Q&A with Kerzner, Judith

	Judith Kerzner Senior Vice President Edamerica January 2007
Tell us about your background. I'm a first-generation college graduate in my family. My grandmother even helped save for it. I earned a Bachelors degree in education and social science from the Universty of Tennessee in 1986, then taught middle school and high school for three years. I then headed back to graduate school. I got my Master's degree in student personnel services from the University of Memphis in 1991 and began my career in this industry as assistant director of financial aid at Rhodes College. In 1993 I was recruited by Tony Hollin to be the first campus rep for this company's predecessor, and I've worked my way up.
How should student loans be marketed to U.S. students and their families? Unlike the consumer lenders, Edamerica is school-centric. We see the FAA as gatekeeper of the financial aid process. Financial aid professionals make sure students maximize gift aid before borrowing. Lenders should work closely with schools to deliver product information and ensure the accurate and timely delivery of loan funds. We work with schools to benefit students, and we don't market outside the school channel.
Is an incoming freshman a savvy student loan shopper? I don't think so. That's why the financial aid office relationship is vitally important. Students need expertise to understand the costs and benefits of fixed versus variable rates and the difference between a rebate and an interest rate reduction.
Has she become savvy by the time she's consolidating her loan? I don't think so. A student may have amassed information about student loans. But they're often not savvy enough to see through a sales pitch. Thankfully, FAAs are developing a base of knowledge to answer student questions about consolidation. The aid office is a trusted third-party for students.
Are you happy with the preferred lender list arrangement? Without the lender list, I think the choices would overwhelm a student. By using RFIs and RFPs schools are doing a good job of gathering data and comparing products and services on behalf of borrowers. Students and families benefit because schools stimulate lenders to offer better products.
How can a vertically integrated lender make a difference? A vertically integrated lender will control loan funding as well as origination and repayment. The cost of doing business is spread over the life of the loan. They also control the quality of customer service from end to end. As a result, such lenders are the most stable partners for schools and students.

TOPICS: Executive Briefing, Finance, Leadership

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