CampusLogic Acquires Cegment, Adds the Leading Cost Calculator to Improve Transparency and Engagement Throughout the Student Financial Aid Experience
Cegment acquisition establishes the first comprehensive financial aid engagement platform to help colleges and universities personalize the enrollment process, from college search through graduation.
FOR IMMEDIATE RELEASE
PHOENIX, February 16, 2017 — CampusLogic, announces the acquisition of Cegment’s Net Price Calculator (NPC) and Award Letter business. A pioneer in the NPC business, Cegment helps create transparency in higher education financing so families can better understand and assess the cost of a college degree. The integration of Cegment with the CampusLogic platform will form the only end-to-end student financial aid engagement platform designed to increase accessibility to education, reduce student borrowing, and drive down the cost of financial aid administration.
Today, as many as 40% of low-income students that enroll in college fail to return the following semester—a challenge professionals attribute to a lack of clarity surrounding the financial aid process and their ability to pay, which causes students to disengage and drop out altogether. With the addition of Cegment technologies, the CampusLogic platform will make it easier for students to identify the true cost of college early in the enrollment process, accurately complete important financial aid forms, and make better, more-informed borrowing decisions through personalized award letters, all from their mobile phone.
“CampusLogic is excited to welcome Cegment’s customers and team to the family. This acquisition accelerates the company’s already rapid growth, more than 300% year-over-year, with 400+ combined customers and new product capabilities,” said Gregg Scoresby, CEO of CampusLogic.
The CampusLogic Student Financial Aid Engagement platform boosts enrollment, reduces the administrative costs of financial aid, and provides a positive student experience. Financial aid and enrollment offices report that CampusLogic has increased financial aid completion rates by more than 5% and decreased the cost of financial aid administration by more than 60%. The platform also empowers financial aid and admissions offices to communicate with students via text, further decreasing the cycle time to delivering aid and improving the student experience by meeting students where they are: on mobile.
“CampusLogic’s purpose is to help schools change lives. One of the key tenets of that purpose is to improve accessibility by more clearly communicating cost and value across the entire student lifecycle,” said Scoresby. “The integration of Cegment’s products into the CampusLogic platform allows us to extend our reach and continue to invest in technology that will enable our customers to seamlessly engage students from college search through graduation.”
Cegment’s sophisticated aid estimation products help leading colleges and universities across the nation increase cost transparency and clearly demonstrate the value of their programs to families. The Cegment calculator, henceforth will be known as CampusLogic NPCSM, allows students to see the cost of a degree, including financial aid eligibility, loan debt, and estimated post-graduation monthly loan repayments.
“CampusLogic and Cegment share a similar purpose to help schools change lives. Our common vision and complimentary products make this combination a natural fit for customers. We believe that CampusLogic’s position in the market and deep investment in technology will support the continued growth of our products moving forward. CampusLogic is equally committed to its customers and its employees and we are excited that nearly all of the Cegment team will be joining them,” added Brad Baker, CEO of Cegment.
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.