Cohort Catalyst™ Now Available to Colleges Nationwide
Schools Across U.S. Gain Access to Great Lakes' Student Loan Default Prevention Expertise
Madison, Wis., October 8, 2018 —As the largest federal student loan guarantor, Great Lakes Higher Education Corporation & Affiliates has been helping borrowers avoid and recover from default for over 50 years. Now Great Lakes is making its expertise available to colleges across the country with the nationwide launch of its Cohort Catalyst™ repayment support solution.
Cohort Catalyst—part of Great Lakes' Attigo™ suite of student success solutions—empowers students to take control of their debt through outreach, education and counseling. By helping them sort out their repayment challenges, Cohort Catalyst helps borrowers avoid the crippling consequences of default and keep the door to re-enrollment open, offering stopouts a path to college completion and financial independence.
Cohort Catalyst builds on lessons learned in the course of keeping millions of students who borrowed from private lenders through the Federal Family Education Loan Program (FFELP) out of default and on the road to success. By applying that expertise to other types of student loans, particularly Federal Direct Loans, Cohort Catalyst offers colleges a set of proven interventions that result in a lower cohort default rate and higher completion rate.
Cohort Catalyst features include:
- School-branded outreach
- Data management
- Inbound call center and expert counseling
- Personalization for the unique needs of each school and each student
- 24/7 access to dashboards and reports
- Compliance with all federal regulations pertaining to data protection and access for people with disabilities
One of the biggest factors in student loan repayment success is degree completion. Students who do not graduate are three times as likely to default as students who get their degree. And while the media tends to focus on eye-popping six-figure debts, defaulting students who don't complete their degree typically owe less than $5,000.
It's a classic double bind: Without a postsecondary credential, many borrowers simply lack the earning power to make their student loan payments. But once in default, they are unable to re-enroll and finish their degree. This predicament affects students from low-income backgrounds the most—Pell Grant recipients are five times as likely as their higher-income peers to end up in default.
"Our approach to repayment support and preventing default is not new," said Great Lakes Vice President —Repayment Solutions Beth Erickson. "What is new is that we're bringing our solution to schools on a national level. We invite those who want a tested and refined approach applied by high-touch, experienced counselors to come on board. We're here to help you help your students face their student loan challenges head-on and succeed."
To learn more about Cohort Catalyst, visit https://www.attigo.com/cohort-catalyst.