As the Department of Education moves to a three-year cohort default rate (CDR) reporting structure it is imperative that colleges and universities build strategic initiatives to combat increasing CDR’s. This series of tips is designed to provide your school with helpful information to improve your financial aid cohort default rates.
Strategy to action- create a comprehensive default management plan
Now that you understand the key elements required to manage your school’s CDR, you must put that knowledge to work. Create a default management plan to include staff from departments across the school such as the registrar’s office, bursar’s office, admissions office, enrollment management office, career placement office, and other faculty. Your plan should:
- Incorporate all student borrower groups- in school, in grace, in repayment, and in delinquency
- Take advantage of industry tools that are provided by school partners and the Department of Education
- Ensure relevance and accountability throughout the school and include measurable goals
- Create 3 or 6 month measurable strategies for each student borrower group whether through email, text, social media, or call campaigns
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