Impact of Efficiency
Discuss the impact to both the college and students of having an efficient Financial Aid Office.
An efficient office will give the students confidence in their choice of school. More often than not, a mistake in FA does not just reflect poorly on the department, but on the aptitude of the school as a whole. If FA is inefficient (by losing things, etc), the student is less cooperative and less sure of the quality of education they are paying for.
Having an efficient Financial Aid office leads to deliver optimal performance. Istalling in our prospects the security they look for. Allowing them to concentrate on their schooling while assuirng them of their decision to continue and or begin their education.
Anne,
Your comments are excellent and you are correct in the impact of poor processing on the entire college not just a specific department. Inefficiency in any department may effect the student's confidence in the college; however, inefficiency in FA could make the student question the FA's office ability to properly process TIV dollars with a negative impact to the student's ability to pay for his/her education.
Thanks, Chyrl
Jaime,
The student's goal should be about completing their education and they should not have to be concerned about the FA office completing their award package. The efficiency of the FA will build confidence in the student about their entire educational experience.
Thanks, Chyrl
I agree that confidence is the main priority to enforce in a prospect student. For many students, Financial Aid is the only way they have to pay for their education. Therefore schools must have an efficient finiancial aid office demonstrating their capaiblites and establishing this security they need. And at the same time giving the school a good and strong reputation for the years to come.
No efficiency in FA department generally results in no students at your instution.
A bad reputation is hard to repair.
Ava,
If FA departments handle their students in an efficient manner, the students will have a positive experience in FA. Also, the students will be apt to return to the FA department when they have questions or concerns.
Do you have any best practices that you would be willing to share?
Thanks, Chyrl
Running an efficient Financial Aid Office gives the student more confidence in the school. Allowing more time to focus on their studies and less time thinking about paying for their education
I agree, giving the students a positive experience does help in getting students to return with questions or when additional documentation is required such as verification.
In our initial interviews with students, we always bring up the fact that there may be a possibilty that they will have to provide additional information later to continue processing their FA. I also take the time during the new student orientations to remind them that FA is an ongoing process. We may need them to come back a few times during their program for repacks, crossover, etc... I have found that giving them this information up front makes it easier to collect any additonal documents or information needed. They aren't intimidated and know that I am continually working to help them finance their education.
Melanie,
Your process seems to be a great way to insure students understand that FA is not a one time experience. I implemented some of the same approach when I was a FA Director and my students knew they would be particpating in their FA process through graduation.
Thanks, Chyrl
A negative impact can effect both the student and the college if the financial aid office is not run efficiently. The problem that can occur is miscommunication, misdocumentation and frustration with the student if the FA process is not ran smoothly. Which then results in a less than positive student experience and the school having a bad reputation. I believe the the FA process is critical for a school's success.
A negative impact can effect both the student and the college if the financial aid office is not run efficiently. The problem that can occur is miscommunication, misdocumentation and frustration with the student if the FA process is not ran smoothly. Which then results in a less than positive student experience and the school having a bad reputation. I believe the the FA process is critical for a school's success.
Lola,
I agree that the FA process is critical to the the school's success and close interaction between all areas will make for a more successfully experience for the student. It is important that each time anyone works with the student to answer a question that the appropriate documentation occurs. It is critical to the student that all areas have access to documentation pertaining to the student to insure that unified and consistent answers are provided to the student.
Thanks, Chyrl
Lola,
I believe this was submitted twice and I have already responded to this discussion.
Chyrl
The impact to both the college and student having an efficent Financial Aid Office is 1) Its less for the student and parent to worry about. If they feel comfortable asking questions and asking for help, that just makes the Financial Aid process less of a hassle. 2) for the college, it not only gives the college a better reputation, but also,the percentage of students achieving their goals to graduate become higher.
Jennifer,
You definitely understand the impact this area has on both the student (parent) and college. Your evaluation was excellent.
It is extremely important for students (and parents) to feel comfortable in the FA process and this will lead to an outstanding reputation in the community.
Thanks, Chyrl
We only have one shot at a first impression. If the first experience the student has is a bad one, that is the one that will influence the student's opinion not only of the department but the school itself. If the student is given all the pertinent information in a manner which they can understand and the paperwork is filled out accurately, it will affect the time it will take for the funding to come in. This in turn will affect bad debt in a positve manner.
Jose,
Efficiency definitely starts with the first student interation. It has been my experience that the clearer the instructions and request the greater the student's experieince will be when interacting with the different processes. It is important to insure that all of the documentation from the student (and/or parent/spouse) is accurate upon receipt.
Your participated in this process is appreciated.
Sincerely, Chyrl
An efficient Financial Aid Office is crucial for the smooth operation of the educational institution in the following ways:
1. Provides income for the institution and the student.
2. Without financial aid, many students could not afford an education, which would reduce the number of enrolled students.
3. If there are constant errors in the financial aid office, it could affect the retention of the student, the reputation of the institution, and even the existence of the institution.
4. Allows financial resources to be spent on other aspects of education by not requiring additional staff to constantly correct errors in the financial aid office.
