CAMPUSLOGIC, an online student financial aid platform, announced last week that it raised $10 million in Series B funding which will be used to expand its new digital financial aid tools.
The funding, led by 4.0 Partners, coincides with the site’s recent acquisition of Cegment, creator of the nation’s most popular commercial net price calculator. Cegment allows students—and their families—to calculate the actual cost of college. Research shows that as many as 40% of low-income students that enroll in college do not return the following semester, mainly because they underestimated their tuition costs and expenses, leaving them unable to pay and continue their education.
CampusLogic is one of the only student engagement platforms for financial aid. Its cloud-based technology helps make education more accessible and transparent, especially for low-income students who might not be able to afford a college degree. It aims to reduce student loan borrowing and cut the cost of financial aid administration. It accomplishes this by helping students navigate paperwork, helping administrators send out personalized award letters, decreasing process times for financial aid applications, and eliminating paper-based workflows.
In short, the streamlined process gives institutions more time to advise and support their students. It is currently used by more than 400 colleges and universities. The schools that utilize CAMPUSLOGIC, which include Georgia State University, Arizona State University, and Purdue University, have noticed an improvement in enrollment yield, staff efficiency, and student satisfaction with the overall financial aid process.
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