PHOENIX, February 22, 2018—CampusLogic, higher education’s leading student financial services platform, today announced its continued rapid growth in 2017, achieving a four-year compounded annual growth rate of 215%. This reflects a shift in how colleges are organizing around the financial needs of students, and leveraging technology to do that.
According to recent research, more than three million students drop out of higher education each year due to financial constraints. The challenge stems, in part, from an array of manual and generic processes in the student’s finance journey including inefficient financial aid processing systems, poor student communication, and poor organization of scholarships. In response, colleges and universities are increasingly adopting technology to make student financial services easy, mobile, and personalized.
Since launching its first product in 2014, CampusLogic’s ongoing innovation and measurable impact on student access has attracted the attention of colleges and universities of all types and sizes. At the end of 2017, CampusLogic increased its total number of college and university customers to more than 440, up from only four at the end of 2014.
The CampusLogic platform enables universities to execute on best practices that bring transparency and ease to financial aid processes for students, and efficiency for university administrators. At schools like Fullerton College and North Central Texas College, financial aid staff now utilize CampusLogic’s technology to reduce aid processing time, freeing up more time to advise students. Arizona State University recently launched a new, interactive award letter with CampusLogic to personalize and explain financial awards for families. Earlier in the year, CampusLogic acquired Cegment, maker of the most widely-used commercial net price calculator, which allows students to see the cost of a degree, including financial aid eligibility, loan debt, and estimated post-graduation monthly loan repayments.
Among the hundreds of institutions that have joined CampusLogic in 2017 are University of Oklahoma, Temple University, Auburn University, University of California, Irvine, Purdue University, and Ivy Tech Community College. CampusLogic technology is now being used by over 440 colleges that serve 3 million students. In 2017 alone, schools used CampusLogic’s platform to send 2.6 million text messages, 3.3 million emails, and nearly 1 million mobile award offers to students.
“We are excited by the rapid growth we’re seeing because we know it reflects a growing emphasis on de-mystifying financial services for students and families,” said Gregg Scoresby, founder and CEO of CampusLogic. “By streamlining student financial services, technology can help remove barriers and keep more students on a path to success. We are grateful to work with and learn from so many innovative colleges and universities committed to making every student interaction easy, mobile, and personalized.”
CampusLogic helps schools change lives by delivering the first—and only—Student Financial Success platform that incorporates a net price calculator, complete scholarship management, personalized digital communications, simplified financial aid verification, 24x7 multilingual virtual advising, tuition and scholarship crowdfunding, and integrated data visualizations. Over 500 schools across the country use CampusLogic to provide their students with an easy, mobile and personalized experience to simplify the financial success journey, resulting in increased enrollment, better informed borrowing, and improved retention. CampusLogic annually hosts EmpowerED, a conference dedicated to providing student financial success professionals with access to industry trends, best practices, and networking opportunities with like-minded colleagues. For more information, visit campuslogic.com.