FCCJ recognized for debt management excellence

FCCJ recognized for debt management excellence

Colleges, universities cited for financial literacy, student loan default prevention efforts

USA Funds(R), the nation's leading education loan guarantor, has announced the recipients of its 2008 Excellence in Debt Management awards. The awards recognize postsecondary institutions that support initiatives to enhance student financial literacy and curb student loan defaults.

Florida Community College at Jacksonville received the Award of Excellence for their student load programs. Steadily increasing enrollments challenged this college to explore a more interactive and hands-on approach to the counseling of first-time student loan borrowers.

As part of a college-wide initiative aimed at better educating first-time borrowers, the college launched a pilot program of in-person borrower counseling, established a full-time student default prevention manager position, and allocated funding for tuition assistance grants to replace loan dollars to students at risk of loan default. The college also employs two part-time student-workers to contact student loan borrowers who have fallen behind in their payments. The college has seen its cohort default rate decline to its lowest level in 10 years and also has recorded a reduction in loans issued to first-time borrowers.

Award of Merit: University of Hawaii at Manoa and Orange Coast College in California were also recognized as Award of Merit winners.

"We are delighted to recognize these three colleges and universities for pursuing programs that help their students become wiser consumers and enable their students to better manage their education costs," said Carl C. Dalstrom, USA Funds president and CEO. "These schools have adopted creative and effective programs to help current and former students manage credit to finance their postsecondary studies and to prevent student loan defaults."