Inceptia’s Repayment Wellness: Empowering Student Borrowers for Financial Success

Inceptia's Proven Strategies to Ensure Student Borrower Repayment Success
Hello,
 
Providing students with the right support and resources during their borrowing journey is crucial for long-term financial success. Our Repayment Wellness suite has solutions designed to guide students in making informed decisions and managing their loans effectively.
 
Repayment Counseling Outreach: Achieve an 83% average resolution rate to help your students manage their loans and avoid default.

Grace Counseling Outreach: With 99% of students finding grace period counseling beneficial in helping them prepare for successful repayment.

Loan Summary: With 24x7 access, students who have a clear view of their borrowing are empowered to make informed decisions.

Visit our Repayment Wellness page and connect with us to help you equip your students with the knowledge and tools they need to make confident financial choices for a successful future.

Inceptia
888.529.2028
talktous@inceptia.org

 

The Way Forward
Inceptia, a nonprofit organization, provides innovation and leadership in higher education access and success through engaging and empowering students and streamlining processes.

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1300 O Street, Lincoln, NE 68505 

Inceptia Master Services Contract: Comprehensive Terms & Conditions

MASTER SERVICES CONTRACT GENERAL PROVISIONS

The following terms and conditions will apply to all Services, Products and Materials made available to School in conjunction with the Contract entered into between Inceptia and the School:

1. Representations. Inceptia represents that it is the owner of the entire right, title, and interest in and to the Services, Products and Materials. Unless specifically qualified or accepted in the Contract, the Exhibits and these General Provisions, no usage rights have been granted to any other entity which restrict the rights granted to School. Inceptia represents and warrants to School that the Services and Products, when properly utilized by School and used with properly functioning or designated equipment will perform substantially as represented by Inceptia.

2. No Modifications by School. School may not modify, attempt to modify, or decompile or attempt to decompile the Services and Products. If School modifies or attempts to modify, or decompiles or attempts to decompile the Services and Products, or in any other way abuses or tampers with the Services and Products, the warranty obligations of Inceptia shall be null and void and subject to termination as described in Section 3 of the Contract. The limited warranty and restricted remedy contained herein is not applicable to the Services and Products that has been modified or misused by School.

3. Technical Updates. Technical updates to the Services and Products will be made periodically and distributed to School as a part of Inceptia’s usual update protocol so long as School is current in the payment of all fees. If the Contract has been cancelled by the School or payment has not been timely received by Inceptia, Inceptia shall have no obligation to provide on-going updates.

4. Product Support. Inceptia shall provide School with basic product instruction, support, and customer service in conjunction with use of the Services and Products.

5. Product and Service Customization. If School requests customization to any of the Services and Products that Inceptia determines (in Inceptia’s sole discretion) to be unique to School, then School will be given an estimate based upon an agreed customization rate. Such changes shall be in addition to the fees charged to School as outlined in Exhibit B. Inceptia will not make nor bill School for customization fees unless written approval from the School is received prior to changes being made. Title and ownership of any and all corrections, updates, and modifications shall be the sole property of Inceptia with all ownership and rights to title vested entirely with Inceptia.

6. Modifications Requested by School. School may, from time to time, request that Inceptia incorporate, upgrade, or otherwise modify certain features of the Services and Products. Such modifications shall be deemed to be non-customized upgrades, which are not unique to School or its use of the Services and Products; and therefore, not governed by the terms of Section 5 above. To the extent Inceptia undertakes, in its sole discretion, to incorporate such changes, the parties agree that Inceptia may use and distribute the modifications in its ordinary course of business. Modifications may be made in writing, represented by an amendment to the Contract, as mutually agreed upon by an authorized representative of both Inceptia and School. Title and ownership of any and all corrections, updates, and modifications shall be the sole property of Inceptia with all ownership and rights to title vested entirely with Inceptia.

7. Materials. Inceptia may develop and produce a number of written and electronic media materials (Materials) in the form contemplated by this Contract and shall provide them in conjunction with training and education services in accordance with a schedule as agreed to by the parties. All Materials will be copyrighted in the name of Inceptia, and School will not make any format changes or alterations in any part of the Materials except as provided within this Contract or as otherwise consented to in writing by Inceptia.

8. Scheduled Maintenance and Downtime. Inceptia shall use all reasonable efforts to ensure that the Services and Products are operating and reasonably available to school customers. Downtime is considered to be time that the Services and Products are unavailable due to a failure in the Inceptia network. There may be periods of time that Inceptia schedules maintenance on the Services and Products that requires an interruption of service. School will be notified in advance of scheduled maintenance and every effort will be made to schedule this maintenance outside the hours of 7:00 a.m. and 10:00 p.m. Central time. Scheduled maintenance is not considered downtime. Inceptia cannot be responsible for connectivity issues arising from problems in the School’s or customer network or Internet outages beyond Inceptia’s control.

