Three Ways to Boost Financial Aid Awards


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Tips for guiding students through the financial aid process.

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Three Ways to Boost Financial Aid Awards

  1. 1. ® Reach, Engage Retain: A Financial 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. 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. 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. 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. 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. 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. 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. 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
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