University of Phoenix Provides Students Access to CFPB’s Path to Graduation Tool to Foster Smart Financial Decision-Making Around Paying for College

·3 min read

Financial tools include those administered by the University as well as federal agencies

PHOENIX, December 06, 2021--(BUSINESS WIRE)--The decision to go to college can be daunting, especially when considering how to pay for it. University of Phoenix wants to ensure that all students have access to resources that help them fully explore their options to responsibly plan and pay for their education. In addition to the financial planning tools the University currently provides, students will also now be provided access to a tool created by the Consumer Financial Protection Bureau (CFPB). The University believes providing students access to multiple tools can help them be better prepared for the road ahead in their education journey.

This is the most recent step the University has taken in its long-standing commitment to student protection and preparation. For the past decade, the University has contracted with iGrad to provide students free access to an extensive suite of resources and tools on financial planning, responsible borrowing, and other general financial planning resources for saving, retirement, investing and everyday life. The University has embedded iGrad content in some of its introductory courses for students entering the University with 0-24 prior college credits. These courses include content on creating a financial plan, responsible borrowing, minimizing student loan borrowing, knowing your repayment options, and navigating the National Student Loan Data System (NSLDS).

Additionally, new students can try-out the University for free and before they commit to a degree program or more courses. Students with less than 24 college credits take their first course for 3 weeks without any financial commitment to see if the University is a good fit for them. If they decide not to continue, they walk away with no out-of-pocket expense.

The University also provides each student a Consumer Information Guide (CIG) at the very beginning of their application process with the University. The guide contains information about the policies and requirements the University is required to meet regarding financial aid and federal compliance. Students have the CIG immediately available to them along with their catalog in their student web account. The CIG is always available to students, prospective students, and the public on the University’s website at phoenix.edu.

The University further provides students with the Department of Education’s College Scorecard. The Scorecard is a compilation of important comparative information that students can review about University of Phoenix against other schools they may be considering. The Scorecard provides information about the job outcomes and salary information for the University’s graduates by program as well as information about graduation rates, median loan debt, average monthly loan payment, and other information about the University. The Scorecard will likewise be available on the University’s website.

The University is also strongly committed to ensuring that its employees, including enrollment representatives who are usually the first point of contact, convey accurate information to current and prospective students. The University has a state-of-the-art call-monitoring system that records and digitally analyzes the majority of calls with prospective students, current students, and alumni, averaging 500,000 calls each month. The call-monitoring system uses complex formulas to search conversations for an extensive and evolving list of words and phrases, focused on compliance, quality assurance, and other issues, to identify potentially problematic statements. The system includes in-time reviews of the calls, which facilitates immediate steps for remediation of information to students, and coaching, training, or discipline as the situation warrants for the University’s employees. This call-monitoring and coaching system has been identified by government officials as best-in-class and has been used as a model for other institutions. The University does not include mandatory arbitration clauses in enrollment agreements.

These are many of the ways University of Phoenix is working to ensure students understand the financial commitment of college, what their payment options are, and how to carefully plan for the future fiscally to help ensure a successful journey to a higher education.

About University of Phoenix

University of Phoenix is continually innovating to help working adults enhance their careers in a rapidly changing world. Flexible schedules, relevant courses, interactive learning, and Career Services for Life® help students more effectively pursue career and personal aspirations while balancing their busy lives. For more information, visit phoenix.edu.

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Contacts

Andrea Smiley
University of Phoenix
480-560-9214
Andrea.Smiley@phoenix.edu