ROLLING MEADOWS, IL – February 2, 2016 – Iontuition.com, the leading education-fintech company that specializes in helping borrowers monitor and manage their student loans, today released results from its recent survey of financial aid professionals who said that financial literacy programs could benefit from better integration of technology and stronger communication with students after they graduate.
“While not surprised at the results, they reinforce the need to work closely with borrowers at every step in the student loan process and to connect with them where they are and on the devices they use,” said Balaji “Raj” Rajan, CEO of Ceannate Corp., parent company of iontuition and i3 Group. “Students want to make informed decisions about their college choices. It starts with understanding how much it’s going to cost and what they are going to be responsible for paying back. At iontuition, we believe every borrower should have access to this information in a clear and user-friendly way.”
Findings from the 2016 Financial Literacy Trends on Campus Report that surveyed more than 100 financial aid professionals from more than 50 different institutions across the United States include:
• Financial literacy is a priority but improvement is needed: Nearly 85 percent of financial aid professionals agree that financial literacy is a priority at their school, yet more than half (55 percent) agreed their program could use improvement.
• Technology plays an increasing role: About 72 percent of the respondents agreed that technology plays an important role in their financial literacy program, yet nearly 80 percent of the respondents agreed that they could do a better job of integrating technology into their program.
• Improved communication after graduation could be key to success: An overwhelming 89 percent of respondents agreed that financial literacy plays a critical role in student success after they graduate. Despite this sentiment, respondents rate the effectiveness of communication with borrowers after graduation as less effective as communication with borrowers during enrollment. Nearly 80 percent of respondents rated their communication during enrollment as effective where only about 61 percent rated their communication after graduation as effective. The drop in communication effectiveness after graduation could be a key area for improvement.
“While the federal government and regulatory agencies continue to find new ways to get useful information into the hands of students, colleges and the private sector can continue to collaborate and identify how best to evolve their ideas,” said Rajan, an active member of the National Association of Student Financial Aid Administrators (NASFAA). “The current one-size-fits-all approach to entrance and exit counseling lacks creativity and efficiency, but it doesn’t need to be that way. With technology, information can be customized to meet the needs of individual users.”
Respondents to the 2016 Financial Literacy Trends on Campus Report came from a mix of proprietary, public and private institutions, at 30 percent, 37 percent and 33 percent, respectively. More than 90 percent of respondents were financial aid specialists, managers or directors. The remaining 10 percent were deans, presidents or other positions dealing with financial literacy. The survey was conducted in December 2015 to highlight trends for the upcoming calendar year.
Click here to download the 2016 Financial Literacy Trends on Campus Report.
iontuition provides employers and colleges with a web-based student loan management tool their employees and students can use to better understand, manage and pay their student loans. iontuition displays all loans – both federal and private – in a user-friendly dashboard, eliminating the need to log in to multiple loan servicer sites to make loan payments. In addition to an exclusive rewards program, which gives access to discounts across the country, users are also connected to expert student loan counselors, financial literacy content and a monitoring service that keeps them aware of critical changes to their loans via email, text, and mobile app alerts. Learn more at iontuition.com
About the i3 Group
The i3 Group is a leading provider of default prevention and aversion services. The i3 Group’s student-centric approach begins at enrollment with a focus on financial literacy and preventative counseling, and continues through the end of enrollment with a shift into delinquency aversion, late stage delinquency assistance, and default management. Learn more at i-3group.com
All trademarks and product names are the property of their respective companies.