At the same time, financial aid programs are complex, confusing and difficult to navigate for students and schools. U.S. financial aid offices manage more than 20 million students and their estimated half a billion pages of financial aid documentation. Because financial aid is so heavily paper driven with complex processes and no student self-service or mobile technology, it actually deters students from attending college according to several studies.
Arizona-based CampusLogic is changing the financial aid game. CampusLogic is the only company leveraging industry-best technologies to make financial aid paperless, mobile, personalized and self-service, fulfilling CIOs’ goal of delivering the best university experience for both students and staff.
“Our software allows schools to reduce their financial aid processing time by as much as 90 percent and all of our customers have seen a higher completion rate, which means higher enrollment for schools and better access for students.” said Gregg Scoresby, Founder and CEO, CampusLogic. The company’s cloud-based platform makes the financial aid process modern and efficient, helping students manage and complete financial aid tasks onlineincluding uploading documents from any device.
“We simplify the entire financial aid process, so students can complete financial aid quickly, and get into the classroom,” said Scoresby. The software complements school’s student information system and easily integrates with them. “We don’t replace the student information system functionality, we replace the paper-driven interactions between the student and the school,” said Scoresby.
“College financing is one of the biggest social issues and our platform has proven to be highly effective at helping students borrow responsibly and efficiently,” said Scoresby. “Our mission is to make financial aid awesome for schools and students. Everything we do and everything we are revolves around this mission.” To that end, the company launched its StudentVerification product last year. StudentVerification automates FAFSA verification, a government audit process around financial aid. Together with its StudentForms product, which launched earlier this year, schools can make every financial aid process digital, mobile, modern and personalized. In addition,
CampusLogic’s AwardLetter product creates digital, dynamic, mobile, and personalized AwardLetters. “In the product’s next release, we are transforming it to become the first tuitionplanning product. We like to call it ‘the Mint.com’ for students,” Scoresby said.
CampusLogic plans to launch StudentDocuments, a selfservice document upload portal and cloud storage solution, soon. “The product will completely disrupt the old enterprise content management providers who are delivering 90’s technology,” said Scoresby.
CampusLogic is the only company leveraging industry-best technologies to make financial aid paperless, mobile, personalized and self-service, fulfilling CIOs’ goal of delivering the best university experience for both students and staff
CampusLogic’s products are built on Azure, Microsoft’s cloud computing platform, for flexibility and scalability. They include government-grade data encryption and adhere to rigid security guidelines, so data is completely safe.
Helping Students Understand their Finance Aid
“More than 65 percent of students misunderstood or were surprised by some aspect of their loan, which resulted in over borrowing and increased loan default rates,” said Scoresby. The perfect place to explain loan information is the AwardLetter, “but, for many schools, the AwardLetter is simply a black and white document that notifies the student of her financial aid package,” said Scoresby.
Colleges and universities lack the tools to help students truly understand what they are borrowing for their education. Much of the terminology is unfamiliar, complex, and confusing to new students and their parents. With CampusLogic’s AwardLetter product, the AwardLetter becomes a digital, dynamic, mobile, and personalized experience to help students understand their award package and payback. “The student experience we deliver results in higher enrollments and more responsible borrowing,” said Scoresby.
In one instance, Western Governors University (WGU), a large online institution with over 60,000 students, implemented AwardLetter. Using AwardLetter, WGU automated the delivery of over 100,000 personalized financial aid plans to help students make better borrowing decisions. AwardLetter’s daily reporting showed numbers of delivered financial aid plans and how students are utilizing them. “The university saw a $93 million reduction in the amount that students borrowed and an 18 percent increase in enrollment,” said Scoresby.
Conquering More Financial Aid Milestones
In 2014, CampusLogic launched the first and only student self-service platform that allowed schools to move all of their financial aid processes to cloud. “Since our launch last year, we have added over 300,000 active students at nearly 40 colleges and universities across the country,” said Scoresby. The company is expected to have over 150 colleges on board in the coming year and over 300 by 2017.
“Our success comes from good people, robust technology, and real market need. I believe in hiring great people and creating an environment where they can do great work,” said Scoresby. With a valuable combination of financial aid expertise and higher ed experience, CampusLogic’s team is dedicated to providing extraordinary software and top-notch customer service. “We’ve seen how easy it is when manual, paper-driven processes are automated, and we want to give this superior experience to staff, students, and colleges,” said Scoresby. “Our goal is to make financial aid simple and efficient for everyone involved.”