Student Voices: Co-Creating the Future with Better Future Forward
Better Future Forward (BFF) pioneers income-share agreements (ISAs) as a transformative alternative to traditional private student loans, particularly for students shut out of government aid. Nothing is ever perfect the first time around, and so we brought in the students served to collaborate on the next iteration of the ISA.
Offering
Project-based Research and Strategy
Sector
Financial Aid
Approach
As BFF's inaugural cohort of students transitioned into repayment in 2021, the organization recognized the importance of understanding student experiences and addressing potential challenges. To this end, an in-depth research initiative was undertaken to collaborate with delinquent students and co-create the next iteration of the ISA.
Drawing on a participatory research methodology, the project engaged six delinquent students in a collaborative exploration of their ISA experiences. Through immersive interviews and interactive workshops, students shared insights into the barriers and opportunities within the repayment process.
Insights and Redesign
The research unearthed invaluable insights into the complexities of ISA repayment and the unique challenges students face. By prioritizing student voices and experiences, the project identified critical areas for improvement, including clarity in language, transparency in terms, and enhanced protections for borrowers.
Empowered by the shared experiences and perspectives of students, a collaborative redesign process was initiated to refine the ISA framework. Students played a central role in shaping the new version of the ISA, offering input into protections, terms, and terminology. They developed ideas, critiqued prototypes, and prioritized protections, ultimately approving a new design.
The redesigned ISA underwent rigorous testing and iteration to ensure alignment with student needs and comprehension. Piece by piece, language and terminology were refined through iterative testing with unaffiliated students, validating comprehension and accessibility.
Students were shown low-fidelity prototypes as launching points to drive discussion
Ranking tools helped students assess what was most important and led to a more balanced final design
Outcomes
The launch of ISA Version 2 marked a significant milestone for BFF and its commitment to student-centric innovation. With enhanced protections and streamlined language, the new ISA resonated with students and stakeholders alike, paving the way for improved accessibility and understanding.
BFF's efforts in creating shared terminology and fostering student understanding have positioned the organization as a leader in the ISA landscape. By prioritizing student voices and driving meaningful change, BFF continues to set the standard for equitable student financing solutions.