USA Funds Debt Manager How-To: Contacting Borrower References
One of the most-effective ways to manage cohort-default rates and promote financial literacy among students is through communication. Typically the lack of valid demographic information will contribute to a borrower’s likeliness to default.
A recent enhancement to USA Funds Debt Manager® allows schools to perform outreach to borrowers who do not have updated addresses or phone numbers on file, by providing a means to make contact with borrower references.
Schools now can send the letter or e-mail to selected borrower references, to allow communication when the school is unable to make contact with the borrower.
To take advantage of this feature, USA Funds Debt Manager users should indicate which references are to receive a communication, and the letters or e-mails will generate within the next hour. After activating the reference communication strategy or strategies, users can create reference letters by completing the following steps:
- Select “Retrieve Borrower.”
- Select the “Reference” tab.
- Select “Send Reference Letter or E-mail.”
- Select the reference letter or e-mail you want to send.
- Select the reference to whom you want to send the letter or e-mail.
- Select “Submit.”
- The letter or e-mail will generate at the top of the hour.
- After the top of the hour, retrieve the communications from the work queue, print the letters, and send the e-mails.
USA Funds Debt Manager is a Web-based tool that helps financial-aid professionals connect with student-loan borrowers during school and after graduation, to help prevent student-loan defaults. Contact your USA Funds® Services account executive for more information.
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