INDIANAPOLIS, IN--(Marketwired - January 10, 2017) - Student Connections(SM), a nonprofit affiliate of USA Funds®, has received a patent (US 9,495,704) for its Borrower Connect™ cohort management technology solution. Borrower Connect pools all cohort data in one secure, web-based platform that generates predicative analysis to help colleges and universities reduce federal student loan cohort default rates (CDRs). It also offers a data-driven borrower engagement system that matches communication and loan counseling methods to the unique circumstances of individual student loan borrowers so they can avoid defaulting.
Loan defaults damage student credit, burden students with additional costs that can affect them for many years and can threaten the reputation and finances of colleges and universities. In fiscal year 2016, Student Connections and its college and university partners leveraged Borrower Connect to help nearly 300,000 borrowers resolve an estimated $3.3 billion in past-due student loans. Student Connections success counselors reversed loan delinquencies for 77 percent of the borrowers they counseled and achieved a 95 percent default aversion rate.
"I'm proud of our having created a unique product that has done so much to help borrowers and schools with the complex challenges of successfully managing student loans," said Craig P. Anderson, president of Student Connections. "Minimizing default and delinquency is critical to ensuring students are able to access the lifetime of opportunities promised by higher education."
Since dropout rates correlate with default rates, Student Connections also offers borrower engagement services that help institutions proactively improve student outcomes by helping students develop nonacademic skills that increase retention and graduation. Its latest product, Success Center, incorporates new technology dedicated to this initiative and will launch in early 2017.
About Student Connections
Recognizing that students follow a variety of paths and encounter different obstacles in their quest for a higher education, Student Connections offers innovative solutions, developed in collaboration with higher education institutions and students, to provide relevant and engaging resources throughout the student life cycle. Student Connections partners with postsecondary institutions to support the success of more than 2.7 million current and former students across more than 700 campuses throughout the U.S. Student Connections is an affiliate of USA Funds and directly supports its nonprofit focus on Completion With a Purpose®, enhancing student success in college and career. For more information about Student Connections, visit studentconnections.org, or follow Student Connections on Twitter at @StuConnections, on Facebook and on LinkedIn.