Solutions to Help Your Students Get Funding
The struggle is real, as students say these days. In fact, the struggle is real for students – the struggle to pay for college, that is.
Students and families face significant challenges to find funding for college as costs continue to increase. But as a student financial aid administrator, you’re likely keenly aware of these challenges.
But did you know, after putting together the plan to finance their education, more than half of the student respondents of a recent nationwide survey reported that they take on even more of the burden of paying for their education than originally anticipated. In most cases, these students are covering at least 50 percent of the total cost.
The survey, conducted by Ascent Student Loans in May 2018, provides valuable insights on students’ financial aid plans for this coming school year. This includes the fact that students feel their school is doing an effective job of helping them work through these potential challenges. Nearly half of students (47.2 percent) said they feel their college is doing an extremely or very good job educating them on the total cost of their education. What’s more, when asked who they turn to most for information, students believe their college financial aid office is most responsible for educating them about financial aid options (36 percent) and is also their most trustworthy source (nearly 50 percent). We find this sentiment encouraging, even as the finance environment continues to frustrate students.
Is there a way to decrease the frustration toward paying for college, mitigate the struggle to find financing and lower the apprehension around the long-term impact of today’s financial decisions? As a student financial aid administrator, you’re on the front line with students and families, but you alone can’t change the culture around student aid.
Private loan administrators have the flexibility to shift the industry culture, which is exactly what the Ascent Student Loans program has done.
The Ascent program is guided by a focus on transparency, financial education and student outcomes, working with students and families to view college and their financial aid options as an investment, not an expenditure. Further, Ascent is the only student loan provider that incorporates financial education into the application process and requires all students and cosigners to complete a financial literacy module before approving loans.
When evaluating ways to support your students in the 2018-19 academic year, the Ascent Tuition loan can be considered for students with a creditworthy cosigner. As you are aware, an existing challenge for many students is finding financing when they lack a qualified cosigner. The Ascent Independent loan offers a solution to student borrowers without a cosigner and Ascent is the only national lender offering students this option.
How did we do it? Putting student and family needs first. We hope you’ll keep reading about the innovation behind the Ascent Independent non-cosigner option, reach out with questions or begin the discussion on how to bring Ascent products to your institution. READ FULL ARTICLE >>