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Got Questions about Student Loans? A Chatbot Can Help

Credit Union Journal

For some students, the college application process can be just as difficult as college itself. That’s where Community America Credit Union comes in.

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According to Scott Wortman, a partner at Blank Rome who works with financial institutions on compliance and fintech-related issues, features like chatbots can help make a difficult process easier for people while creating a bond between the consumer and their financial institution.

“The concept, for my clients at least, usually digs into the psychological aspect of the application where there’s tremendous anxiety and trepidation for students going into significant debt for a four-year degree that could take 20 years to pay off,” he said.

But, he cautioned, such services might also be best paired with some sort of financial education component.

“While the application may be free, taking out a loan is certainly not,” he added.

"Got Questions about Student Loans? A Chatbot Can Help," by Melissa Angell was published in Credit Union Journal on November 20, 2018.