SponsoredScholar from CampusLogic Boosts Retention by Helping Students Use Social Connections to Bridge Funding Gaps
Innovative and secure crowdfunding technology helps institutions scale student support.
PHOENIX, AZ, SEPTEMBER 23, 2019—CampusLogic, higher education’s leading student financial success platform, today announced its newest product, SponsoredScholar, is already successfully helping boost student retention. The only purpose-built tuition fundraising technology in the marketplace, it enables students to create tuition fundraising campaigns that leverage their school’s brand. Students can proactively campaign to bridge educational funding gaps by tapping into the power of their social networks. Focused on solving for immediate financial needs, SponsoredScholar sets the stage for student financial success by ensuring students can pay bills related to their education.
“Many students drop out of school because they have funding gaps of just a few hundred dollars they can’t cover, which is what led to the thinking behind SponsoredScholar,” says Gregg Scoresby, CampusLogic CEO. “We are committed to making sure student financial success is at the heart of every innovation CampusLogic delivers, and with SponsoredScholar, students can solve immediate funding needs by leaning into their social networks rather than going further into debt, or even dropping out.”
With enrollments down nationally, higher education institutions are constantly seeking innovative tools and strategies to keep students enrolled. In 2015 and 2016, 3.9 million undergraduates with federal student loan debt dropped out, and 40% of current students with loans have considered dropping out to avoid accumulating more debt. Many schools see a plunge in enrollment between freshman and sophomore year, often related to students who lack the financial means to pay an outstanding account balance of less than $500. SponsoredScholar can make the difference between a student staying in school and dropping out, offering institutions a proactive way to help students in the present—exactly when they need assistance.
When an institution launches SponsoredScholar, students are offered the opportunity to create a school-branded crowdfunding campaign through sharing their personal story with their networks via social media and email. Sponsors are more likely to provide funds through SponsoredScholar because of their personal connection with the student, along with the fact that each individual campaign is institution-approved and leverages the school’s brand. All funds collected go to the school for the benefit of the designated student—ensuring that support is applied toward educational expenses only. The intuitive design of the product makes scaling student crowdfunding easy for the school, as well as convenient and accessible for students who are looking for creative ways to address their education costs.
Neumann University, an early adopter of SponsoredScholar, has quickly seen impressive results from using the crowdfunding technology to help at-risk students cover funding gaps. Eileen Tucker, Director of Financial Assistance at Neumann, says she is inspired by students’ heartfelt stories and their proactivity. Initial results show that several of the Neumann students have had their campaigns fully funded within just a few days of setting them up. “SponsoredScholar gives students a whole new set of tools, empowering them to take ownership of their financial situation and be proactive, with the strength of Neumann’s brand behind their efforts,” says Tucker.
Investing strategically in supporting student financial success has often been overlooked, but with its continually-expanding platform of innovative products, CampusLogic is paving the path for more students to experience the life-changing potential of a higher education.
CampusLogic helps schools change lives by delivering the first—and only—Student Financial Success platform that includes a net price calculator, complete scholarship management, personalized digital communications, simplified financial aid verification, 24×7 multilingual virtual advising, tuition and scholarship crowdfunding, and integrated data visualizations. Through our easy, mobile and personalized platform, millions of students enjoy a simplified financial success journey, resulting in increased enrollment, better informed borrowing, and improved retention. For more information, visit campuslogic.com.