Why You Need a Loan Repayment Assistance Program

WEBVTT 1 00:00:02.919 --> 00:00:07.190 You are listening to the Higher Ed Marketer, a podcast geared towards marketing professionals 2 00:00:07.230 --> 00:00:11.910 in higher education. This show will tackle all sorts of questions related to student 3 00:00:11.949 --> 00:00:16.269 recruitment, dontor relations, marketing trends, new technologies and so much more. 4 00:00:17.030 --> 00:00:20.829 If you are looking for conversations centered around where the industry is going, this 5 00:00:21.030 --> 00:00:30.219 podcast is for you. Let's get into the show. Welcome to the High 6 00:00:30.219 --> 00:00:34.539 Red Marketer podcast. I'm troy singer and I'm here with my cohost and Talka 7 00:00:34.619 --> 00:00:39.369 truck collector, Bart Taylor, and today we're going to talk to Peter Samuelson 8 00:00:39.649 --> 00:00:43.969 and he's with our dao education solutions and with Peter we're going to have a 9 00:00:44.049 --> 00:00:50.159 discussion on how colleges can help grow their enrollment and improve their value proposition through 10 00:00:50.320 --> 00:00:54.039 loan repayment assistant programs. Yeah, it's been a really good conversation with Peter. 11 00:00:54.079 --> 00:00:57.799 I'm excited to share this with everyone and I think that before the Higher 12 00:00:57.799 --> 00:01:00.880 Ed marketers out there are like I thought this was a show about marketing. 13 00:01:00.079 --> 00:01:03.079 It is and I want you to pay attention to it, because what Peter 14 00:01:03.200 --> 00:01:06.829 Talks about with these l wraps, it's kind of the short version of the 15 00:01:06.950 --> 00:01:10.790 loan repayment assistant programs, L rap. What he talks about is the idea 16 00:01:10.790 --> 00:01:15.950 of how you can leverage these in your marketing to help students find security in 17 00:01:15.109 --> 00:01:19.140 going into your school, especially if they're having to take out debt and maybe 18 00:01:19.219 --> 00:01:23.099 their career isn't one that's going to be a high paying career at the end. 19 00:01:23.140 --> 00:01:26.260 So a lot of thing is talking about, you know, the prospective 20 00:01:26.299 --> 00:01:30.459 students needs, their perception, their realities and how we can market and provide 21 00:01:30.500 --> 00:01:34.409 them tools to help them, you know, get over the barriers of applying 22 00:01:34.450 --> 00:01:38.930 to your school, of accepting and depositing your school and then ultimately, you 23 00:01:40.010 --> 00:01:42.370 know, becoming matriculated there. So it's a good conversation, so be sure 24 00:01:42.409 --> 00:01:49.159 to stay stay tuned. Here's our conversation with Peter Samuelson. Is My pleasure 25 00:01:49.239 --> 00:01:55.640 to welcome Peter Samuelson of our dao education solutions to the Higher Ed Marketer podcast. 26 00:01:56.079 --> 00:01:59.439 How you doing today, Peter? Very good, troy, thanks for 27 00:01:59.480 --> 00:02:01.909 having me on the podcast. Great to join you. It is our pleasure 28 00:02:01.989 --> 00:02:07.189 and we can't wait to hear everything you'd like to give us about how colleges 29 00:02:07.389 --> 00:02:13.550 can utilize loan repayment assistant programs to enhance their enrollment. But before that, 30 00:02:13.669 --> 00:02:16.259 if you can give us a little bit about you, your role and how 31 00:02:16.379 --> 00:02:21.780 you came up with this idea? Sure things. So My name Peter Samuelson. 32 00:02:21.860 --> 00:02:24.740 I'm the president and founder at our dao education solutions. We've been doing 33 00:02:24.780 --> 00:02:29.539 this for some years now, helping colleges grow their enrollment by really helping students 34 00:02:29.580 --> 00:02:31.449 go to college. And this just comes out of my personal life. I 35 00:02:31.650 --> 00:02:36.530 was coming out of college at Greenville College Down There St Louis, heading to 36 00:02:36.569 --> 00:02:38.889 law school and wanted to go to Yale law school but couldn't afford it. 37 00:02:38.969 --> 00:02:43.129 Right that classic phrase that students sale the time is I can't afford it, 38 00:02:43.650 --> 00:02:46.960 and so I put in my deposits to go to University of Chicago Law School 39 00:02:46.319 --> 00:02:50.520 and then discovered the Yel had this great program. They called it a career 40 00:02:50.599 --> 00:02:53.439 options assistance program, but every law school who copied them calls it a loan 41 00:02:53.520 --> 00:02:58.750 repayment assistance program and lay up for short and the promise was come here, 42 00:02:58.949 --> 00:03:01.550 borrow a ton of money, pay us that borrowed money and when you graduate, 43 00:03:01.710 --> 00:03:04.830 if your income is low, will make your loan payments for you. 44 00:03:05.430 --> 00:03:07.229 So just a great program that said, yeah, I can go to get 45 00:03:07.229 --> 00:03:10.030 a law school, I can do public interest work when I graduate. I'm 46 00:03:10.069 --> 00:03:14.259 not going to be burdened by a load of debt because I can go do 47 00:03:14.379 --> 00:03:16.659 anything I want afterwards. And that gave me the freedom to go to Yale 48 00:03:16.740 --> 00:03:21.099 instead of Chicago. Had A great experience there. I use the program for 49 00:03:21.139 --> 00:03:23.419 a year afterwards to do human rights work in Sudan and in Hong Kong, 50 00:03:23.539 --> 00:03:28.449 and so really affected where I went to school, how I started my career. 51 00:03:28.889 --> 00:03:30.449 I ended up on Wall Street, paid off the loans like most people 52 00:03:30.449 --> 00:03:34.409 do, which was great, but was just delighted to have that freedom to 53 00:03:34.449 --> 00:03:37.530 go anywhere I want to do anything I wanted. That is wonderful. And 54 00:03:37.650 --> 00:03:45.159 then from that experience the idea from Ordeo arrived. But sure so, a 55 00:03:45.240 --> 00:03:47.159 few years later I was looking to join the board of a college where my 56 00:03:47.240 --> 00:03:50.759 mom taught. So I grew up in McPherson, Kansas, the home of 57 00:03:50.800 --> 00:03:54.080 central Christian College. Small little school right, totally different experience from Yale. 58 00:03:54.120 --> 00:03:59.349 Totally different student body, but really the same enrollment problem, which was they 59 00:03:59.389 --> 00:04:02.150 were admitting lots of students. Doing all that marketing work to bring the students 60 00:04:02.189 --> 00:04:06.389 in bringing the applications, admit the students. And then seventy five percent of 61 00:04:06.430 --> 00:04:11.020 students who are admitted said no, we can't afford it, we're going somewhere 62 00:04:11.060 --> 00:04:13.819 else. Obviously lots of reasons that go somewhere else, but you know, 63 00:04:13.900 --> 00:04:18.259 the dominant reason to not attend after being admitted was we just don't want to 64 00:04:18.259 --> 00:04:20.660 borrow the money. Right. And so I thought, you know, we 65 00:04:20.740 --> 00:04:25.129 need the same program Yale has. Let's tell these students, let's say we're 66 00:04:25.129 --> 00:04:28.410 sure you're making a good economic investment, we're confident you're going to get a 67 00:04:28.410 --> 00:04:30.209 good job. Most of you write, and that's true at most colleges. 68 00:04:30.250 --> 00:04:33.610 You know, eighty percent, ninety percent of graduates do get a good job. 69 00:04:34.089 --> 00:04:38.170 But there is that bottom group of students, at ten or twenty percent 70 00:04:38.209 --> 00:04:41.879 at every college every year who struggle to get a job. They come out 71 00:04:41.879 --> 00:04:45.839 with student loans. That burden really hurts and everyone hears about those, right, 72 00:04:45.879 --> 00:04:48.199 if you've got a nephew and Nie, a daughter, son at a 73 00:04:48.279 --> 00:04:51.000 CO worker at work, you hear about those, those hard cases. So 74 00:04:51.040 --> 00:04:54.269 I thought, why don't we make the same promise you all made to me? 75 00:04:54.670 --> 00:04:58.110 And let's make let's give students the comfort and the confidence they need to 76 00:04:58.189 --> 00:05:01.189 come here and matriculates and get the value of this education. I love that 77 00:05:01.230 --> 00:05:04.829 idea because I think that not only are you solving a real world problem. 