A Case Study
Reducing delinquency and default
In 2007, a group of student loan borrowers were introduced to
the Electronic Loan Counselor (ELC), a component of RepayReady.
This web-based application helped
borrowers:
- organize their student loan debt
- learn about repayment options
- implement a strategy to successfully repay their loans
Since its implementation, RepayReady and the ELC have
been used by tens of thousands of borrowers who are transitioning to
repayment. Both student borrowers and customer service staff
appreciate its simplicity and guidance toward managing repayment
obligations.
The impact on payment performance was staggering. Borrowers
who used RepayReady's ELC were 30% less likely to become delinquent.