INDIANAPOLIS, Jan. 2, 2014 (GLOBE NEWSWIRE) -- University Business magazine has selected USA Funds Borrower Connect™ as a Readers' Choice Top Product.
Now in use by 138 colleges and universities nationwide, USA Funds Borrower Connect is a Web-based tool that automates communication between colleges and universities and their student loan borrowers through telephone, letter and email campaigns. The tool promotes counseling and support of student loan borrowers to prevent them from falling behind in their payments and defaulting on their loan obligations.
By aggregating student loan borrower information from multiple sources, USA Funds Borrower Connect helps colleges and universities more efficiently contact and counsel their student loan borrowers, especially those facing challenges in paying back their loans. Former students benefit from the service by avoiding additional late fees, interest costs and the significant penalties for loan default. Colleges and universities benefit from lower student loan default rates.
Enhancements coming to USA Funds Borrower Connect later this month will make communication with student loan borrowers even easier, with a new design, additional charts and reports, and enhanced navigation.
The annual University Business Readers' Choice Top Products award recognizes the most innovative products in higher education. The list informs university leaders and administrators about the products their colleagues around the country are using to help their schools excel. Readers of University Business nominated a variety of products that have made a positive difference at colleges and universities during the past year.
The editors of University Business selected the winning products from hundreds of nominations submitted by readers. They based the selections on both the quantity of nominations and the quality of the nominees' testimony about the product.
USA Funds® is a nonprofit corporation that works to enhance postsecondary education preparedness, access and success by providing and supporting financial and other valued services. USA Funds serves colleges and universities with financial literacy programs for college students, debt management and default prevention consultation and support, training for financial aid administrators, and student aid policy compliance assistance. USA Funds also provides grants to support initiatives that improve student access to and success in higher education. For more information, visit www.usafunds.org.