Our CEO Gregg Scoresby is always on the go, traveling to industry conferences, visiting customers around the country, and spreading awareness for the ABC’s of student finance. We love when he’s back in the office, because it gives us a chance to sit down and chat with him about his latest experiences. Today we decided to pick his brain on the history behind CampusLogic. Read on!
Why did you found CampusLogic?
Gregg: I founded the company in 2011 because it was clear that nobody was focused on making the student financial aid experience easy, mobile, and highly personalized. There were literally no self-service options, and that was bad for students and schools. So I set out to build a great team to make that happen. Mission accomplished.
What were the early days of CampusLogic like?
Gregg: We launched a prototype in 2012 so we could show schools what we were thinking about building—incorporating school feedback into the product was crucial for us. The prototype received really positive reviews from several thought leaders in the industry, including Bob Collins, Vice President of Student Financial Services at Western Governors University.
Our beta-version was released in 2013, and we learned a lot from that experience. Major changes were made to the architecture post-beta, and our first full production version launched in May of 2014. That version has evolved into our StudentForms product. StudentForms makes every financial aid interaction a wizard-driven, mobile friendly, TurboTax-like experience.
Within the next 90-120 days, we will have over 100 schools on that product including the likes of the entire Georgia State system, University of Arizona, and Utah State, just to name a few. I think it is pretty clear that we nailed it with StudentForms.
How did the platform develop after StudentForms?
Gregg: CampusLogic has grown from one product, StudentForms, into a full financial aid engagement platform with four products—and more to come. In 2013, the National Association of Student Financial Aid Administrators (NASFAA) released research noting nearly 60% of parents and students don’t understand their award letter. An award letter is the official notification from a school where a student has been accepted, outlining the student’s financial aid award package. Families are making one of the largest financial decisions of their lives, yet they don’t understand what they are borrowing or their associated obligations. Not good.
We knew the award letter experience could be so much better. In 2014 we set to work on a beta version of a new AwardLetter product. Our goal: turn the financial aid award letter into a simple, digital, dynamic, and mobile experience. The first production version launched in 2015 and is really ramping well right now. One initiative I am really excited about is our Spanish-language award letter experience, which launches later this year in partnership with Arizona State University.
A few months ago, we announced the release of CampusMetrics, our third product. CampusMetrics makes all of a school’s financial aid data visual and actionable. Schools have mountains of data, but no way to leverage it. CampusMetrics helps schools understand and evaluate problems so that they can make better decisions to serve their students. Early next year, we will launch our fourth product, Scholarship Universe. It will be the most comprehensive scholarship search and administration product in the market.
You often mention the ABCs of student finance, what is that?
Gregg: Our entire platform is built around our purpose of helping schools change lives. That means helping schools increase accessibility, reduce borrowing, and drive down the cost of administration. I call this the ABCs of Student Finance
I’ve been in financial aid software and operations for about 20 years now. As I’ve met with college Presidents, Chancellors, Business Officers and other leaders in financial aid and enrollment over the years, I often ask the question, “What would the ideal student finance function do?” The responses almost always include one or more of the ABC’s of student finance concepts. Leaders know that part of their social mission and obligation is to increase accessibility, reduce student borrowing, and drive down administration costs.
These conversations have accelerated given the daily stories about the debt-burden facing students today, but it is much bigger than that. Last year, The Hechinger Report found that up to 40% of low income students who applied and were admitted to college never enrolled… primarily because they didn’t know how they were going to pay for it. These are kids who have ambition as evidenced by their admission application, capability as evidenced by their acceptance, and they are the most eligible population for financial assistance. Yet they don’t engage in the financial aid process because it isn’t simple, mobile and personalized. This is a big accessibility problem and CampusLogic solves it.
Is our entire financial aid experience mobile? What is our data telling us about who is completing the financial aid process and who isn’t? How can I help more low income students attend my school? What can we do to show students how to borrow less? These are questions that every school leader should be asking around the financial aid and enrollment functions. If they need help answering them, I’m more than happy to show them what CampusLogic can do.
Read Gregg’s Recipe for Success at CampusLogic >
*Image courtesy of AZ Tech Beat.