Zenith Financial Aid Process

ECMC Innovation Lab Design Team: Samantha Zucker, Theresa Winters, Justin Hernandez, and Elizabeth Tish. My role on this project - which went through the full Human-Centered Design process - was primarily focused on research through prototyping phases, including: user interviews, research and market analysis, data synthesis, and user testing.

Proprietary material of ECMC Group.  Used with permission.  No further use authorized.

The Challenge

Enrolling in college and signing up for student loans is a huge financial commitment and life-changing decision. It's a moment that is already confusing and grossly neglected. Most 18-year old students have the family support and four years of college to get them through the system. However, the students entering Everest and WyoTech schools are more likely to be single-parents without family support and may have already experienced negative effects to financial independence.

Zenith Education Group asked us to redesign the financial aid conversation across all their campuses to meet the long-term needs of Zenith students and Financial Aid planners, specifically:

  • Simplify the process and demystify student loans
  • Empower the student by enabling them to reduce their debt and providing tools to payback their loans
  • Give the Financial Aid planners the resources to better help our students

The Research

The design team visited several Everest and WyoTech campus locations, interviewed both students and staff, spoke with industry experts, and analyzed financial tools and practices available at the time.

Key Findings

  • The Financial Aid conversation needs to be more "big picture" and emphasize the student's decision to get a loan. Most students can't imagine the amount of money being discussed, so their student loans tend to feel intangible.

The loans feel like monopoly money. You don’t feel the real effect for a while so students feel like 'What difference does it make'? - Director of Finance (Everest Campus) 

  • Students are overwhelmed with the process - especially because a majority of the students completed enrollment in one day. This meant that students would find themselves sitting through - sometimes several hours - of financial conversations filled with jargon, tax questions, and legal documents. 

You can see their eyes glazing over. - Financial Aid Planner (Everest Campus)

  • Students engage with financial information much more when it's personalized. This includes the conversation around loan repayment and default. Students did not know how repayment options worked or what the consequences would be if they defaulted.

The Solution

National Rollout - March 2016 (Zenith Press Release).

The solution our design team developed introduces a new financial aid process - created around the needs of Everest and WyoTech students - which includes a "breather period," responsible borrowing pamphlet and "personal financial workbook." The process goes through the following steps:

Initial Prototype

Initial Prototype

Personal Financial Workbook - 2016

Personal Financial Workbook - 2016

Initial Meeting with the Financial Aid Planner

  • Decide if financial aid is right for the student and discuss the financial commitment of going to college.
  • Introduction to the student's Personal Financial Workbook - a tool created to be a tangible, personalized resource for students to discuss and document their financial aid process. The workbook also guides the financial aid conversation between the Financial Aid planner and the student and has two sections: Financing Options and Financial Health.
  • Responsible Borrowing packet - a supplemental booklet of relatable case studies showcasing how to borrow responsibly and the consequences of over borrowing.

Voluntary "Breather Period"

  • After the initial financial aid discussion, students are encouraged to pause in the enrollment process for 24-48 hours. This allows the student to really reflect on the decision of whether school is right for them at this time. It also allows for them to digest the financial aid conversation and - if they choose to enroll - work through some at-home assignments.

Second Meeting with the Financial Aid Planner

  • Begin broader, financial literacy discussion - using the second section of the workbook as a guide for the Financial Aid planners.
  • Go through activities like building and adjusting a budget, researching future salaries and understanding a credit report. As with the entire workbook, this section was created with our students in mind, by respecting that they are adults who make their own financial decisions.

The Results

7 campuses piloted the program for 2 months. Their metrics showed a 30% decrease in students maxing out loans and showed students taking an average of 2 more days between applying and enrolling.