78 00:05:04.870 --> 00:05:09.339 I mean much like you know, you experienced yourself at Yale being able to 79 00:05:09.779 --> 00:05:13.420 go out and then do some social impact type of law, but I mean, 80 00:05:13.740 --> 00:05:16.500 you know, a lot of the really good schools for for you know, 81 00:05:16.699 --> 00:05:21.810 really good types of education. Sometimes, you know, it's challenging, 82 00:05:21.930 --> 00:05:26.250 and I'm thinking of some smaller private colleges right now where, you know, 83 00:05:26.689 --> 00:05:28.769 a lot of their going to graduate, a lot of nurses or a lot 84 00:05:28.810 --> 00:05:33.050 of teachers or a lot of pastors and faith based leaders, and sometimes those 85 00:05:33.129 --> 00:05:36.519 careers don't have the largest incomes. And you know, take a lawyer. 86 00:05:36.560 --> 00:05:39.800 I mean what's one thing, a lawyer and a doctor being able to pay 87 00:05:39.800 --> 00:05:44.120 back and being able to provide that for them, but just for the for 88 00:05:44.240 --> 00:05:46.959 folks like you who called into ministry to be able to go to a really 89 00:05:47.000 --> 00:05:50.470 good Christian, you know, private school. It's not the same as going 90 00:05:50.550 --> 00:05:54.230 to community college. So I'm saying that really plays out well with us. 91 00:05:54.310 --> 00:05:57.470 Is as well well it does. You know, you mentioned teachers teachers are 92 00:05:57.550 --> 00:06:00.670 just a great example for us because when a teacher lands at full time job, 93 00:06:00.709 --> 00:06:03.379 usually a union base job, right, they get a good pay. 94 00:06:03.899 --> 00:06:09.459 But so often when a student gets a teaching degree and starts their substitute teaching 95 00:06:09.500 --> 00:06:12.540 and they're also working at starbucks and for that year or two until they land 96 00:06:12.540 --> 00:06:15.259 the full time Gig, they're not making that much money. And we help 97 00:06:15.300 --> 00:06:16.740 a lot of those students, a lot of those graduates. And then you 98 00:06:16.819 --> 00:06:19.170 mention the ministry. Right, a lot of people, as they are high 99 00:06:19.170 --> 00:06:23.610 school seniors, go into college. If they're looking at a Christian college, 100 00:06:23.689 --> 00:06:27.370 they're very often wondering, am I going to head into some ministry related job? 101 00:06:27.850 --> 00:06:30.209 And through college they make that decision. Some do, many don't, 102 00:06:30.610 --> 00:06:33.079 but it's nice for that to still be an option for them if they have 103 00:06:33.120 --> 00:06:35.519 an l wrap in place and know that they don't have to worry about the 104 00:06:35.600 --> 00:06:39.800 income when they graduate and they can pursue that calling if they want to pursue 105 00:06:39.839 --> 00:06:45.600 that calling. So let's talk about how a college and university can benefit by 106 00:06:46.279 --> 00:06:49.949 promoting, by marketing l wraps and how they can utilize it to enhance their 107 00:06:49.990 --> 00:06:53.709 enrollment. Sure so you know, when people ask me what I do? 108 00:06:53.750 --> 00:06:56.790 I say I help students go to college, and that's really what we're doing, 109 00:06:56.870 --> 00:06:59.990 is we're helping students go to their first choice college and that of course 110 00:06:59.990 --> 00:07:03.019 helps colleges. So our economic model is we sell this program to colleges, 111 00:07:03.339 --> 00:07:08.100 colleges give it to their students and the way a college does this as they 112 00:07:08.139 --> 00:07:11.860 sign up with us and then we work with that college to help them figure 113 00:07:11.899 --> 00:07:15.970 out which of their perspective students should they give these l raps to. So 114 00:07:15.250 --> 00:07:18.769 they can look at their segments and anywhere that they have low yield. So 115 00:07:18.970 --> 00:07:21.730 out of states student Sudents is off at a segment where they have really low 116 00:07:21.769 --> 00:07:27.410 yield, right. Or maybe low EFC students, or maybe it's the nonathletes, 117 00:07:27.889 --> 00:07:30.360 or maybe they're going to add l wrap to some of their scholarship students 118 00:07:30.360 --> 00:07:34.040 who aren't getting the top scholarships just to suitet in it and make that deal 119 00:07:34.079 --> 00:07:38.600 a little better for them. Right. Maybe they're restarting a major where they 120 00:07:38.600 --> 00:07:41.480 want to rebuild that major, or they have a brand new major where they're 121 00:07:41.480 --> 00:07:45.350 trying to draw some attraction to it. So anywhere where they have a segment 122 00:07:45.389 --> 00:07:48.189 where the yield is lower than they want they can add l wrap into that 123 00:07:48.310 --> 00:07:53.389 offer to those students and help out. And then almost every college, as 124 00:07:53.389 --> 00:07:57.069 they go from March, April May and they've sent out those financial aid awards 125 00:07:57.389 --> 00:08:00.779 and they're waiting for students to show up. In August or September, they 126 00:08:00.819 --> 00:08:03.220 suffer summer melt and they have a whole bunch of students in their funnel that 127 00:08:03.300 --> 00:08:07.060 go stale and quit talking to them. So you can definitely use l rap 128 00:08:07.180 --> 00:08:11.259 as a tool to respond to summer melt and to work with the stale funnel 129 00:08:11.300 --> 00:08:13.689 through the late springing through the summer to find those students who have said I 130 00:08:13.769 --> 00:08:18.569 wanted to come but I'm nervous and I'm reluctant to borrow and change that equation, 131 00:08:18.970 --> 00:08:22.810 turn that no into a yes. That's great. And then, and 132 00:08:22.889 --> 00:08:26.329 then I'm guessing that sometimes, you know, looking at the data. Then 133 00:08:26.569 --> 00:08:30.560 I'm sure that you have some data that shows that students who you know, 134 00:08:30.680 --> 00:08:35.840 have the security of this type of way to not only begin their college career 135 00:08:35.879 --> 00:08:39.480 in matriculate, but also then to retain and actually, you know, complete 136 00:08:39.519 --> 00:08:43.629 and graduate. I'm sure that that security for a student and their family probably 137 00:08:43.669 --> 00:08:46.909 does play in a lot to the retention? Is that true? Absolutely, 138 00:08:46.950 --> 00:08:50.909 definitely boost retention and graduation rate, sometimes by quite a bit. Now depends 139 00:08:50.950 --> 00:08:54.309 on why the student came. If the student wanted to go to your college 140 00:08:54.629 --> 00:08:58.899 and l rap enables them to go, it's going to boost retention rate by 141 00:08:58.940 --> 00:09:01.700 probably about ten percentage points all the way through graduation. If you were their 142 00:09:01.779 --> 00:09:05.860 second choice or they weren't that excited about you, but I'll wrap kind of 143 00:09:05.899 --> 00:09:07.940 twisted their arm and said go ahead and try it, not going to see 144 00:09:07.940 --> 00:09:11.929 a retention boost with that group of students, but certainly there's a big boost 145 00:09:11.970 --> 00:09:15.049 with students who view your specific college as the place they want to go, 146 00:09:15.169 --> 00:09:18.730 their preferred choice. Right. And then what about I know you've done some 147 00:09:18.649 --> 00:09:24.519 some research and working with Ruffelo Nol levits are now on some some of this 148 00:09:24.679 --> 00:09:28.080 data and kind of how this impacts the during Roman decisions and, I guess 149 00:09:28.120 --> 00:09:33.559 specifically the SOC and come in Firstgen type of students. You've talked a little 150 00:09:33.559 --> 00:09:35.759 bit about that, but anything specific to the RNL research that you've kind of 151 00:09:35.799 --> 00:09:39.830 discovered? Yeah, we do research with every year. We do it internally. 152 00:09:41.070 --> 00:09:43.549 A lot of our clients do their own research, but this last year 153 00:09:43.590 --> 00:09:46.509 we did a big survey with Rufflonel leavitts had a really great sample size. 154 00:09:46.629 --> 00:09:50.230 Was Fun to work with a partner, with someone like ourn l to do 155 00:09:50.350 --> 00:09:52.460 it and just got the same results we always see but, you know, 156 00:09:52.980 --> 00:09:56.539 even more detail than we've often seen. So they did a survey a one 157 00:09:56.580 --> 00:10:01.419 fifteen hundred students in the summer who had and had not matriculated but had been 158 00:10:01.419 --> 00:10:05.580 offered l rap. Sixteen percent of those who matriculated said they would not have 159 00:10:05.700 --> 00:10:11.009 matriculated except for L rap. And what was really interesting is thirteen percent who 160 00:10:11.009 --> 00:10:13.970 did not matriculate said they would have matriculated if they had been offered l rap. 161 00:10:15.090 --> 00:10:16.809 Right. So that's just a huge group of students. I'll there that 162 00:10:16.929 --> 00:10:22.120 these colleges could have successfully recruited if they had gone ahead and make the offer. 