SMS for College Finance Management
Finance management is both a stress and a struggle for millions of U.S college students. The average 2015 graduate has a whopping $35,000 debt per borrower. Fortunately, financial institutions, university finance offices, scholarship organizations, and students themselves can utilize SMS to make navigating college finances a little easier.
SMS for College Scholarships
Scholarships are one of the best ways to pay for college. It is estimated that each year there is approximately $49.3 billion of scholarships awarded to students in the United States. Scholarship applications typically include a standard essay requirement and resume submission. Certain organizations, such as DoSomething.org, have decided to shake up the scholarship application process by using SMS. DoSomething has created a SMS campaign allowing students to navigate a choose-your-own science mystery story. At the end of the game, students are entered to win a $10,000 scholarship as well as joining the DoSomething user database. This is a great way to not only provide a fun scholarship application experience, but also build a customer database too.
Make the Financial Aid Office More Efficient
University financial aid offices tend to be a place of deep dread for many students. To de-stress both outbound office communications and in-office experiences, setup a SMS Gateway Campaign. This allows the office to send messages to students when unpaid balances are due, financial aid has dispersed, or any other things specific to a student’s account – triggered by the financial aid software. SMS can also be helpful for students to schedule appointments to avoid that awful wait time in the office.
Personal Student Banking With SMS
in 2014, 39% of adults who had both a mobile phone and bank account used mobile banking. Since a college kid’s best friend is their cell phone, it is no secret that college students rely heavily on their cell phones to conduct their banking and finances. Financial institutions can use SMS campaigns to assist college students. Obviously, students can sign up for SMS Alerts when account balances are low or when money has been deposited. SMS could also be used by financial institutions to promote their student loan services. Students can opt-in to receive updates about their loan status, payment reminders, and notifications when funds are distributed.
Finance Management Is Easier with SMS
Learning how to budget is a big part of the college experience and finance management. Budgets are usually tight for the average traditional college student. For higher education institutions and financial institutions working with higher ed, communicating with busy college students can be difficult. Simplify things by reducing the number emails and letters by replacing them with SMS.