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Explore how Lumion is revolutionizing education with its student-focused model, making learning accessible to all. Learn how it not only bridges the funding gap but also boosts student enrollment and enhances collections at Protégé.
“The assistance Lumion has provided for gap funding has been huge. We have students that I know, firsthand, there's no possible way they would have been able to come up with the money up front to go to school.”
Table of contents
Objectives:
- Established in 2005, Protégé Academy's aims to provide students with a specialized education from qualified instructors and professionals.
- They gained accreditation in December 2010 and have been operating as an accredited institution since.
- Protégé expanded its operations by opening a second location, the Mount Pleasant campus, in 2014.
Challenges:
- Protégé primarily relied on Title IV-A for funding which presented limitations in addressing the financial needs of all students and potentially not covering the full cost of education.
- The school faced challenges from their other payment options, related to tracking payments and lack of notifications.
- Students who signed up for the payment plans were not held accountable for posting and making payments.
Solutions:
- Lumion was adopted as a solution to address the limitations of previous funding options. It effectively bridged the gap between the cost of education and the funding available to students.
- Unlike previous funding options, which lacked proper tracking and notification systems, Lumion streamlined the process, making it easier for schools to manage student accounts and collect payments.
- A user-friendly and manageable approach to paying off student educational debt.
Impact:
- Expanded Access to Education: Opened doors for 112 students who might not have had a viable source of funding. It enables a broader range of students to access education.
- Personalized & Manageable Payments: Lumion's ability to create tailored repayment plans allows these schools to effectively close funding gap at Title IV institutions.
- Improved Collections Process: Despite potential fluctuations in student admissions, Lumion's consistent repayment plans provide a reliable and stable source of income, contributing to an anticipated cash flow of $377K from Payment Plans.
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