Skip to content

Nelnet’s IDR Renewal Initiatives

April 18, 2015

One of the most common reasons for student borrowers having their partial financial hardship (PFH) expire while enrolled in an income-driven repayment (IDR) plan is that they simply do not file their annual income documentation on time. At Nelnet, we strive to find creative and effective ways to reach student borrowers. We have several new initiatives in the works to help facilitate more timely and frequent IDR renewal.

  • We are developing a pre-filled IDR renewal form. Essentially, our agents will ask borrowers questions to determine what should be filled in on the form. They will then send it to the student borrowers (via email), who can then sign it, include relevant paperwork, and return it. We feel this will simplify the process for borrowers and lead to increased response.
  • Outreach calling campaigns for student borrowers with upcoming renewal dates are also in development. We will place calls to student borrowers to remind and encourage them to renew their documentation.
  • Our contact center (where student borrowers call for assistance from Nelnet) has created a repayment team that focuses on borrowers indicating interest in a new repayment plan or IDR. This team is comprised of specialists who have a deeper understanding of repayment options and IDR. This should lead to greater clarity for borrowers who need to renew and, again, simplify the process.

We hope these changes allow for a more seamless, easy, and efficient customer experience in all aspects of choosing and/or renewing their most long-term, successful repayment plan.

 

Dawn Knight, National Manager, Nelnet Partner Solutions

Dawn Knight, National Manager, Nelnet Partner Solutions

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: