Borrower-contact tool now offers e-mail messaging, improved reports
USA Funds Debt Manager enhancements help curb loan defaults
INDIANAPOLIS — USA Funds®, the nation’s leading education-loan guarantor, announces the release of a more-powerful online tool that helps financial-aid professionals combat loan defaults.
Enhancements to USA Funds Debt Manager® now permit financial-aid administrators to develop e-mail campaigns, in addition to mail and telephone campaigns, to encourage their student-loan borrowers to successfully repay their loans. USA Funds Debt Manager offers users the same flexibility in designing the targeting and timing of e-mail campaigns as the tool provides for letter and telephone campaigns.
Users can select to send e-mails, letters or both to selected groups of their borrowers. The text of their e-mail messages is saved within USA Funds Debt Manager for future use.
“Frequent contact with borrowers is a proven default-prevention measure,” said Denise B. Feser, USA Funds vice president, customer relations. “These new features make USA Funds Debt Manager an even more effective tool for preventing loan defaults.”
The reports available to users of USA Funds Debt Manager also have been improved to display best- and worse-case scenarios for a school’s cohort-default rate based on the current status of its borrowers. In addition, the reports permit schools to identify those borrowers who directly affect the school’s default rate.
Additional enhancements include improved navigation and streamlined processes in USA Funds Debt Manager. These improvements were based on feedback from campus users of the tool. USA Funds Debt Manager is in use at approximately 300 campuses nationwide.
“Often the only thing necessary to avert default is to give former students a little tap on the shoulder to let them know that we’re concerned and that we want to help,” said Jonathan Roberts, director of financial aid at Harding University in Searcy, Ark. “USA Funds Debt Manager is an effective tool for preventing defaults.”
View additional information about USA Funds Debt Manager.