Improving today’s student loan experience

The U.S. Department of Education is connecting students with the funds they need to attend college and educating them on their financial futures.

The U.S. Department of Education operates 244 programs that touch every area and level of education. One of the department’s most important roles in postsecondary education is to provide Title IV federal student aid to eligible students and their families.

Back in 2001, Accenture worked with the Office of Federal Student Aid (FSA) to design, build, implement and operate a Common Origination and Disbursement System (COD) to process originations and disbursements for federal loans and grants. Since its inception in 2002, the COD system has processed more than $1 trillion in federal student loans and grants. COD has originated over $130 billion in aid to more than 14 million students and their families at 6,000 schools in 2014, including more than $5.1 billion in a single day.

Now, FSA and Accenture are taking the system to the next level. The team is completely re-imagining the customer experience by developing the StudentLoans.gov site as a vital online “port of call” for students and borrowers planning for college.

Watch this video about how the Department of Education is helping students build for the future.

Student loans 2.0

Site enhancements include a new emphasis on financial literacy and awareness. Students using the site will not only walk away with an understanding of the financial aid process, they will understand how their student debt will carry into life after graduation.

Tools to enrich the user experience include:

  • Repayment calculators to help students learn about managing debt. The Repayment Estimator has helped more than 1.6 million students view their loan repayment outlook since March 2013.

  • Personalized email communications that have messaging tailored specifically to that user’s financial situation. Users can visit a “MyPreferences” page to customize their site experience by setting correspondence and language parameters.

  • Sophisticated analytics that help site administrators quickly identify and fix trouble spots with site content—such as confusing questions or vague language.

Through these site improvements, the U.S. Department of Education is making great strides with a millennial audience who is ready to learn, and who appreciate—and expect—a quality customer experience.

Find out more in this video how FSA promotes student success.

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