CUToday.info has partnered with Filene Research Institute to highlight some of the innovative ideas that are created by the Filene i3 collaborative innovation program. On a regular basis, CUToday.info will update “The Pilot” with new Filene i3 concepts, along with news on how to further participate.
The Featured Filene i3 Concept: Debt Dragon
Objective: Guide traditional, undergraduate students and their families to maximize their college investment.
It’s no secret that the once light, but now heavy, load of student loan debt is slowly unloading onto today’s economy. Young adults today are putting off buying cars, homes, and other big ticket items as they try to find a way to get through their post-college years with an additional—and often hefty—monthly student loan payment.
Instead of figuring out how to manage that debt after the fact, Debt Dragon aims to reduce the amount of debt taken on by a family at the front end of a student’s college career. The i4 Incubator prototype test aims to gather data from each of the following areas:
- Improving the clarity and awareness of options, loan implications, and other opportunities as students and their families prepare to fund their education.
- Measuring the dollar amount borrowed from those who used Debt Dragon and those who did not use Debt Dragon.
- Evaluating engagement metrics from the site to help guide future iterations of the tool.
With this data, the team behind Debt Dragon will consider further future development to help reduce the sign now, pay later mentality so many families resort to when financing their education.
Filene will be recruiting and selecting credit unions to participate in testing during late 2016 and live member testing of Debt Dragon is scheduled to begin in early 2017. Credit unions can express their initial interest in testing by completing this form.
More information can be found on Debt Dragon here, where you will also find the request form.
A short video with more information about the student loan debt problem and Debt Dragon solution can be found here.
What is Filene i3?
Filene i3 brings the credit union industry's brightest minds together and unleashes them to dream up, build, and test innovative solutions—volunteering their time over two years above and beyond their day jobs. With more than 200 innovative concepts under its belt, Filene i3 has helped save consumers millions of dollars, brought new efficiency to credit unions and even changed a few laws.
How Can I Participate?
Every year, a new class of Filene i3ers is selected. Selection begins with an application. The top 40 initial applicants are chosen to participate in virtual group tryouts and from there final Filene i3 participants are selected. Fill out the form on this page to be notified when recruitment begins.
Filene i3 innovation teams are constantly creating new concepts and they need credit unions to help test their ideas. Check back here regularly to learn about testing opportunities.