A new survey by First Associates Loan Servicing showed student loan borrowers prefer more methods of communication with servicers than most offer.
“The responses from the more than 100 individuals from around the country clearly showed that student loan borrowers want to choose the communication channel that best suits their lifestyle and that traditional servers are not providing those channels,” said David Johnson, CEO of First Associates Loan Servicing.
“Individual communication preferences change constantly, driven by a variety of factors from loan lifecycle to employment status. Recognizing preferences and incorporating them into operations drives enhanced performance for lenders and superior customer experiences for borrowers,” Johnson said.
The survey was conducted over a one-week period in February, with approximately 75% of participants indicating text, email and mobile phone were evenly split as their top three preferences for daily communication use.
More than 90% of respondents said it was either important or very important that loan lenders or service providers contact them the way they like the most.