2024-25 ISIR’s Are Delayed until Mid-March. What Can You Do In The Meantime To Prepare?
By: Gary Byers, FAS Senior Consultant
The U.S. Department of Education has advised students, colleges, and universities that they will begin distribution of 2024-25 ISIR’s by mid-March. Per Education Secretary Miguel Cardona, ED wants to “provide institutions with additional resources to assist in preparing student records as quickly and accurately as possible. The focus will be on lower-resourced schools with fewer administrative staff in Financial Aid offices and older software systems.”
With this information in mind, are there tasks at your institution that your staff can perform in the meantime to take some “lift” off the hectic tasks that lie ahead? Below are suggestions for “clearing off your desk” just in time for the ISIR’s arrival:
- Follow up with students or parents missing documents needed to complete verification of 2023-24 ISIR’s. Let them know there may be delays in reviewing them once the 2024-25 ISIR’s start flowing in.
- Ensure that your monthly Pell reconciliation is up-to-date. If not current, now is the time to request YTD 2023-24 Pell data to reconcile while you still have the time.
- Although not required on a monthly basis, it’s a good idea to go ahead and reconcile YTD 2023-24 federal loans, FSEOG, Federal Work Study, state funding, scholarships, etc. since your time will be limited once ISIRs arrive.
- Confirm with your institution’s systems staff that they have everything needed to finalize preparation to begin awarding 2024-25 financial aid – term dates, breaks, cost of attendance (COA), etc., to streamline the review and awarding processes.
- Complete training for both existing and new financial aid staff. Existing staff should already know about the changes/updates with the new FAFSA to prevent/reduce delays in reviewing and awarding aid when the ISIRs begin flowing in. They should know about the new SAI (Student Aid Index) which is replacing the EFC (Expected Family Contribution).
- Ensure that the Admissions Office, Business Office, Registrar’s Office, and any others with whom your office interacts are aware of the changes so they understand new processes, documents, and terminology.
- Publicize grants and scholarships to new and continuing students as well as to parents. Include any deadlines, documents, and requirements needed to be considered for scholarship and/or grant funding.
- If notified that your institution will receive outside administrative assistance (ED staff, consulting companies, etc.), prepare by notifying IT/administration of any required systems access/equipment needed and the urgency with which they need to have it available to prevent further delays in awarding financial aid.
- Ensure that the Financial Aid office has all necessary 2024-25 financial aid-related forms (hard copy/electronic) available for distribution as needed. Be sure to include instructions as to how to return it to your office (hard copy/electronic).
- Remind staff that this is also a new process for students and parents. Patience, kindness, and understanding will be appreciated by both sides as we make this shift to hopefully improve the financial aid process for the 2024-25 years and beyond.
Are you facing staffing challenges at your institution that will affect your ability to handle the upcoming federal changes?
Contact FAS today for a quick consultation on how we can help you discover solutions tailored to your unique needs. Reach out at 770.988.9447 or via email at info@FinancialAidServices.org. We look forward to connecting with institutions ready to overcome challenges and elevate their financial aid and student business services.
About FAS
Financial Aid Services (FAS) has served higher education for over 30 years. Located in Atlanta, Georgia, FAS provides consulting, staffing, processing, and assessment services to assist institutions with improving operational efficiency, student satisfaction, and regulatory compliance in financial aid and student business services. FAS’ accomplished team averages 28 years of experience and has a combined 1,600 years of higher education experience. With clients in 49 states, FAS has successfully served over 1,800 institutions nationwide. The Company’s extensive experience combined with industry-leading expertise and focus on superior client outcomes, enables FAS to deliver lasting results to its clients and the students they serve. Visit www.FinancialAidServices.org for more information.
Contact FAS today for a quick consultation on how we can help you discover solutions tailored to your unique needs. Reach out at 770.988.9447 or via email at info@FinancialAidServices.org.We look forward to connecting with institutions ready to overcome challenges and elevate their financial aid and student business services.
