us to service part or all of your students with federal loans. We download federal loans data and information from NSLDS on your behalf and will also merge that data with any Private Loan data you send to us to present a complete financial picture to your students.
Our services are fully-loaded and we have one low monthly fee charged per each student borrower in the program. At no additional cost, we include training for school officials on borrower counseling strategies, repayment assistance rules and regulations, and CDR management.
We believe a completed post-secondary education, be it a technical certification or academic degree, is the single most important investment a person can make. We view student loans as a vital part of an investment in education.
Like any investment, wise student loan borrowing can help a person succeed financially. Poor borrowing decisions will most definitely damage a person’s financial future. GetWisEdu is our program to help students of all ages and from all walks of life use student loans wisely.
What is a wise student loan investment?
- Borrow for tuition, not for lifestyle
- Limit total borrowing to less than your expected 1st-year salary
- Get in school, stay in school, and finish as quickly as possible
- Set a goal to pay off student loans in 10 years
- Stay in touch with loan servicers – they are the best source of information and assistance
Everything in our GetWisEdu program focuses on achieving these five results. We measure our success by tracking the average rate of borrowing, monthly delinquency, and the U.S. Department of Education’s Cohort Default Rate (CDR) and Repayment Rate (RR). We define success as creating year-over-year reductions in average borrowing, delinquency, CDR, and year-over-year increases in the RR.
Frequently Asked Questions
- What services do you provide?
- We provide robust student borrower communications and counseling.
- We communicate with students while in school about their current student loan debt.
- We use the latest contact center, text messaging, email, and postal mail technologies.
- Students benefit from knowing about their debt obligations early and frequent reminders help them successfully enter into and stay in repayment.
- Our student financial literacy web toolkit provides financial calculators and information to encourage wise borrowing, budget management, and future planning.
- What are the fees?
- We charge one low monthly fee for each student borrower serviced. We can service students who are in any or all of the following statuses: In-School or Grace Period, Repayment, Deferment, Forbearance, or Defaulted and subject to an active 3-year CDR period.
- We offer volume discounts to multi-campus systems of higher education.
- Individual, specific, targeted contact services are also available at a-la-carte pricing.
- What services are included?
- The following services are included in our low monthly fee for a great value:
- Full-service student contact center
- Student website financial planning resources and calculator (available to all students)
- Detailed monthly reports which include borrower level information by delinquency stage
- Comprehensive CDR analysis
- Promotional campus collateral materials are available (posters, brochures, flyers, postcards, handouts, etc.)
- Loan servicer coordination assistance for both schools and students
- Training for school officials on borrower counseling strategies, repayment assistance rules and regulations, and CDR management
- Comprehensive skip tracing on accounts with invalid information (old addresses, emails, phone numbers)
- Additional individual specific targeted contact services are also available at a-la-carte pricing
- What are the contract terms?
- We recommend signing up with us for at least a one year term for us to prove our services to you and lower your CDR rates.
- We are confident that our services will work for you, challenge us by starting with your students that are most at risk of defaulting.
- We have flexible contract terms to meet your unique situation.
- What is involved in the set-up process?
- Our on-boarding team works directly with your school on all pre-servicing preparation tasks.
- We assist your school in requesting access to NSLDS, as an agent for your school. Once access is established, no other NSLDS interaction is required from your school. We do all the work by downloading your students’ information and launching robust communications campaigns.
- Schools may also transfer data (like private loan information) to us via our SFTP server that is FIPS 140-2 certified.
- We are an official 3rd-party servicer on the U.S. Department of Education’s ECAR.
- How soon can I start?
- Contact us to assess your needs and submit a proposal. After the contract is signed, we can begin our communications implementation plan within 45 days.
- What reports are provided?
- We provide detailed monthly reports as part of our contracted services. Reports include the following information:
- Actual, Estimated, and Projected Cohort Reporting
- History of Official CDR and Draft CDR (if applicable)
- Delinquency Overview, History, and Trends
- Portfolio Status and Overview
- Is my student data information secure?
Yes. To protect personal student data, we operate with the highest security standards that meet or exceed the Family Education Rights and Privacy Act (FERPA) requirements. Independent verification of our security controls have been confirmed by RiskSense, Blue Canopy, and Security Metrics.
- What materials and handouts do you provide?
We provide a variety of collateral for schools to get the message about our services out to your students including posters, brochures, postcards, email templates and more. We can also develop custom materials to meet your needs.
- Can you co-brand your messages with my school?
Co-branding with your school is standard. All of our collateral, messaging, and websites are also customizable to co-brand with your school’s brand and messaging standards including your school’s logos and colors.
- What if I am already contracted with another service?
Dare to compare. Try us out with a small portfolio of your most at-risk defaulted or delinquent student borrowers to see how our methods compare.
- Can you help with other student communication contact services?
Yes. We've had over 35 years to perfect student communications and are happy to help with other messages you may want to send. Contact us for custom services and pricing to help with campus based notifications, health and awareness campaigns, housing renewals, registration, balance alerts, and more. Are you concerned about student debt letter legislation in your state? Use our affordable student communication services to help you comply.
What is a wise investment in education?
