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Default Aversion and Student Retention
• MGA Default Aversion Symposium Series In 2003 MGA formed a Default Aversion Task Force to address the increasing difficulty many Michigan students were facing in the repayment of their federal student loans. The task force, whose membership consisted of financial aid professionals from public, private, and career schools throughout the state, suggested a Default Aversion Symposium Series which would enable schools to mutually explore the best methods to keep students out of default. | • MGA Default Aversion Initiatives The Michigan Guaranty Agency (MGA) currently offers two post-graduation programs to help an institution's borrowers avoid the serious consequences of default. | • Default Aversion Resources Database Because the amount of information on default aversion is enormous and can sometimes be overwhelming, the Michigan Guaranty Agency has compiled default aversion resources organized topically for an FAA's quick and easy use. | • Student Retention Resources Successful student retention programs recognize that cognitive, social, and institutional factors all play a role in student retention and persistence. The most effective student retention programs address these three components by examining financial aid packages, course availability and content, as well as implementing support mechanisms such as tutoring, mentoring, and career counseling. It is also imperative to have a means of tracking students through school and monitoring the program's success so that the institution can determine which methods are effective and those that need improvement. To assist schools in their retention efforts the Michigan Guaranty Agency has compiled a list of student retention resources. |
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