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Three Ways to Boost Financial Aid Awards

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Tips for guiding students through the financial aid process. …

Tips for guiding students through the financial aid process.

Download the full report here: http://bbbb.blackboard.com/financetothefinish

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  • 1. REACH, ENGAGE, RETAIN: A FINANCIAL AID PERSPECTIVE Three Ways to Boost Financial Aid Awards at Your School A White Paper by Dava Owsley, Product Manager, Enrollment, Financial Aid, and Student Services Blackboard Education Services
  • 2. Current Financial Aid Landscape $ $ $ $ INCREASED DEMAND FOR FINANCIAL AID SUPPORT FOR STUDENTS SEEKING FINANCIAL AID IS INADEQUATE 38% of university financial aid directors said they had minimal resources to support students seeking financial aid1 The average financial aid office has just 4 full-time employees for every 1,000 applicants
  • 3. Millions of Available Dollars Go Unclaimed 71% OF UNDERGRADUATES RECEIVE SOME TYPE OF FINANCIAL AID 57% ONLY of undergrads receive federal student aid 77% ONLY of Pell Grant-eligible students applied 58% ONLY of eligible community college students applied for Pell Grants
  • 4. Three Ways to Boost Financial Aid Awards 1 2 3 Reach more prospective students by raising awareness Track and engage with applicants to move them through the process Boost Retention by focusing on returning students
  • 5. Increase your FAFSA applications 1 Reach more prospective students by raising awareness Promote your high performance rankings via Financial Aid office Be innovative in your financial aid packages:  Communicate your FAFSA code on all materials  Work with high schools/community programs  Graduation and other career placement metrics  Be student centric  Create packages that connect students to high- demand employment programs
  • 6. Respond early and often to any inquiries 2 Track and proactively engage with applicants throughout the process Partner with Admissions Build a relationship with applicants  Answer prospects’ and students’ questions quickly and thoroughly  Proactively contact students and prospects as they work through the financial aid application process  Follow up with recipients at regular intervals  Every student wants to feel connected
  • 7. Reach out to returning financial aid recipients and coach them through their next steps 3 Boost retention by continuing to pursue returning students Use analytics to prioritize, identify and then engage “at-risk” students  Make sure they know the requirements for continued eligibility  Provide value to students from enrollment through graduation IS AN ADVERTISEMENT FOR YOUR SCHOOL EACH GRADUATE
  • 8. Optimize for Success in Financial Aid FIND OUT MORE! DOWNLOAD OUR WHITE PAPER HOW? Re-allocate internal resources Augment external resources – Outsourced staff – Technology