The document provides 4 tips for improving efficiency in financial aid offices:
1. Automate the FAFSA verification process using web-based software to streamline document collection and reduce processing times by up to 95%.
2. Over-communicate important financial aid deadlines and information to students through multiple channels like social media and email to improve student responsiveness.
3. Send appointment reminders by email or online apps to reduce missed appointments and rescheduling requests.
4. Use free online training modules from the Department of Education to help financial aid officers stay up-to-date on regulatory changes and system operations.
4 Tech Tips to Elevate Financial Aid Office Efficiency
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4 TECH TIPS TO
ELEVATE
FINANCIAL AID OFFICE EFFICIENCY
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During the 2010-11 school year, federal and state
governments, institutions and private entities
provided more than
$245 billion
in grants, loans, work study, tax credits and deductions
to our nation’s college students.
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More students apply for and receive financial aid
than ever before.
Is your department
equipped to handle
the volume?
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Distributing that money doesn’t have to be a
frustrating endeavor for financial aid offices.
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To meet the demands of higher student numbers,
ever-changing compliance requirements and limited
budget, you must turn your financial aid office into a
more efficient, streamlined operation.
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Fortunately, today’s technology can help the process
flow smoother than in years past.
Consider these ideas:
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1. AUTOMATE FAFSA VERIFICATION
FAFSA verification creates headaches for your office
and hassles for students, so make the process easier
by automating it.
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1. AUTOMATE FAFSA VERIFICATION
Automation:
• Eliminates the need to handle paper documents
• Saves your school money
• Significantly speeds up internal processing times
• Improves the overall student experience
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1. AUTOMATE FAFSA VERIFICATION
Web-based automated software like
StudentVerification informs selected students about
which verification documents are required.
Students then upload the required information through
the self-service portal.
Finally, the system compares the student-provided
information with the reported ISIR data.
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1. AUTOMATE FAFSA VERIFICATION
Financial aid office staff can log in to view students’
actions, which are all recorded and time stamped.
With an intuitive platform often compared to the
easy-to-use interface of TurboTax, StudentVerification
automates the majority of the verification process,
reducing processing times by as much as 95 %.
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2. OVER COMMUNICATE WITH STUDENTS
Students need to hear or read something multiple
times before they remember it.
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2. OVER COMMUNICATE WITH STUDENTS
That’s why it’s important to communicate dates,
deadlines and other important information multiple
times and through a variety of channels to help
students help themselves.
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2. OVER COMMUNICATE WITH STUDENTS
Consider using regularly scheduled social media posts
on Facebook or Twitter to keep students informed of
their responsibilities.
Emails are great too, but students’ inboxes get
inundated with “official” messages from the school,
sometimes causing important financial aid information
to be overlooked.
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2. OVER COMMUNICATE WITH STUDENTS
To make information campaigns easy, the U.S.
Department of Education Federal Student Aid office
has compiled tools to help financial aid office staff,
or you can create your own in-house.
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3. SEND APPOINTMENT REMINDERS
On the surface, it may seem like more work to send
email reminders to students who have scheduled
appointments at the financial aid office, but it’s a lot
less work than having to deal with missed
appointments followed by requests to reschedule.
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3. SEND APPOINTMENT REMINDERS
You can send reminders manually using your email
system, or there are a variety of online apps that
automate the process for you.
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4. STAY UP TO DATE WITH COMPLIANCE
The federal government produces and distributes
web-based training modules designed to help financial
aid officers stay informed about industry updates.
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4. STAY UP TO DATE WITH COMPLIANCE
Available FSA training includes the FSA Coach,
a glossary and video demonstrations with
accompanying handouts.
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4. STAY UP TO DATE WITH COMPLIANCE
Participants can learn about topics like institutional
eligibility, SAP and default prevent, and may receive
trainings on COD, G5 and NSLDS.