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Transcript of 1 Marketing Student Loans Reaching your Customers, Reaching your Community Cecelia Dwyer –...
1
Marketing Student Loans
Reaching your Customers,Reaching your Community
Cecelia Dwyer – Marketing Lead Kevin Moehn - Program Executive
June 6, 2013
22
Promote iHELP Loans with your student loan customers using existing and some new
product promotion activities.
Keep these key customers banking with you.
Objective
3
Agenda
3
►The Basics of Private Student Lending
►The 3 Keys to Marketing to Customers
►College and High School Marketing
►Public and Community Relations
►Support Material and Available Resources
44
Since 2008, there have been 2 million new jobs created for college graduates, but 200,000 fewer jobs for those without a higher education
The biggest decision an individual makes in determining their financial success is to pursue a college degree
College Graduates earn $1.5 million more than those with a high school degree
high
scho
ol
som
e co
llege
colle
ge d
egre
e $0
$1,000,000
$2,000,000
$3,000,000
high school some college college degree
Series1 -200000 1500000 2000000-250,000
250,000
750,000
1,250,000
1,750,000
2,250,000
55
not
iHELP Private Student Loans fill a critical gap between the cost of college and other forms of
financial aid
Family Resources $8,000
Scholarships $2,500
Federal Loan $5,500
Private Student Loan $9,000
TOTAL COST: Tuition and Room & Board
$25,000
Sample Worksheet of College Financing
66
Private Student Loan customers are often a bank’s best customers
Source: The College Board “Who borrows most?” 2010
0- 30,000 31,000 - 60,000 61,000-100,000 100,000+
$21,200
$29,800$32,700
$38,400
Private Student Loan Debt by Family Income Level
Family Income $
7
The Keys to Student Loan Marketing
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1. Prepare for Peak Season–June, July and August
2. Establish a strong presence on your bank’s Website
3. Conduct branch training and promotion for successful customer engagement
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Student picks school
Applies to school
Accepted for 2013
school year
Fills out FASFA
Gets Award Letter
Identifies gap
Applies for private
loan
►Student loans have a busy season just like retailers have December
►The majority of applications come in between June and August when students & families are receiving and deciding on how to pay their tuition bill
NOW is the critical time for Student Loans
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Fall 2012 Jan 2013 Jan 2013 Apr 2013 June-August May 2013 Nov 2012
9
Typical Monthly Application Trends
9
June through August is Peak Season
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Strong Web Presence
► Your website is critical to drive applications Multiple locations is ideal Home page advertising all year - “learn more” “Apply Now” action button key in June, July and
August
►Outbound E-communications Email Blasts Newsletter articles
►Always use your bank’s unique customer URL to direct customers to iHELP
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Home Page Promotion
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Product Page Promotion
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Branch and Staff Training
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►Leverage your Customers’ trust in you
►Inform Staff about your involvement in iHELP
►Send customers to your Bank’s website with a custom link to iHELP for information and to apply
TARGET:
ParentsCosigners
Students Friends & Family
14
Branch Marketing
► Build awareness in the branch Educate employees who engage customers Display posters, tents, brochures Scroll messages across branch TVs Incorporate into ATM Messaging
Goal: Have the staff promote and build awareness with individual customers about iHELP
14
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Branch Education
Branch Meeting:
The 3 Key points for customers:1)You offer a great Student Loan Program2) iHELP meets the GAP in funding college costs3) Where customers should go to get more Information and apply
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Brochures & Posters for Branches
Templates to co-brand
PostersBrochures
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Table Tents
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Materials Available for Branch Marketing
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►Branch Training Materials
►Brochures
►Table Tents
►Posters
►Banners
►Scrolling Messages for TV/Video
►Statement Stuffers
►Web Messages & Custom Web Content
►Web Banner Advertisements
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College/University Marketing
• Some colleges provide guidance on Private Student Loans through a “Preferred Lender List”
• Selections for a Preferred Lender List may require response to an RFP. iHELP will respond to the RFP for the Bank
• Let local colleges know your bank is interested in making student loans. Contact iHELP for help and to make a joint call
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19
High School Marketing
►High School College Nights/College Financing Nights are a great way to connect with students and families
► iHELP can provide supporting materials for High School Night type presentations
►Where ever you are promoting student banking products – cross sell iHELP Student Loans
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Public Relations
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►Joint Press Releases At sign up – “We now participate in student lending” At milestones – We made our first (100th) loan
►Scholarships Raise awareness $500 goes a long way for a local family
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Articles, Bylines & Joint Releases
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Pennsylvania Community Bankers Magazine ICBA – iHELP Joint Press Release
22
iHELP Resources Available
► Individualized strategy and planning meetings
►Branch staff education/meeting support
►Marketing language for the web, banner ad templates & other communications
►Print material templates brochures, posters, tent cards
►Search Engine Optimization & Social Media support
►PR support – press releases, articles etc.
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iHELP Marketing Checklist
Website presence & language/logo update
Website promotion – banner ads
Branch education
Electronic communications to customers
Servicing communications to customers
In-Branch promotion
Collateral distribution
Local Colleges & Universities
Local High Schools
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Getting started…
Contact us for support requests Materials, marketing or school outreach
Wynde Walker
Program Associate
iHELP Student Loans
571-313-1405
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2525
► Lender Relations – Kevin Moehn, Program Executive
► Marketing Support – Cecelia Dwyer, Program Marketing Lead 703-447-8256
► Marketing Materials – Wynde Walker, Program Marketing Associate 571-313-1405
► Borrower/Customer Questions – Student Loan Finance Corporation (SLFC) iHELP Private Student
Loan Servicing 800-645-7404
Contacts
2626
Questions?