USA Funds Borrower Connect Promotes Holistic Approach to Default Prevention

Recent enhancements to USA Funds Borrower ConnectTM include export functionality — permitting users to export borrower, loan and communication history data from the communications tool.

The export feature allows you to begin to establish a holistic approach to preventing loan delinquencies and defaults while helping to increase retention and completion rates. Use the export functionality to:

1. Import data into your school’s financial aid management system.

  • Create a data warehouse by merging export data with data from your school FAMS and other sources.
  • Update the FAMS with borrower demographic, loan and communication information.
  • Identify defaulted borrower characteristics by campus and at the central office.
    • Define targeted strategies to prevent default and incorporate strategies into any default prevention plan. 
    • Work with career services to focus on campuses with a high number of delinquent borrowers. Leverage the opportunity to be seen as a trusted adviser, helping not only graduates but those who withdraw to prepare résumés and seek jobs. 
  • Identify characteristics of borrowers who successfully repaid their loans, by campus and at the central office. 
    • Reinforce strategies that are increasing the number of successful borrowers. 
  • Increase retention awareness by performing an analysis of borrowers who are delinquent or in default on their loans by comparing data to your specific institutional information. 
    • Identify strategies to increase retention and completion rates based on this information, and establish targeted counseling sessions in person or via telephone.

2. Analyze data for gainful employment requirements as mandated by the U.S. Department of Education.

  • Identify the percentage of your portfolio that is actively repaying.
  • Identify accounts that are not reducing their overall debt.

3. Analyze servicer performance, and develop a trend analysis to show servicer performance.

  • Assists you in completing Department of Education surveys about servicer performance.

4. Send to servicers any demographic information to update their systems.

5. Manage your portfolio by comparing performance of any of your internal volume against any volume outsourced to an external entity.

USA Funds Borrower Connect is a Web-based tool that helps you improve your cohort default rate by connecting with your borrowers through telephone, letter and email campaigns.  To learn more about USA Funds Borrower Connect or its staffing solution, USA Funds Borrower Connect InTouchSM, contact your USA Funds®representative.