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Student Borrower Best Practices: Enhancing Financial Literacy and Communication

This article discusses best practices to support student and parent borrowers, including financial planning, debt awareness, digital communication strategies, data-driven outreach, and optimizing mobile and online channels. It also highlights the use of AI/chatbots for addressing borrower questions.

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Student Borrower Best Practices: Enhancing Financial Literacy and Communication

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  1. NCHER 2019 Best Practices to Support Student and Parent Borrowers: “Welcome to Our Beach House” Misty Sabouneh, Campus Logic Sara Wilson, Student Connections

  2. Issues in Student Success $1.5B Off by thousands 40% low-income 65% don’t understand $500 scholarship

  3. Best Practices Before/During School

  4. University of Phoenix: Financial Plan

  5. UoPX: Funds Acceptance • Students create a financial plan that can include estimated Pell, scholarships, personal contributions, tuition reimbursement, and other benefits. • The plan defaults to student accepting a loan in the amount that covers remaining tuition and fees. • If a student wants a higher loan amount, a custom loan amount must be entered. • Students can modify loan amounts at a later time.

  6. UoPX: Expected Costs • System will provide expected costs, including non course related charges and discounts. • The Financial Plan Summary displays in the right rail of most screens- with total program cost visible at the top. • iGrad is available to students throughout the system.

  7. UoPX: Estimating Repayment • NSLDS data included to show total amount borrowed by student at other institutions. • Future borrowing estimated based on borrowing behavior to date. • Estimated standard monthly payment displayed. • System tracks against aggregate limits and will send notification if student may hit limit.

  8. App-based Learning

  9. App-based Learning

  10. Debt Check • Debt disclosures – low tech solution to debt awareness • Goal to reduce over borrowing • Emails allow for better tracking/ reporting

  11. Texting to Save Students – Case Study • Texts pushed fast adoption of new financial services processes • Text alerts saved all but 8 of the 250 students at risk of getting dropped MAC saved 242/250 studentsat risk for dropping due to non-payment

  12. Digital Communications

  13. Digital Communications

  14. Bringing in External Funding • SponsoredScholar • GoFundMe approach (Case Study: $7 Million) • ScholarshipUniverse • External Data Base (Case Study: $6 Million)

  15. Best Practices After School

  16. Data-driven Outreach • Predictive analytics guide and customize borrower communication strategy: • Best method to contact • Right time to contact • Integrated set of tools to increase right party contacts: • Advanced call center tools • Multi-channel communications • All results tracked in proprietary system

  17. Borrower-centric Resources

  18. New and Innovative Practices

  19. Your Audience Is Changing Daily

  20. Optimize Mobile & Online Channels • The average college student brings 7 Internet-connected devices to campus • 60% of Gen Zers(born 1997–2016) won’t use an app or website that’s too slow to load; 62% will close out of a site that’s too hard to navigate • 77% of Gen Zers say they want relevant information from their colleges via text • More than half of smartphone users used their phone to look up health information or do online banking within the last year

  21. A.I./Chatbot

  22. Questions?

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