Since March 2020, the world has been adjusting to a new normal due to the COVID virus. Over the past few months, PayForED has added new Virtual Financial Aid and Student Loan Repayment enhancements to our current solution platform, in addition to our software update. These new features have been developed to help our clients and the public better manage the current college landscape.
The entire college funding, financial aid, and student loan repayment process is changing almost daily. Some of these virtual financial aid tools are available and are free. Other enhancements are only available to our PayForED software users and business partners.
Here is a list of the new features available:
- Enhanced Financial Aid Night Programs
- College Cost Data Update
- College Virtual Tour Link
- Consumer Video Library
- New User Experience for All Three Software tools
Enhanced Financial Aid Night Programs
As many high schools have decided to go virtual, the traditional financial aid night will need to change. PayForED has developed a series of programs that will enhance most college financial aid night programs. It allows high schools to have their normal financial aid night virtually as they always have. Schools could just switch to the PayForED programs which will be live and then recorded so parents can listen to it at their convenience.
In addition to the traditional Financial Aid or Paying for College night, PayForED will also have 3 other important information nights: Understanding Student Loans, Saving for College, and Understanding the Award Letter. The goals of these programs are to provide more detailed and digestible information for families and will be spaced out throughout the year. We respect our school partners and do not sell any financial products.
These programs are free and could provide some school counseling groups a relief. They will not need to organize or run a virtual event.
Updated College Cost Data
Our 2020-21 college cost data has been updated. This is a significant advantage because many colleges’ net price calculators are not kept up to date. Other college planning tools will not have their data updated until late October or November. It could even be later this year due to the COVID’s impact on many normal reporting processes.
The PayForED team takes great pride in our proprietary database and timing of this release. With our cost data updated in August, families can evaluate the true four-year cost of college before they apply. With our enrollment management matrix and four-year cash flow, our College Cost Analyzer generates the customized numbers of each college’s net cost and debt before application. This eliminates a great deal of stress for both the student and parents.
Added Virtual College Tour Link
Once COVID hit, we began to look at ways to help our users. As we were approaching the summer touring season, we saw many colleges changing their college visit and recruiting process. We noticed that instead of the normal sign up for tours that now many colleges were listing virtual tours and multiple virtual admission opportunities. PayForED took the extra step to help you save time by providing the actual college virtual tour landing page. This is important since the colleges are changing this process constantly. If you only have the video from the video company, you may not get the most up to date information from that college’s admission and financial aid office.
Consumer Video Library
With the increased cost and complexity of college, PayForED has seen a growing demand for more information. Each of our three software solutions has a unique help and coaching video library dedicated to that specific user’s situation. We have added a comprehensive video library to help the users understand their current situation and then provide additional information on the next steps. We have recognized that college funding is a series of decisions and not just a single commitment.
As an example, a family who is going through the college decision process with their child may want more information on student loan repayment. Even though student loan repayment may be years away, that user could get an introduction to student loan repayment. Getting this information early could improve your debt structure decisions. These videos just enhance our goal to provide a complete answer at each college financial decision point.
New User Experience for All Three Solution
In early March 2020, PayForED launched our entire User Experience Update. This was across all three tools and enhances the ease of use significantly. The feedback to date has been extremely positive. We continue to improve this experience by listening to our users and reacting to this changing environment.
The PayForED college funding and student loan repayment software tools help both students and parents make informed decisions on student loans and repayment options.
Virtual Financial Aid and Student Loan Repayment Summary
The college decision may be changed forever due to COVID. As we have seen already, many colleges have already had to change their recruiting process. Many families may also be rethinking the cost of a college under these new learning conditions. PayForED is committed to providing the most innovative and easy to use environment that families can afford. We understand how important this investment is to you and your children’s financial future.