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According to a recent press release, the cloud software service company Oracle announced the acquisition of Vocado, a software company that focuses on improving the student loan and financial aid process.
More specifically, Vocado will join the Oracle Student Cloud – a software suite that focuses on higher learning and is Oracle’s next-generation, cloud-based student information system (SIS).
Citing reasons for the acquisition in the press release, Vocado claimed that students are plagued by a lack of transparency when it comes to financial aid. This lack of transparency is often accompanied by uncertainty. In a recent study covered by LendEDU, it was found that a significant number of high school students and college freshman didn’t know how to pay for college.
To help combat that issue, Oracle will use Vocado’s platform to work with thousands of financial aid sources and optimize funding solutions for all types of higher education. It aims to improve the financial aid experience through its real-time student finance management and data analytics platform.
In short, the platform is meant to help students understand eligibility requirements and obtain financing.
Steve Miranda, Oracle’s executive vice president of product development, wrote in an announcement, that the entire suite intends to help students “manage their financial aid more strategically.” Vocado said the platform so far has helped increase responsible borrowing by 50 percent.
Here is a closer look at how the platform works to help students and schools.
What it aims to do for students: Students can receive instant feedback on the financial implications of their academic actions (including schedule changes), enabling them to review their options and make better decisions. The students get personalized, real-time information to help them navigate.
What it aims to do for schools: Financial aid experts can streamline and manage student financial plans independently with real-time visibility for multi-year plans. The portal supports all academic models, giving institutions flexibility to adopt new learning models. It also enables the summarization of funding sources including institutional grants and loans, private student loans, scholarships, state grants, and more.
For now, Vocado’s product roadmap won’t change, but its product offerings will be integrated with Oracle’s. Vocado’s products and services will continue to be available, and Oracle will work to enhance the platform in order to improve the experience.
Author: Mike Brown
In his role at LendEDU, Mike uses data, usually from surveys and publicly-available resources, to identify emerging personal finance trends and tell unique stories. Mike’s work, featured in major outlets like The Wall Street Journal and The Washington Post, provides consumers with a personal finance measuring stick and can help them make informed finance decisions.