Great Lakes' Free Tool Helps Schools Improve Repayment Success for All Their Student Loan Borrowers
Portfolio Navigator Enables Schools to Quickly and Effectively Execute Targeted Borrower Outreach Activities
Madison, Wi., February 20, 2015 – With recent enhancements to its free portfolio management tool, Portfolio Navigator, Great Lakes Educational Loan Services, Inc., a nationwide servicer of federal loans, aims to address one of the greatest challenges facing busy financial aid professionals—effectively identifying, targeting, and reaching out to all their student loan borrowers who need repayment help, with limited school resources. The Portfolio Navigator enhancements make short work of data aggregation and execution of effective outreach actions for all borrowers—not just those serviced by Great Lakes—opening up a whole new set of possibilities for schools who wanted to take action, but didn't have the resources to do so.
Chief Marketing and Sales Officer Brett Lindquist explains the thinking behind recent changes to Portfolio Navigator: "The negative effects of student loan default are well documented and only the people who default on a student loan truly know how devastating it can be. We know every school wants to help their former students avoid this, but they just don't have the resources or expertise to do this effectively. To address this, our new tool drastically reduces the time and effort needed to execute an effective default prevention program. Devoting as little as a half-hour per week can make a big difference in the lives of a lot of people."
Accessible by simply logging into the Financial Aid Professionals portal at schools.mygreatlakes.org, Portfolio Navigator has provided schools with an easy-to-use, visual tool for filtering their Great Lakes loan data to help them identify and target their students who need repayment help. With the recent changes, the free tool not only provides data on Great Lakes-serviced loans, but it also offers an option for schools to easily access data for all their students' loans, regardless of servicer, by securely uploading and using National Student Loan Data System (NSLDS) data.
In addition to helping financial aid professionals access comprehensive portfolio data, Great Lakes added a smart outreach component, Action Center, that works hand-in-hand with Portfolio Navigator. Using Action Center, schools can filter secure data and use it seamlessly in taking recommended, prioritized outreach actions based on their available time.
Action Center uses messaging and recommends outreach methods—letter, email, or phone campaigns—that are designed to be most effective for students in that stage of loan delinquency. With this sophisticated outreach component, students receive contact information for their specific servicer, and are directed to resources on repayment options that may be most helpful to them, given their particular stage of delinquency.
Senior Vice President of Marketing and Sales for Great Lakes Roger Eldridge emphasizes that feedback from school customers was key in shaping the tool: "Our school relations team members held countless discussions with schools across the country to better understand what we could do to help them prevent their students from defaulting on their [student] loans. The input was clear. Schools needed a tool that would enable them to 'jump start' a program. Our new tool is just what schools need to quickly and easily get moving forward on a default prevention program. Our team of representatives is ready to help get schools started."
For more information about Portfolio Navigator and Action Center, as well as other default management, loan servicing, and private loan processing resources Great Lakes provides as part of our commitment to supporting college students and those who work with them, visit schools.mygreatlakes.org. Financial aid professionals interested in setting up a Great Lakes website account or learning more about Portfolio Navigator and Action Center may also reach out to their dedicated Great Lakes representative.