Representatives of two schools recently shared their student loan default prevention success stories — successes they attribute in part to their use of USA Funds Borrower Connect™.
“USA Funds Borrower Connect has been very beneficial to us,” said Dean Riling, vice president of administration at Spartan College of Aeronautics and Technology. “We’ve been able to lower our cohort default rate by 3 percentage points in a short amount of time.”
Spartan College of Aeronautics and Technology has been using USA Funds Borrower Connect to assist in communicating with borrowers for nine months.
Riling joined Sharon Wurm, director of financial aid and student success at Truckee Meadows Community College, in reporting on their default prevention experiences during the webcast “Creating Effective Default Prevention Strategies.”
Wurm reported that combining USA Funds Borrower Connect InTouchSM with USA Funds Borrower Connect helped her Reno, Nev.-based school to maintain a cohort default rate that was projected as the best-case scenario.
USA Funds Borrower Connect is a Web-based tool that automates borrower communication through telephone, letter and email campaigns, using loan information schools upload from their various loan servicers. USA Funds Borrower Connect InTouch is a staffing solution that provides all the benefits of individual counseling with borrowers — without all the work.
Wurm told the webcast’s 100 participants that her school began using USA Funds Borrower Connect in 2011, adding USA Funds Borrower Connect InTouch last August.
Keeping borrowers on track
Tulsa, Okla.-based Spartan College uses USA Funds Borrower Connect to conduct call and email campaigns of varying frequency — daily, weekly or monthly — to reach borrowers to help them stay on track in repayment. The school also relies on USA Funds Borrower Connect’s reports to create those communication campaigns and then remind staff to follow up when appropriate.
“Having information in USA Funds Borrower Connect allows us to contact students early in their delinquency,” Riling said.
Truckee Meadows uses mail and email campaigns to contact borrowers.USA Funds Borrower Connect’s dashboard and reports, Wurm said, serve as a valuable tool for the school’s staff, keeping them abreast of the effectiveness of their communication efforts.
Truckee Meadows added USA Funds Borrower Connect InTouch to communicate with borrowers on the school’s behalf because “we consider USA Funds® to be the experts,” Wurm said. “They’ve been doing this for years and years and years.”
USA Funds presented last week’s webcast in partnership with University Business magazine. View a recording of the full webcast.
Learn more about USA Funds’ default prevention tools and solutions.