When describing why his school has been pleased with its results using USA Funds Borrower Connect InTouchSM, Andrew Harvey of Garrett College referred to an old proverb: “Many hands make light work.”
USA Funds Borrower Connect InTouch is a staffing solution that provides schools all the benefits of individual student-loan repayment counseling with borrowers, without all the work. With USA Funds Borrower Connect InTouch, USA Funds® can conduct email and phone communications to borrowers on the school’s behalf.
Harvey joined Tracie Sullivan of Centura College and the Aviation Institute of Maintenance in a recent webcast to discuss their experiences with outsourcing borrower communications. Both schools employ USA Funds Borrower Connect InTouch in their efforts.
Garrett College, in Maryland, began using USA Funds Borrower ConnectTM in 2011, and Harvey noted that the tool enhanced the school’s borrower communication process. USA Funds Borrower Connect is a Web-based tool that automates borrower communication through telephone, letter and email campaigns, using loan information the school uploads from its various loan servicers.
The college still needed assistance carrying out the tasks of communicating with borrowers to ensure successful repayment, however. It added USA Funds Borrower Connect InTouch to its borrower communication tools several months ago.
“We were doing everything that we could to work the portfolio the best that we could, but we knew that we could do better,” Harvey, Garrett College financial aid counselor, told the webcast participants. “USA Funds Borrower Connect InTouch, honest to goodness, has been a lifesaver for us.”
In particular, those making contact with borrowers on Garrett College’s behalf through USA Funds Borrower Connect InTouch have helped the school contact more borrowers and resolve some outstanding skip-tracing issues.
And having USA Funds Borrower Connect InTouch’s personnel to work with borrowers who are in repayment has allowed school staff more time to concentrate on being proactive with borrowers earlier in the loan cycle.
Virginia-based Centura College and the Aviation Institute of Maintenance also began using USA Funds Borrower Connect two years ago, and then added USA Funds Borrower Connect InTouch earlier this year. Assistance from USA Funds Borrower Connect InTouch has been especially beneficial in resolving Centura College’s and the Aviation Institute of Maintenance’s late-stage delinquencies, Sullivan said. She is corporate manager of credit, collections and default prevention.
“Using this additional service, we’re actually reaching and contacting more students,” Sullivan said.
Nationally, USA Funds Borrower Connect InTouch has brought current the accounts of 80 percent of borrowers the service contacted, with verbal confirmation of an achievable repayment plan for those borrowers with their respective servicers.
To learn more from Harvey and Sullivan about their schools’ experiences, access the recording of the webcast, “Borrower Communication: Outsourcing Solutions.” USA Funds presented the webcast in partnership with University Business magazine.
Contact USA Funds to learn more about USA Funds Borrower Connect InTouch.