163 00:10:22.600 --> 00:10:24.840 And then you mentioned students of color, first generation low income. One 164 00:10:24.879 --> 00:10:28.679 of the great details we got out of this are inhale study, because it's 165 00:10:28.679 --> 00:10:31.519 bigger than the ones we've done before, is the impact was almost twice as 166 00:10:31.600 --> 00:10:37.429 big for students of color, first generation and low income. Specifically, twenty 167 00:10:37.509 --> 00:10:39.990 four percent of students of color said they would not have come without being offered 168 00:10:39.990 --> 00:10:45.470 the all rap twenty seven percent of those whose families had incomes below a hundred 169 00:10:45.470 --> 00:10:48.509 thousand said the same thing, and twenty four percent of those whose parents did 170 00:10:48.590 --> 00:10:52.460 not have a college degree of the same thing. And when you talk to 171 00:10:52.539 --> 00:10:56.139 colleges, every college today wants more students of color, more first generation more 172 00:10:56.220 --> 00:11:00.820 students from low income backgrounds. Right those are the students who have the biggest 173 00:11:00.860 --> 00:11:03.649 social need to get that the advantage as the college offers, and it's really 174 00:11:03.649 --> 00:11:07.889 exciting that our program makes such a different, big difference in letting them go 175 00:11:07.970 --> 00:11:09.850 to the college they want to go to. I think that's great and I 176 00:11:11.009 --> 00:11:13.289 love the fact that it's not only marketing this to the college is to help 177 00:11:13.330 --> 00:11:16.409 them understand it, but then giving the college as tools to be able to 178 00:11:16.450 --> 00:11:20.480 market to the students. Because, I mean, I know at myself as 179 00:11:20.480 --> 00:11:24.679 a first generation student and showy it was also a first generation student. You 180 00:11:24.759 --> 00:11:26.120 don't know what you don't know when you're walking into college, and so you 181 00:11:26.200 --> 00:11:28.879 know when you're talking to mom and dad and saying, Hey, I'd really 182 00:11:28.879 --> 00:11:31.919 like to go to this school and they're like, oh, we can't afford 183 00:11:31.960 --> 00:11:33.470 that. Well, I'll take loans out. Will you can't afford that with 184 00:11:33.590 --> 00:11:37.629 your career, having something like this and being educated and having the student be 185 00:11:37.669 --> 00:11:41.509 able to say, well, my college amissions counselor showed me this. I'd 186 00:11:41.509 --> 00:11:43.110 never heard of it. What do you think? That? I think builds 187 00:11:43.149 --> 00:11:48.580 that security, builds that trust and obviously builds that that ability for them to 188 00:11:48.659 --> 00:11:52.019 go. So that's that's really exciting. I know that one of the things 189 00:11:52.059 --> 00:11:54.139 kind of we're talking about there, because, I mean you talked a lot 190 00:11:54.179 --> 00:11:58.220 about students of color and low income and first generation students, sometimes Tho as 191 00:11:58.259 --> 00:12:01.529 the ones that are going to be most impacted, but sometimes are the ones 192 00:12:01.570 --> 00:12:05.129 that are often on the fence of trying to figure out is college worth it, 193 00:12:05.730 --> 00:12:09.409 and and I know that that that's some, you know, some research 194 00:12:09.490 --> 00:12:11.929 that's being done under that title right now, College Worth it research initiative, 195 00:12:13.289 --> 00:12:15.879 and so tell me a little bit about how you guys are involved in that 196 00:12:16.039 --> 00:12:18.879 and what's going on with that as well. Sure. So, you know, 197 00:12:18.960 --> 00:12:22.919 we love talking to families and students when they have those questions about is 198 00:12:24.000 --> 00:12:26.679 college worth it? Can I really afford it? One of the things we 199 00:12:26.799 --> 00:12:30.830 do is when our college partners offer lap to students is we run a whole 200 00:12:30.950 --> 00:12:33.870 media campaign at cadence with them. We email them, send them postcards but, 201 00:12:33.950 --> 00:12:37.549 most importantly, we get on the phone and we talked to them because 202 00:12:37.590 --> 00:12:41.629 we want to explain how this l rap works and often in those conversations we 203 00:12:41.750 --> 00:12:45.740 get to rebut some of