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Career Schools: How To Simplify Student Financing With A Single Application To Multiple Lenders

Posted on September 14, 2023 by Jamie Davis

With an embedded lending platform, you can easily provide your students with seamless access to multiple lenders.

As more students seek post-pandemic career skilling and re-training, over 80% of students will need to  rely on financing to help cover their tuition costs. This challenges schools to handle the burden of managing multiple financing offers that meet the needs of their students across the financial spectrum and in different locations.

There’s an easier way to take care of your students’ financing needs. 
In this post, we’ll break down how you can seamlessly offer multiple lending options from the providers of your choice, through a standard application, and handle post-payment management, including disputes, reconciliations, and reports. This way you can focus your time and energy on providing a first-class education, while letting a platform take care of your student financing offer.

Providing Multiple Financing Options – Opportunities and Challenges

Consumers increasingly expect a choice of payment options at the moment of purchase. Lenders typically specialize in a specific lending product, and type of customer for example prime, near-prime, or subprime, and geography. This means that to meet the needs of all students, schools need to integrate more than one lender into their offer. However, this presents significant challenges:

Once these challenges are overcome, and students have quick and easy access to personalized financing that offers them flexibility and choice, schools benefit from improved approval rates, increased average tuition value, and more enrollments.

What Schools Need From a Multi-Lender Financing Platform

Schools require a consumer financing solution that frees them up to focus on the day-to-day running of their business and provide students with the best possible education. Their main concerns for a financing solution are that it:

The most efficient way to overcome these challenges is through a multi-lender platform embedded within the student’s journey that offers a seamless financing experience for both the student and the school.

Why Meratas is the Leading Multi-Lender Financing Platform for Schools

Meratas is the only platform that connects schools, lenders, and students seamlessly, embedding a complete private financing solution into the student journey. Meratas’ network of over 80+ national lenders covers the entire student financial spectrum from prime to subprime and also educational and personal loan options.

Students simply need to complete a quick application and the platform will search for the best financing offers using a ‘waterfall’ method starting with prime lenders that offer the best terms, followed by near-prime, then subprime loans, or even school offered payment payments where students have even more choice. Within seconds, students are offered the best financing options based on their unique financial needs and preferences.

The Meratas platform offers the easiest and most efficient solution for schools too. It’s quick to integrate and easy to use as it enables end-to-end management of the entire financing process, including running multiple inhouse payment plan options built around flexibility towards your students’ unique needs.

How Meratas Can Benefit Career Schools

Are you a school that’s looking to improve your enrollment, retention, and student experience? Meratas can be a valuable tool in your toolkit. Click here to get started! 

Posted under: School Resources, Student Success, Tuition Options, Student Loans

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Meratas is not responsible for third party products, services, sites, recommendations, endorsements, reviews, etc. All products, logos, and company names are trademarks™ or registered® trademarks of their respective holders. Their use does not signify or suggest the endorsement, affiliation, or sponsorship, of or by Meratas.

We endeavor to ensure that the information on this site is current and accurate but you should confirm any information directly with your selected learning institution and read the information they provide.  Although every effort has been made to provide complete and accurate information, Meratas makes no warranties, express or implied, or representations as to the accuracy of content contained herein, which has been provided to us by our school partners.. We assume no liability or responsibility for any error or omissions in the information contained herein or the operation or use of these materials.