As millions of college students are back at school amidst an ongoing pandemic and mounting student loan debt, Transact, the leader in innovative credential and payment solutions for a connected campus, continues to develop and release technology solutions to address the many societal issues they face. In its most recent product update, Transact released a new mobile feature that gives college students instant access to emergency hotline and suicide prevention information through its Mobile Credential ID platform.
“Today, college students across America face countless challenges and stresses as a result of the many social issues we continue to face as a nation,” said Nancy Langer, CEO, Transact. “Whether it’s supporting mental health awareness and suicide prevention efforts or helping schools safely conduct in-person learning this fall semester, Transact is dedicated to creating one connected experience for students using innovative technologies that simplify their higher education experience.”
Transact’s innovative solutions support:
- Mental Health Awareness and Suicide Prevention: With 73 percent of college presidents identifying mental health as a pressing issue this year and college students reporting mental and emotional stress brought on by the Covid-19 pandemic, mental health awareness continues to be a central issue in the higher education space. To help college students quickly access the emergency support they may need, Transact’s Mobile Credential ID platform provides students with easy and immediate access to critical emergency hotline and suicide prevention contact information.
- Covid-19 Safety and Social Distancing: As universities continue to grapple with the effects of the delta variant, the need for effective Covid-19 safety and social distancing practices remains essential. To promote social distancing, Transact’s Mobile Credential technology equips higher education institutions with contactless payments, contactless facility access, and capacity management capabilities. Since the 2018 launch of this technology, nearly 300,000 mobile credentials have been issued and 43 million mobile credential transactions have been processed.
Student Loan Debt Elimination: According to the Federal Reserve Bank of New York, the average student loan debt held per borrower at the end of 2020 amounted to $37,500. To help students tackle and eliminate their student debt, Transact Payments processes tuition payment plans for hundreds of thousands of families each year. Tuition payment plans offer instructions and support for first-time payers, provide multiple choices for students to choose from, are timed well with college bills, and over communicate throughout the entire payment process. Students can even use a Promise to Pay feature while waiting for their financial aid to be deposited in their accounts and still be able to register for classes and remain enrolled.
Every one of the $750 million in tuition payment plans Transact processes each year is one that is not borrowed, does not add to mounting student loan debt totals, and does not have to be repaid. A recent study of those enrolled in Transact’s tuition payment plans found that 7 out of 10 payers agree that payment plans have significantly increased their chances of graduating on time with less debt.
- College Student Food Insecurity: Nationally, one in three college students faces food insecurity. Earlier this summer, Transact formed a strategic partnership with Swipe Out Hunger, the leading nonprofit addressing hunger among college students, to donate meals and distribute information about Swipe Out Hunger to college campus representatives nationwide through a series of “Food for Thought” informational events.
“As a leading innovator in the higher education space, Transact is committed to ensuring our offerings not only simplify students’ college experience, but also to making a meaningful difference in overcoming the very real challenges college communities face,” added Langer.
Transact is the leader in innovative payment solutions for a connected campus. Its highly configurable, mobile-centric campus technology ecosystem simplifies the student experience across the full spectrum of student life. Transact’s offerings include integrated solutions for tuition and other student expense payments, multi-purpose campus IDs, and campus commerce. With a long-standing reputation of serving the education community, Transact proudly assists millions of students each year with its innovative products and solutions. For more information, visit www.transactcampus.com.
ShinePR for Transact Campus
Acting CMO, Transact Campus