Career Story: Vice President Of Product Development At A Loan Consolidation Company

Vice President Of Product Development At A Loan Consolidation Company

Job Title: Executive Vice President, Product And Business Development

Education: MBA, Columbia Business School •• BA, Harvard College

Previous Experience: Worked at Citigroup in various marketing and E-Commerce roles for 9 years before getting hired by Affinity Direct, an Internet marketing company which focused on consolidating Federal Student Loans.

Job Tasks: My company helps students consolidate their federal student loans into one big loan with one monthly payment. This helps students who have taken out several loans during the course of their college or graduate career to pay less per month (because the loan term is extended allowing for lower payments over a longer period of time) and have the convenience of one monthly payment rather than several. The company markets to students through the Internet. I'm in charge of launching the private student loan business, offering private student loans to provide additional financing beyond the federal student loans.

During a given day, I spend time on the phone with business partners such as our technology provider to be able to electronically offer and fulfill the product, and work with project managers to start offering the product to students by the summer. About 65% of my day is spent on essential tasks versus adminstrative tasks. I travel to meet with business partners occassionally. In addition to the operational part of creating a new product, I spend a lot of time with attorneys to make sure we have the appropriate legal language when we talk about and offer the product. I also work with a consultant who specializes in Risk Management, which is determining based on a person's credit history whether or not they are more or less likely to not pay the loan back. Determining what percentage of people will pay back the loan is key to determining how to charge each person for the loan (the "interest rate"). The higher the "risk", the higher the rate we have to charge to make sure we can cover people who don't pay the loan back. To learn about risk, I read articles and analyses on Risk Management. Finally, I need to present the plan of how we are creating and marketing the product to the company CEO and the Board of Directors.

Best and Worst Parts of the Job: The best part of the job is planning out how we are going to create the product, and then actually doing it. Once the product is "built", the fun part of the job (for me) begins - marketing the product through the Internet and other media to get students and their parents to "buy" the product - to apply for, get approved, and take out the loan.

The worst part of the job is dealing with the legal constraints in terms of describing the product or how the loan works. It hampers how creatively we can market the product.

Job Tips:
1. Find a mentor or someone in the marketing or Internet industry to talk to. They can give great, hands on career advice.

2. Be willing to take a step back to get into the field you're interested in as an entry level.

3. The Internet is a terrific resource. Search Google for "Student Loans" and see what comes up, read about the industry in Wikipedia, check out blogs by people who work in the industry.

Additional Thoughts: Don't go into the Student Loan industry right now. With the recently passed College Cost Reduction Act, the Government wants to get companies out of the business, whch is why our company has recently closed.

Popular Schools offering Marketing Programs

quickinfoThese schools offer particularly quick info upon request, and we have written detailed profiles for each (click school names to see the profiles).

Request info from multiple schools, by clicking the Request Info links.

Matching School Ads

Earn your graduate degree online with Northcentral University.

  • Programs: Marketing - PhD in Bus. Admin., Marketing - D.B.A., MBA - Building Creativity, more...
  • Degrees: Doctorate, Master, Certificate

Technology changes everything®

You’ve found Ashford University, where school comes to you

  • Programs: BA/Sports and Recreation Management - Marketing, BA/Public Relations and Marketing, MBA - Marketing, more...
  • Degrees: Bachelor, Master

Study online with University of Maryland at College Park.

  • Programs: MBA - Marketing, MBA - General
  • Degrees: Master

Learning at Full Sail University has always centered around interaction and the exchange of ideas. Our online curriculum fully embraces this philosophy.

  • Programs: Internet Marketing, Master of Science (Online)
  • Degrees: Master

For over 35 years, Keiser University has maintained a practical, hands-on approach to career education to help our students achieve their personal and professional goals. 

  • Programs: Master of Business Administration, MBA - Marketing, Doctor of Business Administration, DBA, Master in Business Administration - Management
  • Degrees: Master, Doctorate

Colorado State University-Global Campus

Colorado State University-Global Campus (CSU-Global) recently received state approval to enroll students with little to no prior college experience. To help ensure student success, the university has created a program especially for these students who plan on starting their college experience for the first time with us.

  • Programs: BS - Marketing
  • Degrees: Bachelor

Liberty University provides a world-class education with a solid Christian foundation, equipping men and women with the values, knowledge, and skills essential for success in every aspect of life.

  • Programs: MS in Marketing: Sports Marketing and Media, DBA in Marketing, Master of Science in Marketing - Digital Marketing and Advertising, more...
  • Degrees: Master, Doctorate, Certificate, Associate

Abilene Christian University is a national leader in Christian higher education and a place where students, faculty, staff and alumni make a real difference in the world.

  • Programs: Master of Business Administration - Marketing, Master of Business Aministration
  • Degrees: Master

Designed with the needs of working adult students in mind, South University, Online Programs is built on the similar curriculum offered at South University's campus locations. As a student at South University, Online Programs you will receive the same quality instruction, variety of learning options and level of service found at the campus locations.

  • Programs: Business Administration - Marketing Specialization (MBA), Business Administration (DBA), Business Administration (BBA), more...
  • Degrees: Master, Doctorate, Bachelor

Earn your Master's degree online from Norwich University.

  • Programs: Master of Business Administration Online
  • Degrees: Master
Matching School Ads

Additional Career Stories for Marketing Managers

The inside stories from people actually working in the field.
Click a story title to show the story, and click the title again to hide it.

All Types

You are visiting:

Find a school near you

What are Career Stories?

Career Stories are concise, real-world career overviews written by people relating their personal career experiences and wisdom. They provide invaluable insights and mentoring advice to students and career changers.

Most stories include:

  • a typical day or project
  • tips and advice
  • best and worst parts
  • educational background
  • previous experience

Browse hundreds of Career Stories

More Details On This Career

Please also see our detailed information about Marketing Managers, including:

SPEAK TO AN ADVISOR 1.844.285.6104