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Fresh Take: Meeting Financial Aid Processing Expectations
If you're an administrator at a college or university today, you know how the internet and new online services have transformed today's student. In a world with online learning platforms, student portals, and where answers to most classroom questions can be found on the web in a matter of seconds, the demand for more immediate satisfaction in the administration of financial aid has also risen.
Today a student can complete the FAFSA in 30 minutes, get an EFC and estimated Pell grant in 48 hours, and automatically download tax return info from the IRS. But at traditional colleges with seasonal applications, Federal Verification on financial aid applications (around 30% of all applicants) means students must wait weeks before they see a confirmed award package from their school. Is this right? Has the student expectation been met? Over and over at public and private colleges across the country the answer is no. Why does this happen? The answer is that most colleges simply don't have a good solution in place to process the extra document collection and handle compliance review in a timely fashion.
But that's changing. In 2011, Global Financial Aid Services, a company with a rich heritage in financial aid, released the first online solution for document collection and compliance review of Federal aid applications selected for Verification. Through ISIR automation, online portals, file review services, and system integration for platforms like Banner, PeopleSoft, Colleague and others, this company has solved the problem and is making the college Financial Aid office a flagship department for student service and efficiency.
If you'd like to know more, download this case study for details on the 6 week reduction in application cycle time at the Dallas County Community College District in Dallas, Texas, and the annual elimination of 40,000 paper documents at Delgado Community College in New Orleans, Louisiana.
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