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Tuesday, July 26, 2016

Borrowing history

Starting this month, degree-seeking undergraduate students at all five campuses with a history of loans on record at the University will be presented with an estimate of their total borrowing prior to responding to their financial aid award (if their package includes loans). They will be able to review the estimate of their total loans, an estimated monthly payment, and how that compares to graduates from their campus. While the estimate does not reflect loans taken out at other institutions, certain other loans, or any repayments made, it should help students understand where they stand and inform their future borrowing decisions. Similar initiatives at other Universities have yielded positive results.

 The student will see this borrowing history estimate when they navigate to the “Accept/Decline Awards” page. They will be able to view it at any time in their communication center. The information is a snapshot of their borrowing history as of the time the communication was generated (which is noted on the communication itself).

This is the second phase of this project. The first was a printed letter with similar information sent to Duluth undergraduates in May. Additional phases for educating and informing our students of their borrowing are planned for the future.

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