A key element of CEFC’s pilot Student Loan Debt Repayment program has been to not only track outcomes but to also integrate third-party evaluation into the overall program design.
Preliminary program evaluation highlights from survey responses from borrowers counseled between March 1, 2013 and September 30, 2013 demonstrated that CEFC’s program has been effective in helping financially distressed borrowers learn about their available federal loan repayment options and the eligibility requirements to enroll in a repayment program tied to the borrower’s current income.
As a result of the counseling:
- Nearly 75% of borrowers felt confident that they knew the options available to them for repaying their student loan debt.
- More than 72% of borrowers somewhat or strongly agreed that they were more confident that they could get their student loan situation under control as a result of the counseling session.
- 65% agreed with the statement: “I wish I had found a counseling program like this sooner.”
- 76% reported adhering to a monthly budget.
- 71% indicated they had more willpower to keep from further increasing their debt load.