iGrad Annual Student Loan Counseling Included in Department of Education

Initiative

iGrad’s video-based annual student loan counseling courses are being used at three universities
that are part of the U.S. Department of Education Experimental Sites Initiative (ESI). The purpose
of this initiative is to study more effective ways to counsel students about their student loans.

San Diego, CA, September 16, 2019 --(PR.com)-- iGrad's video-based annual student loan counseling
courses are being used at three universities that are part of the U.S. Department of Education
Experimental Sites Initiative (ESI), which is studying effective ways to counsel students about their
student loans.

The ESI selected 51 colleges and universities to study the impact of student loan counseling that goes
beyond the current required entrance and exit counseling. Arizona State University, New York University
and Monroe College are part of the ESI and have incorporated iGrad's annual student loan counseling
courses into their plan to test the effectiveness of statutory and regulatory flexibility.

The ESI focuses on borrowers who have already completed the previously required counseling. Taking a
subset of borrowers from each institution, the department divides them into two groups: one that receives
more-than-required loan counseling and one that only needs to meet the currently required counseling.

iGrad is a leading provider of interactive and adaptive online financial wellness platforms for universities,
companies and financial institutions. Its financial wellness education platform for college students, also
called iGrad™, is used at more than 600 colleges and universities nationwide.

New York City-based Monroe College had more than 2,500 students participate in iGrad's student loan
counseling courses during the 2018-2019 academic year.

Clemente P. La Pietra, executive director of Monroe College's Office of Loan Management, said that
students are empowered by having more in-depth knowledge about their student loans.

“Much to our surprise, students have not complained about this added process in finalizing their student
loans,” La Pietra said. “We hope that this will translate to higher repayment rates and lower default rates
when these students enter repayment in the coming years.”

In 2018, student loan debt neared $1.5 trillion, with about 9 percent of student loan debt which was 90
days or more delinquent, but the New York Federal Reserve Bank said those numbers are higher in reality
because many other loans are given grace periods or are in deferment. In 2016, the average student loan
debt per college graduate was $28,650.

Lowering student loan defaults is of major concern to universities and government. New legislation that
would expand required loan counseling passed the U.S. House of Representatives in September 2018 with
strong bipartisan support. Called the Empowering Students Through Enhanced Financial Counseling Act,

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the legislation has not yet been scheduled for a Senate vote.

“High student loan debt is a major obstacle to people achieving financial wellness--it's essential that
students and parents fully understand what impact this borrowing can have on their entire lives,” said
iGrad founder and President Rob LaBreche. “Not only does it impact their own lives, this cumulative debt
affects the entire economy. High student loan debt prevents people from buying homes, starting
businesses and saving for retirement, among many other things.”

iGrad's student loan counseling courses feature interactive videos on topics including:

- Comprehensive information about the terms and conditions of Federal student loans.

- A reminder that students will be required to repay their loans even if they do not complete the academic
program

- Information that indicates that completing an academic program will increase the students' ability to
successfully repay their loans

- Comprehensive information about Direct Loan repayment options and forgiveness benefits

- A reminder with information about free assistance with Federal student loans including:

-- Loan consolidation

-- Rehabilitation

-- Income-driven repayment plans

About iGrad
iGrad is a San Diego-based private company that offers financial wellness solutions to colleges and
universities, employers and financial institutions. Its platform for higher education, also called iGrad, has
been named Education Program of the Year three times by The Institute for Financial Literacy, is a
three-time winner of the Best Product Award from University Business Magazine and has won the
Outstanding Consumer Information Award from the Association for Financial Counseling and Planning
Education. The company's Enrich financial wellness platform is used by more than 300 employers and
financial institutions nationwide to provide comprehensive financial wellness education and action plans
to employees and customers. For more information about the iGrad platform, visit
http://schools.igrad.com. For more information about the Enrich platform for employers and financial
institutions, visit https://www.enrich.org/.

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Contact Information:
iGrad / Enrich
Jennifer Wezensky
269-274-4071
Contact via Email
http://www.enrich.org

Online Version of Press Release:

You can read the online version of this press release at: https://www.pr.com/press-release/794686

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