Web-based financial aid planning system makes it far easier and economical to communicate with students
BETHESDA, Maryland, March 24, 2008 - Overture Technologies, a leading developer of automated decisioning systems for the student lending and mortgage industries, has announced that Centre College in Danville, Kentucky is saving time and money as the result of implementing Payment Planner, Overture's comprehensive student lending software solution.
"With Payment Planner, we're able to send interactive award letter notifications via email," states Elaine Larson, director of Student Financial Planning at Centre College. "Prior to that, we were using a system that would release award letters electronically, but it wasn't interactive, so we still had to manually manage our students' acceptance. That resulted in a lot of extra labor hours and mailing costs. With Payment Planner, students can accept or decline awards without having to call or mail in any forms. In fact, we offer the option of mailing out award letters to our students, but nowadays very few select that option."
Payment Planner is Overture's web-based self-service financial aid planning portal that utilizes the power of automation and electronic transmission to make it faster, easier and more efficient for institutions and students to fulfill each step of the financial aid process. Institutions can use Payment Planner to inform students and their parents of their funding options, guide students and parents through the process of funding an education, and communicate the institution's case for affordability. Specifically, Payment Planner provides interactive modules that relay customized information such as award notices, interactive planning worksheets, financing options, and task lists to keep students on track with fulfilling their end of the financial aid transaction.
Larson notes that using Payment Planner has also elevated Centre College's image as a progressive institution. "In today's world, institutions of higher learning are expected to be using the latest technology to communicate with their students," explains Larson. "We needed to offer our students the fastest and most efficient way to learn about and follow through with their financial aid award. Payment Planner has given us the ability to do that. It has many more capabilities than we currently use, so there's plenty of room to grow. Thanks to Payment Planner, our students can perceive us as the progressive institution that we are."
David Kirby, vice president of Higher Education at Overture explains, "Payment Planner was designed to make the financial aid process faster, easier and more cost-efficient. It leverages the Internet to offer the convenience, ease of use and 24/7 communication that today's students and their parents expect - all at a substantial cost savings over old school financial aid communication methods."
About Overture Technologies
Overture Technologies provides tools for colleges and universities to help students intelligently navigate the financial aid process. Payment Planner, Overture's web-based cost-of-attendance management system, educates students and their parents about their funding options, guides them through the financial aid process, and communicates the institution's case for affordability. Loan Marketplace, Overture's loan comparison tool, allows students to compare real, guaranteed loan products from multiple lenders with just one credit check. Established in 2000, Overture's products include Payment Planner, Loan Marketplace, and Amadeus, Overture's automated underwriting product selection and pricing solution for the student loan industry. For further information, please contact Overture Technologies at (301) 492-2140 or visit www.overturecorp.com.
Posted 03/25/08 to www.NASFAA.org. Posting of press releases is done as a service to Members and does not imply endorsement or support by NASFAA. NASFAA does not review this information for content or accuracy.
