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Draft Strategic Plan DRAFT DRAFT U.S. Department of Education Betsy DeVos Secretary Federal Student Aid Mark A. Brown Chief Operating Officer This publication is a draft in the public domain. Authorization to reproduce it in whole or in part is not granted. This draft publication is available at Federal Student Aid’s website at https://studentaid.gov/data-center/business-info/strategic-planning-and-reporting DRAFT CONTENTS 05 Letter from the Chief Operating Officer 09 Organization Overview 14 Trends in the Federal Student Aid Environment 15 The size and performance of FSA’s portfolio of loans has direct implications for taxpayers. 21 Students are making high-impact financial decisions without the benefit of adequate financial knowledge. 25 Digital fluency and mobile ubiquity are driving new service expectations among customers. 28 Increased volume of student data has created new opportunities, obligations, and risks. 31 Updating the FSA Mission: Keeping the Promise 39 FSA’s Future Goals and Objectives 40 Empower a High-Performing Organization 44 Provide World-Class Customer Experience to the Students, Parents, and Borrowers We Serve 50 Increase Partner Engagement and Oversight Effectiveness 54 Strengthen Data Protection and Cybersecurity Safeguards 57 Enhance the Management and Transparency of the Portfolio 63 Performance Measures 71 Relationship to the Department of Education Strategic Plan 73 Evaluating Progress 3 DRAFT EMPOWER A HIGH-PERFORMING ORGANIZATION PROVIDE WORLD-CLASS CUSTOMER EXPERIENCE TO THE STUDENTS, PARENTS, AND BORROWERS WE SERVE INCREASE PARTNER ENGAGEMENT AND OVERSIGHT EFFECTIVENESS STRENGTHEN DATA PROTECTION AND CYBERSECURITY SAFEGUARDS ENHANCE THE MANAGEMENT AND TRANSPARENCY OF THE PORTFOLIO 4 DRAFT LETTER FROM THE CHIEF OPERATING OFFICER That’s when, by signing the HEA, President Lyndon B. Johnson made a promise to “swing open a new door for the young people of America … the door to DEAR COLLEAGUES, PARTNERS, education.” CUSTOMERS, AND FEDERAL STUDENT AID FAMILY: Presently, in large part due to the dedication of our employees and partners, Since being appointed Chief Operating three times more Americans receive Officer of the U.S. Department of degrees, the poverty rate has been almost Education’s (ED) office of Federal Student cut in half, and the median income has Aid (FSA) in March 2019, I have been grown by 1,000 percent. However, we also humbled by our mission, excited about recognize that a college degree, by itself, our strategies, and eager to take on the is no longer the symbolic marker it once challenges that lie ahead. Mostly, I have was. This is demonstrated by the been blown away by FSA’s collective numerous college graduates who are dedication to the crucial higher education underemployed or unemployed, unable to work it performs to serve our country’s pay back their student loans, and who are students and families. in default or are unable to adequately pay down their loan principal. I am pleased to present FSA’s Five-Year Strategic Plan for Fiscal Years 2020–24 Today’s average $20,000-price tag for (Five-Year Plan). This plan establishes one year of tuition, fees, room, and board ambitious goals and objectives to ensure at a public four-year institution of higher that we continue to provide access to education outpaces inflation, leaving higher education regardless of one’s past too many students and families with educational experiences or socioeconomic considerable financial decisions. As costs status. rise, so too does the demand for federal student aid to pursue educational dreams. Our mission—Keeping the Promise: Each year, FSA provides more than $120 Funding America’s Future, One Student billion in federal loans, grants, and at a Time—is deeply rooted in the Higher workstudy funds to approximately 10 Education Act of 1965, as amended million students attending more than (HEA). For more than 50 years, the ideals 5,800 institutions. that frame this law have permeated every segment of our economy, society, and our While expanding access continues to be pursuit of knowledge. our goal, we are cognizant of the size of the federal student loan portfolio, which In the early 1960s, America was a different now exceeds $1.5 trillion. Stewardship of place: just 1 in 10 adults graduated from such a vast portfolio requires steady college, 19 percent of American families leadership, active management, and lived in poverty, and the median income transparency. Through internal portfolio barely surpassed $6,000. The average analytics and feedback from our stake- annual cost of one year at a public college holders, we recognize there is room to was just under $1,000, yet completely out improve our programs, products, of reach for many Americans. services, and operations. LETTER FROM THE CHIEF OPERATING OFFICER 5 DRAFT Using our insights and stakeholder input, service, continued our Next Gen FSA we launched Next Gen FSA. This initiative transition to an improved digital will transform nearly every aspect of the environment, and worked to instill a federal student aid programs. It will stronger culture of