A wise investment in education is:
- Borrow for tuition, not for lifestyle
- Limit total borrowing to less than your expected 1st year salary
- Graduate ASAP - enroll, focus, and complete your education in as little time as possible
- Set a goal to pay off your loans in 10 years or less
Frequently Asked Questions for students. You can call us at for personalized assistance at 1.800.621.3115
Who is GetWisEdu and why are you contacting me?
GetWisEdu is a service provided by your school. We are contacting you because your school has contracted with our service to notify you about your federal student loans. Your school wants to help you successfully repay your student loans.
What should I do if I’m having trouble making my student loan payments?
Contact your loan servicer immediately. When you fall behind on your payments, you are considered delinquent on your loan. Missing payments or late payments can affect your credit rating as well as jeopardize any cost saving benefits that you may receive. There are serious consequences for not making your student loan payments. There are several repayment options including income-driven repayment plans and other options like deferment and forbearance that can temporarily stop or reduce the amount you pay on your loans. The most frequent comment heard from borrowers in default is "I wish I'd called my servicer sooner”. Don’t be that person…contact your loan servicer before you miss a payment.
Can my monthly payments be automatically withdrawn from my bank account?
Yes. This is called Automatic Payments. We recommend this option as you don’t have to remember to pay your loan bill every month. By enrolling in Automatic Payments you may qualify for an interest rate reduction. Contact your servicer to set-up Automatic Payments.
What is Income-Driven Repayment?
Income-Driven Repayment plans are designed to keep your payments affordable based on how much money you make. These plans are based on your earnings and family size and are evaluated and adjusted every year. You must certify your income each year to continue to qualify for these plans.
Find out if income-driven repayment plan is right for you with this calculator. Interest continues to accrue on your loans, and your monthly payment will increase as your income increases. Unpaid interest during periods of reduced monthly payments may be added to your loan balance; increasing the total amount owed. You may qualify for loan forgiveness if your student loans are not fully repaid after 20 or 25 years – again, depending on the program you qualify for. Contact your loan servicer to enroll.
What is Deferment?
If you are unemployed or experience a temporary financial hardship, you may qualify for deferment. Deferment is a temporary solution that stops or decreases your student loan payments during circumstances that have you struggling to repay your student loans. Interest continues to accrue during Deferment and if not paid, will be added to your loan balance and increase the total amount owed. Contact your loan servicer to see if you qualify.
What is Forbearance?
Forbearance is a temporary solution that stops or decreases your student loan payments when you are struggling to pay your student loans in qualifying situations. Interest continues to accrue during Forbearance and if not paid, will be added to your loan balance increasing the total amount you owe. Contact your loan servicer to see if you qualify.
What is the difference between delinquency and default?
Your loan will be considered delinquent if your full payments are not received by the due dates. Even missing one month or not paying the full loan payment amount means your loan is delinquent. You may be charged late fees for delinquency. You also can lose eligibility for loan benefits like interest rate reduction. Your loan status will remain as “delinquent” until you make up the missed payments through deferment, forbearance or by catching up on payments. A delinquent loan goes into default after you have not made a payment for several months (270 days for federal loans). Defaulting on student loans has serious long term consequences. Once your student loan is in default, the entire current balance becomes due, not just the missed payments. Avoid default at all costs. Contact your loan servicer to help you get back on track.
I thought my loan was on Deferment/Forbearance, how is it delinquent?
If you believe your account should not be delinquent, immediately contact your loan servicer. Often borrowers in this situation are not aware that the Deferment or Forbearance period has expired, or submitted a request but did not follow-up to make sure it was approved.
I am in school. Why are you contacting me?
Your loan servicer’s records do not show you are currently in school. Contact your loan servicer immediately and make sure your enrollment status is updated.
Your loan servicer is the best source of help and information about your student loans. It is their job to help you avoid delinquency and default and assist in successful loan repayment. If you do not know who your servicer is, you can find them by logging in to NSLDS or you can call us at 1-866-761-9991. Click on your servicer’s logo for their contact information.
partner with us
Do you want to reduce your Cohort Default Rate? Increase your Cohort Repayment Rate? Provide enhanced borrower counseling for in-school students? Comply with student debt communication legislation? Streamline other student communications?
We work with you to determine your needs. Participating in the GetWisEdu program is simple, see what our clients are saying:
"Partnering with GetWisEdu in our default prevention efforts has been a wonderful experience. The staff is very easy to work with, the service is cost-effective, and our default rate has decreased."
-April Chavez, Financial Aid Director at Clovis Community College
"The partnership with GetWisEdu has been an extremely important part of Santa Fe Community Colleges default prevention plan. With their hard work and dedication, the default rate at SFCC is lowest it’s been in five years!"
- Kelly Durbin, Director, Financial Aid Office at Santa Fe Community College
"Since partnering with GetWisEdu regarding our Cohort Default Rate (CDR), we have seen a significant decrease in our CDR. The communication, collaboration, and expertise has been a positive impact for our office. Monthly Delinquency Overview Reports are sent to us timely and indicate where our delinquency portfolio stands. We are extremely happy that we have this working relationship. Financial Aid Offices have compliance standards to follow and GetWisEdu certainly have assisted us with staying in compliance. The outreach to students/former students has made a very big difference and it has taken a weight off our office."
-Mindi-Kim Schrum, Sr. Director San Juan College, Farmington NM