Ongoing communication with your student loan borrowers is a proven best practice for preventing loan defaults and promoting successful student loan repayment. There are a variety of strategies that can help to identify those most at risk of default, conduct initial and ongoing outreach programs, and communicate the best options to students for loan repayment.
As the academic retail industry faces unprecedented changes in student behavior and rapid advances in technology, one thing is clear: campus bookstores need to rise above the transaction. Today’s campus bookstores must focus on delivering a superior experience that supports and celebrates the cultural and academic aspirations of students, faculty and alumni.
One out of every two colleges and universities today are considering implementing a virtual payments strategy to reap the financial rewards and streamline payment operations.
Higher education institutions face several challenges when it comes to affordability. But with the right business office plan, colleges and universities can reduce student accounts receivable while maintaining enrollments, improving retention, and providing quality customer service.
Students today want more options when it comes to their refunds, and institutions are looking for disbursement methods that limit students’ exposure to fees. In addition, the increased scrutiny and mounting regulatory pressure regarding student refunds disbursement is creating an even greater need for higher ed leaders to reexamine the refund processes at their institutions.
Communicating with student loan borrowers helps support their success in repaying their student loans and improving your institution’s cohort default rate. If staffing limitations prevent your institution from connecting with your borrowers, partnering with external vendors may be the solution.