The Financial Education and Repayment Success Service
For Schools and Their Students
Financial Education and Repayment Success
Student Loan Issues Challenge
Students, Colleges, and Universities
The focus on student loan issues and students
struggling with repayment is at an all-time high—
and still growing. As the cost of higher education
continues to rise, colleges and universities see
more students borrowing more money than ever
before and, with that, increasing defaults on
federal student loans.
Many of today’s students invest in their
education without a solid understanding of the
responsibilities and consequences of borrowing.
Too many undergraduates enter without basic
financial literacy skills. Transfer and graduate
students often are already saddled with student
and consumer debt.
When it’s time for repayment, these students
frequently are confused by the multiple and
complex loan repayment options. Without
guidance, they may automatically accept the
standard ten-year repayment plan, not realizing
other options may offer terms and conditions
better suited to their situation. Simply put,
students facing these challenges need help from
their college or university.
At the same time, your campus faces its own
challenges dealing with student loan issues,
especially relating to loan defaults that can subject
your students and school to serious negative
consequences. The cohort default rate, which the
U.S. Department of Education has traditionally
used to help determine your school’s eligibility
to offer federal Title IV financial aid, is increasingly
viewed as a measure of your institution’s
administrative capability.
New proposals to hold institutions accountable
for student outcomes are also in the works,
with students and parents being encouraged
to consider these outcomes in making college
choices. Statistics on the outcome related to
successful repayment of education loans is one
of the key factors.
A quick response to regulatory and market
forces, is critical for your college or university.
However,despite experience showing that good
financial education and repayment success
are closely linked, in times of tight budgets,
demanding workloads, and competition for
resources, your school may lack the staff or time
to educate current students about finances or
to help former students successfully repay loans.
Even so, to fulfill its’ mission, your school must
prepare your students to succeed in their
professional endeavors and personal lives.
And, of course, this preparation must be
provided in an efficient, cost-effective manner.
Meeting the Challenge
EX$EL helps you help your students efficiently and
cost-effectively. With more than half a century of
experience in educating borrowers, the EX$EL
team has proven that sound financial education
and consistent personal contact have a positive
influence on student borrowing and repayment
of education loans. Providing this service to your
students can assist your institution in retaining
students and lowering its’ default rate.
EX$EL serves your students on your behalf—not as a collector of
loans, but as a guide, an advocate, and an educator, helping your
students find success.
By offering EX$EL, your school shows students you are on their side. You send students the
positive message that you know they probably took on debt to enroll and that you want to
ensure their success while in school and in repayment.
It’s a message that resonates well beyond the financial aid office. It’s a statement of
commitment the whole campus can back, from enrollment management to the development
office, from student life to alumni relations.
Working on behalf of your institution, EX$EL can assist your students while they are enrolled
and your borrowers after they leave school.
Each of the four services making up EX$EL establishes relationships with students and
borrowers through consistent regular contact via text, email, social media and telephone; easy
access to material through a user-friendly website; and, for schools, aggregate and individual
reports of student and borrower progress and status.
Services available, separately or in combination, are:
Financial Education
Repayment Success
(enrolled students)
(borrowers in grace and repayment)
• Understanding My Money, a
comprehensive online financial
education course, with separate
editions tailored for undergraduate
and graduate/ professional student
learners.
• My Future, My Money, a robust online
course to smooth student transitions
into the workplace and add practical
advice to basic money management
skills. Regular, consistent contact
with borrowers during grace and
repayment periods to emphasize
repayment options and offer timely
articles and advice. Special advising
via text messages, social media
and phone calls for those behind
on their payments.
• Regular communications delivered
directly to students provide links to
timely articles and tips on basic
money management, indebtedness,
and benefits and responsibilities
of borrowing.
• A student dashboard shows progress
and links to additional resources
to measure learning and assist in
understanding options.
• A school dashboard provides progress
and financial stress reports to help
identify students who may need
additional support.
Intensive Counseling
(seriously delinquent borrowers)
• Stepped-up communications and
counseling phone calls supplement
Repayment Success, going the extra
mile to help borrowers unresponsive
to prior help. EX$EL’s experience
has proven appropriate counseling
can help even seriously delinquent
borrowers regain good standing on
their loans.
• Extra targeted information on
repayment options, forbearances,
deferments, and other ways to
avoid default helps these borrowers
understand their options and the
importance of being current with
loan repayment.
Expanded Support
(extra attention for older cohort groups)
• Builds on your school’s efforts to lower
the overall default rate for your older
cohorts by adding extra attention,
support and resources.
• Regular contact via quarterly emails
to borrowers in good standing
and monthly emails to delinquent
borrowers.
• Robust online multimedia modules
for borrowers encourage successful
repayment and a library of additional
financial materials improves money
management skills.
• An outreach campaign personally
assisting delinquent borrowers in their
efforts to regain good standing.
Get Results with EX$EL
About EX$EL
EX$EL services are designed to:
College Foundation, Inc. and the North Carolina State
Education Assistance Authority have worked together
for more than 50 years assisting students and families
with paying for college. With this long and solid history
and year-after-year cohort default rates only a fraction
of the national average, these entities are proud to
work with Decision Partners, a premiere provider of
online financial education, to offer EX$EL Financial
Education and Repayment Success services.
• Help schools improve student retention and
persistence to graduation
• Help students make intelligent borrowing
decisions
• Identify and assist student in financial stress
• Enhance borrower understanding of repayment
choices
• Guide borrowers in finding the repayment
option most favorable for repayment success
• Assist in preparing borrowers for their financial
and professional lives after college
• Help schools reduce their cohort default rates
EX$EL—First-rate educational content
and consistent contact, the essential tool
in the new higher education environment.
© 2015 College Foundation, Inc.
CFI Form MRKT.00.100.031.000 (6/15)
For more information,
please contact us:
• Online at the School Servicing Center
web portal, www.sscwp.org
• By email to EX$EL@sscwp.org
• By phone to EX$EL at 800-532-2832
•
Rose Mary Stelma, ext. 2348