Have you ever met someone who is so positive and supportive that it instantly makes you feel like you can move mountains? Those kinds of encounters tend to be life-changing. Now, consider what would happen if there was a room full of these kinds of people. The level of positive change-making is mind boggling. Yet that's exactly what happens every day when borrowers interact with the Great Lakes Repayment Solutions team.
Two Borrowers Default Every Minute
In 2016, nearly 1.2 million borrowers defaulted on a Federal Direct loan—more than two borrowers every minute. In total, more than 8 million borrowers in the U.S. are in default on a student loan. Source: consumerfinance.gov
This expert group of counselors works tirelessly to help student loan borrowers prevent default and the negative consequences that can last a lifetime. The team is singularly focused on ensuring that each individual succeeds in repayment—and results have been magnificent. Since 2007, they've helped 4.8 million borrowers avoid default.
Beth Erickson, Vice President of Great Lakes Repayment Solutions, has led the Repayment Solutions team since 2003. She's now leading the charge to bring this team to you. As Beth explains, "We're taking all of the great lessons we've learned over the years on how to help borrowers avoid default, and integrating them into our exciting new product called Cohort Catalyst™ launching in April."
Consistently At the Forefront
Over the years, Repayment Solutions has pioneered effective, proactive strategies to help borrowers avoid the consequences of default. There are numerous examples that will now be used in Cohort Catalyst.
- We have dedicated efforts to cure late-stage delinquent borrowers before the loan gets purchased for default.
- We created plain language communications to increase borrower responsiveness and improve outcomes, by collaborating with an organization partially funded by the Bill Gates Foundation, ideas42. They leverage behavioral science to design scalable solutions to some of society's most difficult problems.
- Although the FFELP world is becoming a distant memory, it signified a time when guarantors for U.S. Department of Education (ED) loans received a majority of their income from collections performed after borrowers defaulted. Great Lakes was the first guarantor to propose a Voluntary Flexible Agreement (VFA) with ED to, instead, incentivize companies for helping borrowers avoid default. Although the VFA has since been discontinued, Great Lakes continues to follow its philosophy of putting the borrower first because it's the right thing to do. Repayment Solutions is a proud part of that mission.
Beth goes on to say, "We're taking Cohort Catalyst to the next level of default prevention by providing some exciting new services that are dedicated to partnering with you to prevent millions of borrowers from defaulting. So stay tuned!"
If you're interested in learning more, email your contact information to firstname.lastname@example.org and we'll keep you informed as we approach the launch of Cohort Catalyst.
Cohort Catalyst is Coming in April 2018
The latest product being introduced under the Great Lakes Attigo suite of student success solutions, Cohort Catalyst will help you:
- Manage CDRs and avoid regulatory consequences
- Deliver expert student loan counseling and default prevention to help your students in need
- Minimize your staff's workload while maximizing student loan customer support
- Affordably reach out to student loan customers, especially those at risk
- Comply with privacy laws and student loan regulations
- Build trust that you are invested in helping your students succeed