'A mind is a terrible thing to waste.' You probably remember this ad slogan for the United Negro College Fund. It was a very effective ad campaign that brought to light the difficulties that those in the African-American community had in obtaining financial assistance in order to attend and complete college. Unfortunately, the same problems exist today, but on an even broader scale. Today, the problem exists for all ethnicities, races, and ages. People in the business of education know well the problems their students face.
Corporate downsizing and economic restructuring mean that people from all walks of life have a need for continuing education. Finding the requisite help, however, is an ongoing problem.
Government programs have provided financial assistance in the past, but these sources continue to dwindle. Heavy loan defaults and budget cutbacks have created increased tightening of government assistance programs. One ray of hope during these financial struggles, however, has been the emergence of several banks and finance companies involved in direct lending to students. This fact has opened up financial resources to students (and schools) unheard of before. But, even with these encouraging developments from the private sector, students still run a risk of missing out on financial assistance. How? Because of something as simple as incomplete or inaccurate paperwork.
Presenting the Total Picture
When admitting a student, your admissions department makes a decision about that student based on the information they have and what they see. Credit approval is based on the same criteria. The largest single reason why a student's credit is turned down is incomplete or inacurate credit applications. The credit application is a picture of your student. Make sure the lender can see your student clearly.
The importance of the credit application is illustrated when you keep in mind that the lender does not have the benefit of actually seeing and interviewing your student. The lender has to rely upon and make decisions basically on one crucial piece of paper. Fill out everything, even items not usually asked for. Financial aid packages for students die because of incomplete applications, regardless of the credit quality of the student.
Remember to make sure that your application is neat as well. If it looks good, it probably is good. If the lender can't see what the 'picture' of your student looks like, then they cannot give approvals. In credit and lending, as in anything else, you cannot make a positive decision on what you cannot see.
Always keep in mind that the credit application is the 'hinge' which swings the 'door' to financial assistance. And, that door leads the student to the continuing education you provide, which provides the student with increased opportunities and a better life. Make a diligent effort to ensure that the credit application is complete and correct, and just watch the positive results!