those common misconceptions about is college worth it, and 204 00:12:46.100 --> 00:12:48.580 when you read media articles, it's really easy for the media to write a 205 00:12:48.659 --> 00:12:52.740 story that talks about some student with hundred thousand a debt. Only one percent 206 00:12:52.779 --> 00:12:56.460 of undergraduate graduates come out with a hundred thousand a debt. The people with 207 00:12:56.580 --> 00:13:00.649 hunder thousand dollars of debt are doctors and lawyers and, like you said, 208 00:13:00.690 --> 00:13:03.610 no one's worried about doctors and lawyers paying off their loans. Right. The 209 00:13:03.769 --> 00:13:07.370 average undergraduate only has thirty three thousand in loans when they come out of college, 210 00:13:07.649 --> 00:13:11.610 but the media stell stories and says on average they have ninety four thousand. 211 00:13:11.610 --> 00:13:16.320 Right. So there's this huge misconception and that does such a disservice to 212 00:13:16.360 --> 00:13:18.639 these families where the students, like you said, they want to go to 213 00:13:18.679 --> 00:13:22.279 a college. They asked mom and Dad and mom and dad are skeptical. 214 00:13:22.320 --> 00:13:24.240 Right, you can't borrow that much. And if they really think they have 215 00:13:24.320 --> 00:13:28.470 to borrow a hundred thousand to go to college. That's totally going to dissuade 216 00:13:28.470 --> 00:13:30.870 them because they can't do that and they're the job they get isn't going to 217 00:13:30.909 --> 00:13:33.110 pay that back right. But when they learn they only have to borrow thirtyzero 218 00:13:33.429 --> 00:13:37.830 probably on average, that's much more viable, especially when they have the safety 219 00:13:37.830 --> 00:13:41.820 net that l rap gives them, the promises them. If, in for 220 00:13:41.980 --> 00:13:45.379 whatever reason, you have struggled making those loan payments, getting a better income 221 00:13:45.779 --> 00:13:48.539 as you graduate will help you out. What's really exciting for us on the 222 00:13:48.620 --> 00:13:54.259 back end is we help twenty, five thirty percent of graduates who struggle right 223 00:13:54.299 --> 00:13:56.409 out of the gates, but within a year most of them get really good 224 00:13:56.450 --> 00:13:58.929 pay raises. It's really fun to see that over the course of a year 225 00:13:58.929 --> 00:14:03.289 after graduation so many of them find that much better job, whether it's a 226 00:14:03.330 --> 00:14:07.690 substitute teacher getting the full time job or the person in some business career getting 227 00:14:07.690 --> 00:14:11.080 a promotion, whatever it is, within a year or two almost all of 228 00:14:11.159 --> 00:14:16.399 them have seen significant income growth, which is nice. That's great. So 229 00:14:16.720 --> 00:14:18.039 Peter has we were talking about all that. One of the things that I 230 00:14:18.360 --> 00:14:22.320 have in mind. I mean my kids. One of my kids go to 231 00:14:22.679 --> 00:14:26.590 Pretty University and I know President Mitch Daniels, and we've had Ethan Braden, 232 00:14:26.629 --> 00:14:30.230 the vice president of enrollment, on the show couple times. But I'm always 233 00:14:30.230 --> 00:14:33.830 influenced with a lot of things I hear from purdue and I've been aware of 234 00:14:33.870 --> 00:14:37.190 our Daoh and before you are Our da Oh, you were l rap and 235 00:14:37.309 --> 00:14:39.740 you've been doing this for a number of years. Since then I've heard the 236 00:14:39.860 --> 00:14:43.740 initiative from from at least from purdue, this back of boiler. It's the 237 00:14:43.860 --> 00:14:50.340 idea that you know, alumni will basically invest in students of need and other 238 00:14:50.659 --> 00:14:54.490 people that might typically qualify like for an l rap, but they would basically 239 00:14:54.490 --> 00:14:58.730 be investing in them with with a return on that investment later on. It's 240 00:14:58.730 --> 00:15:01.450 more of an investment tool for the alumni than it is a safety net for 241 00:15:01.529 --> 00:15:05.009 the student. So tell me a little bit about that and how that relates 242 00:15:05.049 --> 00:15:07.159 to what you're doing. Sure so, in some ways it's very similar. 