9. Nonexclusivity. The creation, development, and dissemination of the Services, Products, and Materials shall be on a nonexclusive basis, and Inceptia retains the right to use and distribute the body of work, design, copy work, and related information and materials (proprietary and public domain) associated with the Services, Products, and Materials for itself or others including offerings of the Services, Products, and Materials to and in association with other school customers and entities.

10. Confidential Information. Each party will protect the Confidential Information of the other party in accordance with the terms of this section. The term “Confidential Information” means all trade secrets, business and financial information, computer software, machine and operator instructions, business methods, procedures, know-how, and other information that relates to the business or technology of either party and is marked or identified as confidential, or disclosed in circumstances that would lead a reasonable person to believe such information is confidential. The Services, Products and Materials of Inceptia as defined in the Contract, the Exhibits and these General Provisions, as well as the Fees and Related Expenses described in the Contract, shall be considered Inceptia’s Confidential Information, notwithstanding any failure to mark or identify it as such. To the extent allowed by applicable law, the party receiving Confidential Information (“Receiving Party”) from the other party (“Disclosing Party”) will not use any Confidential Information of the Disclosing Party for any purpose not expressly permitted by the Contract, the Exhibits or these General Provisions, and will disclose the Confidential Information of the Disclosing Party only to the employees or contractors of the Receiving Party who have a need to know such Confidential Information for purposes of the Contract and who are under a duty of confidentiality no less restrictive than the Receiving Party’s duty hereunder. To the extent allowed by applicable law, the Receiving Party will protect the Disclosing Party’s Confidential Information from unauthorized use, access, or disclosure in the same manner as the Receiving Party protects its own confidential or proprietary information of a similar nature and with no less than reasonable care.

All tangible confidential information and any copies thereof shall be promptly returned to Disclosing Party or destroyed at Disclosing Party’s option upon direction by Disclosing Party or upon termination of the Contract. Receiving Party will not, however, be obligated to destroy or erase confidential information contained in an archived computer system backup made in accordance with its security and/or disaster recovery procedures, provided that such archived copy will eventually be erased or destroyed in the ordinary course of data processing procedures and will remain fully subject to the obligations of confidentiality stated in the Contract, the Exhibits and these General Provisions, until the earlier of the destruction of such copy or the expiration of the confidentiality obligations set out in the Contract.

11. Limited Warranty and Limitation of Liability. Inceptia warrants that, when used as permitted by Inceptia pursuant to the Contract, the Exhibits and these General Provisions, the Services and Products will substantially perform (i) according to the representations made by Inceptia, and (ii) in material compliance with federal and state laws, including laws associated with the management of personally identifiable information. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN THIS SECTION, INCEPTIA MAKES NO OTHER WARRANTIES WHATSOEVER WITH RESPECT TO ANY OF THE SERVICES OR PRODUCTS PROVIDED BY INCEPTIA OR INCEPTIA’S PERFORMANCE UNDER THE CONTRACT, THE EXHIBITS AND THESE GENERAL PROVISIONS, INCLUDING ANY (A) WARRANTY OF MERCHANTABILITY; (B) WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE; OR (C) WARRANTY OF TITLE; WHETHER EXPRESS OR IMPLIED BY LAW, COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OF TRADE OR OTHERWISE.

12. Protection of Data and Information. Inceptia shall comply with applicable federal laws and regulations, and to the extent not preempted thereby, applicable state laws and regulations, including privacy laws associated with personally identifiable information (Information) concerning School’s students and other end-users. Inceptia will not disclose such Information to anyone, except as permitted by law. Such permitted exceptions include, but are not limited to, sharing information with contractors, agents, schools, and the U.S. Department of Education to the extent necessary to provide the Services and Products in the conformity with federal law. Furthermore, Inceptia shall (i) not sell or share Information with outside marketers or other companies, which may then try to sell the products or services to third parties; (ii) restrict access of Information to employees, contractors, and agents who need to know such Information in order to provide the Services and Products contemplated by the Contract, the Exhibits and these General Provisions; (iii) maintain physical, electronic, and procedural safeguards in compliance with federal law to safeguard relevant Information; (iv) properly dispose of Information when required to do so; and (v) promptly notify School in writing of any unauthorized access to or use of Information derived from the Services and Products provided under the terms of the Contract.

