Steps your Financial Aid or Bursar Office Should Take to Ensure Repayment

Steps your Financial Aid or Bursar Office Should Take to Ensure Repayment

We understand the stress of receiving student loan and AR repayment can be an overwhelming task. Working with your borrowers can be tedious and lead to disappointing results. If you’re in a rut on how to help ensure repayment, here are a few tips to help drive results.

  1. Go for the Low-Hanging Fruit: It’s easier to pick the apples that are closer to the ground than at the top of the tree. The same principle applies to repayment. Seek repayment from those who just recently went into default. They’re more likely to repay than a borrower who’s been in default for an extended period of time.
  2. Always Ask for Updated Contact Information: It is good practice to regularly have your borrowers update their contact information so you have access to them. Not being able to get ahold of someone can turn into a long, drawn out process of contacting relatives to track the person down.
  3. Encourage AutoDraft Sign Up: Being able to provide an easy process for your borrowers to pay is not only a benefit for them but for you as well. This can guarantee that a payment is made every month and your borrower doesn’t have to think about making the payment. Some companies even provide an incentive for signing up for an autodraft program.
  4. Work with a Trusted Partner: Working with an experienced company like CBE who has shown proven results for over 300 universities and colleges all across the country is a smart move to make. We have a team dedicated to helping you with recovery solutions and catering a solution to meet your needs. To learn more visit our Higher Education page here.

We hope these tips provide some relief to your student receivable collections woes. If you have any more questions or are looking for assistance in your accounts receivable department, contact us and let’s work together to meet your goals.