243 00:15:07.200 --> 00:15:11.039 Both we and, if you know, that's an income share agreement, is 244 00:15:11.080 --> 00:15:13.440 the generic name for that back of boiler program. And you mentioned for due 245 00:15:13.480 --> 00:15:16.360 right a great school. Mitch has been a great leader in higher education doing 246 00:15:16.360 --> 00:15:22.029 a lot of innovative things and there's a lot of interest in higher ed financial 247 00:15:22.070 --> 00:15:26.669 aid. Right. How do you finance student loans and income based repayment is 248 00:15:26.750 --> 00:15:28.629 both what's is is as do and what l reps do right. We're going 249 00:15:28.629 --> 00:15:33.750 to look at your income after graduation and use that in some way to determine 250 00:15:33.789 --> 00:15:37.139 how you finance your education. The really big difference between ISA as and l 251 00:15:37.259 --> 00:15:43.139 wraps is every school has a few students who just can't borrow that last five 252 00:15:43.220 --> 00:15:46.419 thousand dollars they need and the is Isa fills that gap and provides the actual 253 00:15:46.539 --> 00:15:50.250 cash they need for that last five thous we don't provide a loan as L 254 00:15:50.330 --> 00:15:52.850 rap. We don't fill that gap, we don't solve the need for that 255 00:15:52.970 --> 00:15:56.129 group of students. What we do is work with a much larger group of 256 00:15:56.210 --> 00:16:00.370 students who have available to them the loans to borrow, whether federal or private 257 00:16:00.490 --> 00:16:04.159 loans, and they just don't want to borrow and we make them comfortable borrowing 258 00:16:04.200 --> 00:16:07.840 all of those student loans that are available. So I think that the use 259 00:16:07.919 --> 00:16:11.759 case for is is as and l raps are quite different with different groups of 260 00:16:11.799 --> 00:16:15.360 students. A college can certainly do both I think we can help them work 261 00:16:15.399 --> 00:16:18.990 with more students and I think students have been very, very happy with the 262 00:16:18.029 --> 00:16:22.389 l raps we provide across, you know, hundreds of colleges now over the 263 00:16:22.429 --> 00:16:26.710 last ten years. That's great. Thank you. As we bring our conversation 264 00:16:26.870 --> 00:16:30.710 to a close, we always ask our guests is there a topic or a 265 00:16:32.269 --> 00:16:38.779 takeaway that you could offer that would be immediately implementable by someone, especially someone 266 00:16:38.860 --> 00:16:45.299 that's considering a program like yours? So I think something immediately that they could 267 00:16:45.299 --> 00:16:48.289 take away and do is most clients of ours, most college partners who use 268 00:16:48.330 --> 00:16:52.570 L rap, they start in the spring and they do a pilot with a 269 00:16:52.610 --> 00:16:56.490 few students. This is the perfect time to start right financial aid awards have 270 00:16:56.649 --> 00:17:00.850 gone out the door or are going out the door. Admissions counselors have students 271 00:17:00.850 --> 00:17:03.519 who are raising their hand and say I'm reluctant to borrow that money, I 272 00:17:03.600 --> 00:17:07.480 can't afford it, I don't want to borrow colleges who are interested in intrigued 273 00:17:07.519 --> 00:17:10.519 by this idea should just sign up with us for a pilot and let their 274 00:17:10.559 --> 00:17:14.039 admissions counselors make this offer to a few of those students who raise their hand 275 00:17:14.079 --> 00:17:15.549 and what they're going to find out is are going to find out the power 276 00:17:15.630 --> 00:17:19.349 of that promise, the power of that a rat promise, to really turn 277 00:17:19.470 --> 00:17:22.670 that skepticism of around and turn that no, I can't come to a yes. 278 00:17:22.789 --> 00:17:26.309 I can come and I'm excited. So We'd love to see people just 279 00:17:26.390 --> 00:17:27.750 try it out, tested on a few students and see if it works. 280 00:17:29.630 --> 00:17:33.220 That's wonderful and, Peter, thank you so much for being a guest today. 