What Creates Student Success?
Despite what recent headlines might suggest, for many involved in administering student financial aid, it really is all about helping students succeed. This includes not only getting students started, but also helping them experience long term success, financially as well as academically.
It would be great if we could find ways to fund higher education with less borrowing, but the reality is that for many students, the path to higher education will continue to include considerable debt. While the value of a college education can surely make borrowing a worthwhile investment, for many students managing education debt can be challenging, particularly in the early years of repayment.
For those of us committed to helping borrowers succeed, the biggest challenge isnt establishing the commitment to repay. Our experience has shown that most student borrowers fully intend to honor their repayment obligations, and are also receptive to assistance when difficulties and confusion arise.
The real challenge lies in finding the best opportunities and means to connect with borrowers to deliver timely guidance that impacts their success. Reaching borrowers with many diverse backgrounds and needs requires creativity and a willingness to venture beyond traditional communication methods. We have also found that success is more likely when interested stakeholders, including schools, lenders, servicers and guarantors, collaborate to help borrowers understand and manage their debt successfully.
I look forward to exchanging ideas and experiences with those of you who share an interest in developing new ways to reach and assist student borrowers.
We are always looking for new ways to reach student borrowers, if you have unique communication methods you would like to share, we welcome your suggestions in the box below - we would love to hear about them. We look forward to receiving your suggestions within the next 2 weeks.
Posted by Mike Ryan on July 10, 2007 at 02:15 PM EST
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Blog Author
Mike Ryan
Vice President of Borrower Services
Biography
Michael T. Ryan is Vice President of Borrower Services for American Student Assistance, a position he has held since joining ASA in February, 2003. Mr. Ryan heads ASA’s Borrower Services Division, which is responsible for all aspects of the management and delivery of service to borrowers in ASA’s education loan portfolio, including all default prevention and recovery efforts.
In his 20-plus year career in higher education financing, Mr. Ryan has held key management positions at the Massachusetts Educational Financing Authority (MEFA), and Key Education Resources (formerly Knight Tuition Payment Plans). As MEFA’s Associate Director for Programs and Operations, Mr. Ryan facilitated MEFA’s entry as a Federal Family Education Loan Program (FFELP) provider. He also played an instrumental role in the introduction of the U. Fund, (MEFA’s Section 529 College Investing Plan), managed MEFA’s U. Plan (Prepaid Tuition Program), and was responsible for the operation of MEFA’s loan programs.
While at Knight and Key, Mr. Ryan held progressively responsible management positions, from Account Manager to Senior Vice President.
Mr. Ryan is a graduate of Merrimack College.
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