performance with streamline our student aid systems and our loan servicers. Working closely with processes, strengthen cybersecurity, and, our partners we were able to quickly over time, save taxpayer dollars by ensure our student loan servicers were making our operations more efficient. We 100% compliant with the Coronavirus have begun to modernize the way we Aid, Relief, and Economic Security Act connect with our customers, allowing us (CARES Act) student loan relief provisions to meet them where they are in today’s that suspended payments on loans and digital world. Through Next Gen FSA, we temporarily set the interest rate on all will provide customers with the necessary EDheld loans to 0%. Our work continues as financial tools and literacy to help them we safeguard the careful implementation of make practical plans, leading to the COVID-19 emergency relief efforts for moreinformed borrowing, less long-term the students and families we serve. debt, and better repayment outcomes. We do not yet know the full extent of the The need for both financial assistance implications of COVID-19 on our operations and guidance has never been greater. and customers, but the goals outlined in The cost of college continues to climb, this plan are a roadmap for how FSA will well outpacing the median household successfully operate, respond to change, income. For this reason, more students and execute our mission moving forward. and families must turn to loans to cover The plan is composed of five strategic goals: costs. In addition, support for public policy intended to assist students with their college • Goal One: Empower a High-Performing debt has increased oversight requirements. Organization FSA’s Five-Year Plan will be our roadmap to meet existing and new requirements, • Goal Two: Provide World-Class operationalize Next Gen FSA, and support Customer Experience to the Students, our millions of customers. Parents, and Borrowers We Serve This plan reflects our efforts to create • Goal Three: Increase Partner a more student-focused, agile, and Engagement and Oversight Effectiveness transparent organization that is better equipped to fulfill our mission. Operating • Goal Four: Strengthen Data Protection in the 21st century means that we must be and Cybersecurity Safeguards able to respond quickly to our customers’ needs, as well as shifts in public policy. • Goal Five: Enhance the Management In March 2020, COVID-19, a global and Transparency of the Portfolio pandemic, increased FSA’s need to be responsive to students, parents, borrowers, To inform this Five-Year Plan, our team institutions, and other higher education reviewed guidance from the Secretary stakeholders. of Education, examined congressional and federal audit recommendations, and During the COVID-19 pandemic, we sought feedback from stakeholders in reaffirmed our commitment to customer higher education. FSA also used student 6 FEDERAL STUDENT AID FY 2020–24 STRATEGIC PLAN DRAFT and borrower feedback to help focus on improving customer service. Additionally, our team analyzed data from vendors and Institutions of Higher Education to ensure future consistency and accountability. The strategic goals, objectives, and metrics in this plan will allow FSA to successfully implement Next Gen FSA while strengthening oversight of our vendors, institutions, and extended workforce. Not only will the Five-Year Plan increase external oversight, it will also improve our own accountability to our stakeholders. FSA is committed to continuing effective outreach, conducting ongoing evaluations, and fostering innovation through collaboration. Through meaningful metrics, FSA will gauge our performance in all areas and make data-driven decisions to enable positive outcomes for customers, other stakeholders, and taxpayers. I am confident that thisFive-Year Plan lays the foundation to achieve our vision to be the most trusted and reliable source of student financial aid, information, and services in the nation. I invite you on this journey to transform our organization, enhance its outcomes, and collectively keep the promise to improve opportunities for students and families across America. Sincerely, Mark A. Brown Chief Operating Officer Federal Student Aid United States Department of Education LETTER FROM THE CHIEF OPERATING OFFICER 7 DRAFT FSA MISSION, VISION, AND CORE VALUES Keeping the Promise: Funding America’s Future, MISSION One Student at a Time. To be the most trusted and reliable source of student VISION financial aid, information, and services in the nation. VALUES FSA’s six core values are as follows: Do the right thing above other interests and hold INTEGRITY everyone accountable. Provide accurate and timely information to customers CUSTOMER SERVICE throughout the student aid lifecycle. Strive to be the very best in all we do by embracing a culture EXCELLENCE of continuous improvement. Value individuals by acknowledging the diversity of their RESPECT contributions, ideas, and beliefs. Uphold the sacred trust of taxpayers as we work to support STEWARDSHIP the goals of Congress and the Administration.
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