281 00:17:33.299 --> 00:17:38.099 You've definitely brought some wonderful information. Just want to make sure we've covered 282 00:17:38.180 --> 00:17:42.500 everything that you would like to have covered today and is there anything additional that 283 00:17:42.579 --> 00:17:45.410 you would like to add? You know, delighted to be on your show 284 00:17:45.450 --> 00:17:48.049 to day, Troy Bart, thanks for having us. If anyone has any 285 00:17:48.049 --> 00:17:52.130 more questions about this, you know we are always eager to talk about it. 286 00:17:52.569 --> 00:17:56.210 Our website is our DAO aardo dot org. My own email is Peter 287 00:17:56.329 --> 00:18:00.200 at our Dal Education Dot Org. Would be happy to follow up with any 288 00:18:00.240 --> 00:18:04.079 questions any of your listeners and thank you very much, Peter Bart. Would 289 00:18:04.119 --> 00:18:07.839 you have any final thoughts that you would like to share? Yeah, I 290 00:18:07.880 --> 00:18:11.720 think that this is a really good example of when we're looking at higher ad 291 00:18:11.799 --> 00:18:17.230 marketing, really understanding the needs of your perspective students and understanding what would be 292 00:18:17.509 --> 00:18:19.950 the challenges that they might need to overcome. I mean, we talk about 293 00:18:19.950 --> 00:18:23.470 messaging a lot and we talk about branding and we talked about ways to make 294 00:18:23.549 --> 00:18:26.779 sure that we're answering the questions that students have. I mean that's that's basic, 295 00:18:27.339 --> 00:18:30.740 you know, marketing one hundred and one. But I think this is 296 00:18:30.819 --> 00:18:33.460 a good example of sometimes, as hired marketers, we might not go deep 297 00:18:33.500 --> 00:18:37.500 enough to understand what those true issues are that's keeping them from coming to your 298 00:18:37.539 --> 00:18:41.210 school. It might not be the fact that they don't like your school. 299 00:18:41.210 --> 00:18:44.210 It might not be the fact that you don't have their major, it might 300 00:18:44.250 --> 00:18:47.450 not be the fact of anything that you typically think of. It might be 301 00:18:47.569 --> 00:18:49.529 the fact of their own fear of being able to repay it back their loans 302 00:18:49.569 --> 00:18:55.329 or or be able to be successful enough to afford an education. And so 303 00:18:55.369 --> 00:18:57.240 I think that what Peters talked about today is really important for us, as 304 00:18:57.279 --> 00:19:02.680 highed marketers, to really understand the full spectrum of the of the student, 305 00:19:03.000 --> 00:19:07.200 understand the full spectrum of the families and what their concerns are and then, 306 00:19:07.319 --> 00:19:11.670 as high ed marketers, as enrollment professionals provide the tools and the education to 307 00:19:11.750 --> 00:19:17.789 them to allow them to make those decisions to actually matriculate and graduate successfully from 308 00:19:17.829 --> 00:19:21.150 your school. You know, certainly it's better for them to get into your 309 00:19:21.190 --> 00:19:25.180 school and graduate and be successful alumni and always have good things to say about 310 00:19:25.180 --> 00:19:26.980 your school then to just turn away and go to some place that they really 311 00:19:27.019 --> 00:19:30.019 didn't want or never end up in higher education to begin with. So I 312 00:19:30.059 --> 00:19:33.940 think these are some really good marketing lessons all the way through and and what 313 00:19:33.059 --> 00:19:37.859 a great opportunity to talk about a tool like this that could be part of 314 00:19:37.900 --> 00:19:41.690 the marketing tool kit for enrollment and going from there. So thanks again, 315 00:19:41.690 --> 00:19:42.809 Peter, for being on the show today. Thank you for thank you, 316 00:19:42.890 --> 00:19:47.690 troy. That brings us to the end of a wonderful episode. The High 317 00:19:47.730 --> 00:19:52.880 Ed Market of podcast is sponsored by Kaylor solutions and education marketing and branding agency 318 00:19:52.279 --> 00:19:56.759 and by Think, patented, a marketing, execution, printing and mailing provider 319 00:19:57.119 --> 00:20:04.480 of Higher Ed Solutions. Thank you all for joining us. You've been listening 320 00:20:04.519 --> 00:20:08.269 to the Higher Ed Marketer. To ensure that you never miss an episode, 321 00:20:08.509 --> 00:20:14.069 subscribe to the show in your favorite podcast player. If you're listening with apple 322 00:20:14.109 --> 00:20:17.190 PODCASTS, we'd love for you to leave a quick rating of the show. 323 00:20:17.230 --> 00:20:22.259 Simply tap the number of stars you think the podcast deserves. Until next time, 324 -->