13. Dispute Resolution. In the event that any dispute arises between Inceptia and School in connection with the Contract, the Exhibits or these General Provisions, the representatives of each party responsible for the subject matter of such dispute shall use good faith efforts to resolve such dispute promptly.  If the efforts to resolve disputed matters have not been successfully concluded through the process described in the immediately preceding sentence, then normal avenues of remedy shall apply.

14. Changes and New Terms. Inceptia may change the terms of the Contract, Exhibits A and B, these General Provisions, as well as effect new terms (including, without limitation, adding new or changing fees and payment or settlement terms), from time to time (each a “Change”) solely to the extent necessary, as determined in Inceptia’s reasonable discretion, to comply with changes in applicable law or regulation. Inceptia will give notice of a Change in writing delivered directly to School (including via email). School’s use of the Services Products and/or Materials after ten (10) days from the date notice of a Change was given constitutes acknowledgment and acceptance of the Change, as of the actual effective date of such Change; provided, that School will have the right to terminate the Contract upon written notice to Inceptia for a period of thirty (30) days following receipt of notice of such Change. In all other cases, the Contract, the Exhibits and these General Provisions shall not be varied by unilateral conduct or oral agreement, but only by an instrument in writing duly executed by all parties.

15. Independent Contractors. The parties understand and acknowledge that School and Inceptia are independent contractors. Neither party is an agent, representative, or partner of the other party. Unless otherwise provided in the Contract, the Exhibits or these General Provisions, neither party shall have any right, power, or authority to enter into any contract for or on behalf of, or incur any obligation or liability of, or to otherwise bind the other party. The Contract, the Exhibits and these General Provisions and any revisions to the same shall not be interpreted or construed to create an association, agency, joint venture, or partnership between the parties or to impose any liability attributable to such relationship upon any party. The parties specifically acknowledge and agree that any equipment and personnel of Inceptia shall be under Inceptia’s sole responsibility and control.

16. Entire Agreement. The Contract, the Exhibits and these General Provisions represent the entire understanding of the parties with respect to its subject matter, and supersedes all previous writing, correspondence, and memoranda with respect thereto; and no representations, warranties, contracts or covenants, expressed or implied, of any kind or character whatsoever with respect to such subject matter have been made by either party to the other, except as herein expressly set forth.

17. Miscellaneous Provisions. School shall not assign or otherwise transfer the Contract, the Services, Products, and Materials or any interest therein to any person or entity (other than a wholly-owned affiliate) without the prior written consent of Inceptia. The Contract, the Exhibits and these General Provisions shall be binding upon the parties hereto as well as their successors and assigns as permitted. No waiver of any breach of the Contract, the Exhibits or these General Provisions shall constitute a waiver of any prior, concurrent, or subsequent breach of the same, or any other provision of the Contract, the Exhibits and these General Provisions. The Contract may be executed in one or more counterparts, including electronic/digital execution pages, each of which shall be an original, but all of which shall constitute one and the same instrument. The Contract and any documents relating to it may be executed by one party by electronic signature technology and transmitted to the other party by facsimile, email or other digital/electronic means, which electronic signature and transmission shall be deemed to be, and utilized in all respects as, an original, wet-inked manually executed document. The Contract, the Exhibits and these General Provisions shall be governed by the laws of the state in which the School is chartered, principally located or is identified as its principal place of business (as selected by the School), and the parties submit and consent to the jurisdiction of the courts within such state for any matter associated with the Contract.

Confirmation

Thank you for your request. Your resources will be delivered to the email address you provided. If you have questions or would like additional information, connect with us at 888.529.2028 or inceptiasales@inceptia.org.

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What’s New in Financial Avenue: Reports

What's New in Financial Avenue: Reports
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PASFAA spotlight

CARES Act CDR Impact Timeline
Connecting resuming repayment impact to CDR

Based on the CARES Act and subsequent Executive Orders, student loan repayment is scheduled to resume on February 1, 2022. Many questions loom regarding Cohort Default Rates (CDR) and the future impact of all currently deferred borrowers resuming repayment at approximately the same time.

CARES Act Impact on CDRs and Open Cohort Years

2019

  • Denominator: October 1, 2018 – September 30, 2019
  • Impact to School’s CDR: October 1, 2018 – September 30, 2021
  • 2019 CDR was established in March 2020 when the CARES Act went into effect

2020

  • Denominator: October 1, 2019 – September 30, 2020
  • Impact to school’s CDR: October 1, 2019 – September 30, 2022
  • 2020 CDR was established in March 2020 when the CARES Act went into effect as loans which enter repayment on February 1, 2022 cannot default prior to September 30, 2022; therefore the 2020 CDR will be zero.

