BRAINTREE, Mass., July 13, 2005—Nellie Mae, a top originator of student loans and leader in helping students manage debt and understand the responsibilities of borrowing, today announced new features for its Debt Management EDvisor service, a financial-management counseling resource that provides interactive tools and advice for college students.
Originally launched in 1997, Nellie Mae's Debt Management EDvisor is a free tool offering worksheets, calculators, and tips for all college audiences, including undergraduate and graduate, full- and part-time, and traditional and non-traditional students. To help students comprehend multiple aspects of money management, Nellie Mae has added new features, including
- expanded content and additional interactive worksheets and calculators;
- the ability for users to save and update their budget information and student loan record;
- beginner and advanced tutorials that can be taken in sequence or individually;
- expanded sections where financial aid officers can customize content and statistics for their students; and
- reporting for financial aid officers to see which students have completed tutorials.
Debt Management EDvisor allows students to complete tutorials confidentially and conveniently online from any location at any time. The tool helps students take control of their financial situation by identifying spending pattern vulnerabilities, cost-reduction opportunities, and budgeting and saving strategies. In addition, the tool examines the student's credit card usage and provides recommendations for when to use a credit card, how to shop for the best credit card deal and why paying the minimum monthly requirement can add up to a high cost. A survey issued by Nellie Mae in May 2005 found that 76% of undergraduates in 2004 began the school year with credit cards.
Debt Management EDvisor offers college financial aid officers a number of benefits, as well. By helping to improve their students' current and future financial outlooks, they could upgrade their school's student loan repayment statistics and downgrade default rates, safeguarding their participation in Title IV financial aid programs. Financial aid officers may customize the tool with local salary and cost-of-living data, the school's cost of attendance, the school's logo, tips, articles and Web links, and request to receive automatic email notification when a student completes a tutorial.
"Students who are financially overextended may be required to work more and, therefore, might study less," said John Marcus, president of Nellie Mae. "When a student or graduate is on solid financial ground, both the individual and the school win. As a leader in helping students manage debt and understand the responsibilities of borrowing, Nellie Mae is pleased to play a role in helping students achieve financial success."
For more information, visit www.nelliemae.com/edvisor.
About Nellie Mae Since 1982, Nellie Mae has focused exclusively on providing education financing for undergraduate and graduate students and families. Programs include Federal Stafford, PLUS and Consolidation Loans, as well as private loans. Online services include loan pre-approval, a loan information center, and debt-management tools to help students before and after college. Visit www.nelliemae.com for more information. Located in Braintree, Mass., Nellie Mae is a wholly owned affiliate of Sallie Mae, the nation's largest provider of education funding. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States.