Multimedia Award Letters Drive Better Borrowing Decisions for Students and Families
Phoenix, AZ, November 15, 2018—CampusLogic, the leading student financial services (SFS) platform, today announced the preview release of its new built-in video library for AwardLetter. CampusLogic’s AwardLetter product empowers colleges and universities to deliver an intuitive, student-friendly financial aid package on any mobile device, personalized for each student, and complete with performance tracking. The new built-in videos will provide a more engaging, intuitive experience to help students make better borrowing decisions.
Financial aid award letters are often filled with confusing terminology, financial jargon, and lack of clarity around payment. According to a Young Invincibles and NERA Economic Consulting survey, more than 65% of high-debt student borrowers are confused by some aspect of their loan. This lack of clarity leaves many students making one of the biggest purchases of their life without fully understanding their financial commitment.
CampusLogic’s new built-in video library for AwardLetter embeds informative videos into each student’s award letter to improve engagement and understanding. Videos answer questions like what is cost of attendance, what is the difference between direct and indirect cost, what is a grant versus a loan, and more. Key features include a library of financial literacy videos, along with metrics to understand video usage.
“When a student watches video they retain 95% of a message, compared to 10% when they read it in text,” said Chris Chumley, Chief Operating Officer at CampusLogic. “With CampusLogic’s new built-in video library for AwardLetter, schools can deliver a dynamic and immersive award letter experience to drive better borrowing decisions.”
“Financial literacy is a process that extends throughout the student finance journey from saving and shopping to attending, repaying, and giving back. CampusLogic is uniquely positioned to provide financial literacy content and tools that are in-context, at each touch point throughout that journey,” said Gregg Scoresby, CEO at CampusLogic. “AwardLetter is the first of several CampusLogic products that will include financial literacy content and tools to simplify the entire student finance journey.”
A preview of this new enhancement will be available at the Federal Student Aid Training Conference November 27 – 30 in Building B, Level 3, Room B313 at the Georgia World Congress Center. The new built-in videos for AwardLetter will be available to existing customers free of charge in early 2019. Initially available in English, the library will be expanded to include Spanish translations in 2019, as well.
CampusLogic transforms the way higher education delivers student financial services with the first—and only—comprehensive platform. Easy. Mobile. Personalized. CampusLogic’s innovative software removes financial barriers to improve student access, reduce borrowing, and drive completion in higher education. Nearly 500 schools serving 3 million students simplify financial services resulting in higher enrollment, streamlined efficiencies, and improved retention with CampusLogic. For more information visit campuslogic.com.