Inceptia, a division of NSLP, announced today that the Missouri Community College Association (MCCA) has chosen Inceptia to offer default aversion and financial literacy services to student borrowers attending member institutions across Missouri. Inceptia will work individually with seven community colleges to determine their unique needs and create a contractual arrangement accordingly.
This partnership was made possible in large part by the Missouri Department of Higher Education (MDHE). In 2001, MDHE established a Default Prevention Grant program. Since the program’s inception, MDHE has awarded nearly $10 million in grants to Missouri institutions, which in turn has aided more than 50 postsecondary institutions in establishing debt management programs, financial literacy workshops, student success and retention efforts, and default prevention activities on their campuses. According to Marilyn Landrum, supervisor for default prevention and financial literacy at the MDHE, “Helping students make wise borrowing decisions and establish healthy repayment habits is critical to the success of Missouri’s students, the overall long-term economic health of the state, and the nation.”
Available to MCCA member institutions will be Inceptia’s performance-based Default Prevention Outreach service. Inceptia’s counselors will connect with individual borrowers who have become delinquent on their student loans and address their specific repayment needs in order to find the best tailored solutions to get them back on track with repaying their loans.
In addition, MCCA member institutions can choose to provide Grace Counseling Outreach to their student borrowers, which is designed to guide them during their grace period on expectations around student loan repayment. With this counseling, students will gain an understanding of their various repayment options, as well as their rights and responsibilities.
Finally, MCCA member institutions that purchase Default Prevention Outreach or Grace Counseling Outreach will receive Inceptia’s online financial education program, Financial Avenue, free of charge. The goal of Financial Avenue is to provide students a foundational introduction to personal finance. Financial Avenue employs online videos and interactive tools to thoroughly cover financial basics from budgeting, credit cards and banking to more complex subjects like contracts, taxes and investing.
“We are looking forward to partnering with Inceptia to address the important issue of default aversion,” stated Zora Mulligan, executive director at MCCA.
“We are proud to offer our extensive default aversion and financial literacy services to thousands of community college students on MCCA campuses across Missouri,” noted NSLP President and CEO Randy Heesacker. “As we’ve seen through experience, fostering a strong financial education program and ongoing default prevention support outside the classroom greatly contributes to students’ success as they repay their student loans.”
Inceptia, a division of National Student Loan Program (NSLP), is a nonprofit organization providing premier expertise in higher education access, student loan repayment, analytics, default prevention and financial education. Our mission is to support schools as they arm students with the knowledge needed to become financially responsible adults. Since 1986, we have helped more than two million students achieve their higher education dreams at 5,500 schools nationwide. Annually, Inceptia helps more than 120,000 students borrow wisely, resolve their delinquency issues and successfully repay their student loan obligations. Inceptia educates students on how to pay for college, guides borrowers through loan repayment counseling, and provides default prevention strategies and services to schools. More information at Inceptia.org.