2021

  • Denominator: October 1, 2020 – September 30, 2021
  • Impact to school’s CDR: October 1, 2020 – September 30, 2023
  • As of February 1, 2022, 55% of the cohort year remains
  • Inceptia will accept delinquent borrowers through December 1, 2022

2022

  • Denominator: October 1, 2021 – September 30, 2022
  • Impact to school’s CDR: October 1, 2021 – September 30, 2024
  • As of February 1, 2022, over 88% of the cohort year remains
  • Inceptia will accept delinquent borrowers through December 1, 2023

Repayment Resumes February 1, 2022

A large number of borrowers will all reenter repayment in February 2022. This will likely result in higher delinquency placements and higher delinquency cure rates during April, May and June. After that time, placements and cures are likely to return to normal or slightly lower levels. It is expected to be a 12-month period of abnormal placement and cure rates.

Here’s why:

  • Due to all borrowers being brought current effective March 13, 2020, all borrowers will reenter repayment in February 2022. This also means that a larger number of borrowers will also become delinquent at the same time.
  • For Repayment Counseling Outreach, Inceptia loads borrowers at 60 days delinquent. The first batch of delinquent borrowers will occur in April, 2022.
    • There is no trend data on what to expect when repayment resumes. However, based on previous experience, when large natural disasters (hurricanes most recently) occur, borrowers have a difficult time getting back to making payments. As a result, there is typically a higher than normal delinquency rates after natural disasters.
    • Following this premise, Inceptia anticipates a larger than average number of borrowers will be loaded during April, May and June.
  • Based on larger numbers of delinquent borrowers, the volume of cures is likely to also be higher than normal for April, May and June.
    • There are borrowers that were in a suspension status (deferment or forbearance) before March 30, 2020, but have since come out of that status. These borrowers may need reminding to complete paperwork to resume their previous status.
    • There are borrowers who made payments before the COVID-19 crisis and were in good standing but are now unable to make payments due to job loss, etc. These borrowers may need to be informed of payment plan options.
  • After the initial surge of delinquent borrowers, delinquency placements and cures will likely return to normal thresholds; however, a portion of the initial batches will remain difficult to cure.
    • Newly delinquent borrowers will mainly be those borrowers currently in their grace period. These borrowers will roll into repayment in smaller cohorts and at different times.
    • Cure rates will also decline as delinquent borrowers from the earlier months become more challenging to cure. Previously delinquent borrowers prior to the CARES Act, may have been disengaged and have already gone nearly two years without making payments.

Visit Inceptia’s Cohort Year Impact Tool to see how the timeline impacts the cohort year. Contact Tami Gilbeaux and visit her dedicated solutions and resources page.

Tami Gilbeaux
Tami Gilbeaux
Assistant Vice President
315-200-3200

Holiday

As part of our non-profit mission, we are dedicated to supporting students’ higher education dreams by teaching them how to pay for college, get their financial aid, borrow wisely and manage their student loan obligations.

 

The dream of a bright future for so many has not only been more challenging in general this year, but multiplied by day-to-day struggles—like finding their next meal.

 

Hunger continues to be a growing issue for students at a national level—both in classrooms and on college campuses. For too many younger students, building strong educational foundations can’t be a top priority while living with the burden of food insecurity and chronic malnutrition.

 

That’s why this holiday season, Inceptia continues our holiday tradition of donating to Lincoln, Nebraska’s BackPack Program, a local charity dedicated to fighting child hunger. Though there are no backpacks this year, due to COVID-19, the program is still providing grocery vouchers, setting up pantries in high-need schools and doing drive-through food distribution to help fill the gaps that exist for too many.

 

We look forward to working with you in the future and wish you a peaceful holiday season and an optimistic outlook the New Year!

 

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Financial Avenue Engagement

 
Let’s get 10% More Financial Avenue Engagement

Are you excited about financial education, but not sure how to translate that enthusiasm into student action? Do you love Financial Avenue, but just can’t get your students to use it? Are you looking for ideas, tools, and resources to increase student engagement?

Well, we’ve got you covered!

This client-only webinar was designed with one goal in mind: helping you increase student utilization. Specifically, what if you could engage just 10% more of your student body?

This information-packed session covers:

  • An in-depth exploration of all available Administrator tools, including reports and Marketing and Educator Toolkits
  • Best practices from schools across the country who are getting big numbers with Financial Avenue
  • And an introduction to our newest Financial Avenue resource, Educator Lesson Plans

Fill out this short form and you’ll have direct access to the webinar.