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FAFSA Simplification – Managing Staff Through Periods of Change
By: Robert “Bob” Covey-Robbins, FAS Senior Consultant
Perhaps one of the biggest challenges to Financial Aid leaders related to FAFSA Simplification is managing staff through one of the most impactful changes in financial aid administration in history. The plan itself brings changes that require systematic re-programming, re-training of staff, and revised communications to help students and their families understand the new process and how their eligibility for much-needed funds is impacted.
Planning and preparation for the implementation of FAFSA Simplification has been difficult with many issues that occurred during the soft launch, and now, additional delays due to changes in the formula tables and the delivery of ISIRs to schools, further complicate the awarding of aid and communicating with students. Families, already intimidated and sometimes confused with the FAFSA process, will likely be frustrated with the lack of award information. New students may be awaiting award information to make final decisions regarding their choice of college. The summer peak period for financial aid offices may take on a whole new meaning.
Many schools have already had challenges recruiting and retaining quality financial aid staff and now must try to manage those valued staff members through difficult changes and trying to prevent them from burning out from the added pressures.
There are other dynamics that keep us awake at night as well.
Increased enrollment
Enrollment is increasing, which is something that we have certainly been working toward and looking forward to. According to the National Student Clearinghouse Research Center, Fall 2023 enrollment increased 2.1% over Fall 2021, reportedly the first growth in enrollment since the pandemic. Community College enrollment growth was even more impressive with a 4.3% increase over Fall 2021. (NSCRC, 2023)
Seeing more interest in higher education is wonderful, but occurring during a period of intense change that requires financial aid staff to spend more time advising students, conducting financial aid outreach programs and improving communications adds more strain on the limited resources of many financial aid offices.
New Gainful Employment Requirements
While some of the new requirements will not be effective until 2026, significant reporting will be due no later than July 31, 2024. Reporting will include program and student-level data for multiple award years.
New eApp
If a school must report changes or complete an application for recertification, the new eApp includes new required data and may take longer to be processed, which can cause delays in new or revised academic programs being approved for Title IV eligibility. This again, may put more pressure on the financial aid office.
Financial Aid Services can offer assistance and support for schools during these challenging times with its Consulting, Training, Interim Staffing, and Outsourced Processing.
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.
References
Martin, Gregory and Massman, Joseph. (2023) BREAKOUT SESSION #6, Gainful Employment. United States Department of Education, Nov 28, 2023, https://2023fsatc.us.chime.live/documents/[PDF]%20BO6.%20Gainful%20Employment.pdf?id=1158&langId=1
National Student Clearinghouse Research Center (October 26, 2023). Stay Informed Report: Undergraduate Enrollment Grows for the First Time Post-Pandemic, Despite Freshmen Declines. Retrieved from: https://www.studentclearinghouse.org/nscblog/stay-informed-report-undergraduate-enrollment-grows-for-the-first-time-post-pandemic-despite-freshmen-declines/
Accomplished Leader in Financial Aid, Maureen Anderson, on being appointed VP of Consulting Services at Financial Aid Services, LLC.
CEO of FAS, Robert Heil sat down with newly appointed Vice President of Consulting Services, Maureen Anderson, to discuss her vision and perspective on the most pressing issues facing financial aid and student business services.
Maureen Anderson, FAAC®, brings over 25 years of expertise in student financial aid, spanning diverse institutions such as two-year, four-year public and private institutions. Maureen also served as FASFAA Vice President of Training and was previously an instructor for SASFAA New Aid Officer Training, NASFAA Credentials, and the United States Department of Education Decentralized Training. Since joining FAS in 2021 as a consultant, Maureen supported countless institutions with compliance reviews and consulting. She was named the new Vice President of FAS Consulting Services in January 2024.
Maureen, FAS is excited to welcome you as our new VP of Consulting Services! Could you share a brief backstory and how you began your journey in higher education?
I began my journey in student financial aid over 30 years ago, navigating through various educational institutions. I started at a public technical college, moved to a private graduate school, and landed at a community college. I attended a community college and genuinely value its mission of providing access to all. I feel strongly about helping underserved students and being a voice for those who may not have a voice.
What led you to choose a career in financial aid?
Like many in financial aid, I landed in this role by accident. I worked at an institution with three financial aid administrators in two years. I had a reputation for tenacity and perseverance, and I was asked to fill the role. My boss saw more in me than I saw in myself, so I trusted him and took a leap of faith. We had an unannounced program review in my first six months in the position. One of the sanctions was to verify every file for two years. As you can imagine, I had to learn financial aid fast. I took the 1500-page Student Aid Handbook home every night and began studying. As the saying goes, the rest is history.
What led me to stay in financial aid and fall in love with the profession was the challenge and the opportunity to make a tangible impact on student’s lives by facilitating their access to education. Witnessing the transformative power of education firsthand fueled my commitment to this field.
I’ve remained dedicated to professional development and mentoring others during my professional journey. I often think of my mentors throughout my career. I was fortunate to have many people who shared their knowledge and experience along the way. Because of this, I’m passionate about mentoring new financial aid administrators. My commitment to continuously learning and staying relevant in the industry and assisting others is reflected in my new role at FAS.
Let’s dive into the heart of financial aid. Maureen, from your perspective, what do you see as the most pressing issue in financial aid today?
The most pressing issue in financial aid today is navigating the challenges arising from the constantly changing landscape of higher education. We are witnessing a significant decline in enrollment, making it imperative for financial aid offices to reassess and adapt their strategies to meet evolving student expectations.
Technological advancement, staying technologically savvy being adept, and staying on the cusp of evolution is a necessity. The need to embrace innovative solutions is crucial for providing students and their families with efficient and user-friendly financial aid processes. Simultaneously, remaining compliant with regulatory changes cannot be overstated, as the financial aid landscape is continually shaped by evolving policies and requirements.
Financial aid offices are grappling with a retention and staffing crisis, which further complicates the ability to deliver effective services. The shortage of skilled professionals poses a challenge to maintaining the high standards of support that students require. These are mission-critical challenges in financial aid today. Navigating these complexities requires a strategic and adaptable approach to ensure that financial aid offices continue to serve students effectively in an ever-changing educational landscape.
Maureen, in your perspective, what gaps do you see in most financial aid offices?
The industry is progressing towards more tech-enabled solutions and that is the gap I most commonly see. Embracing advanced technologies such as artificial intelligence and analytics will enhance the user experience during the financial aid process. There are knowledge gaps that need to be carefully considered too. Institutions face challenges in implementing new processes while maintaining compatibility with their current infrastructure. Bridging this gap is crucial to realizing the full potential of technological advancements in financial aid.
I’ve heard you talk about this technology optimization gap with our consultants. How are you planning to help clients address this gap?
First, we can conduct a thorough assessment of their current systems and identify areas for opportunity. Then, we develop tailored strategies to help our clients optimize their current technologies. Our consultants bring a unique combination of deep subject matter expertise around financial aid and compliance combined with a tech-savvy background. It’s a unique combination you don’t see at other consulting firms. That unique combination helps our clients leverage technology opportunities quickly that make a significant impact on their staff and on the student experience.
Maureen, acknowledging that our industry is facing the most significant changes we’ve experienced in decades, how can a campus leader strategically plan for the future when there seems to be so much uncertainty?
Planning for the future of federal student financial aid involves forecasting, staying informed, and building connections. Keeping an eye on policy changes, attending and being a presence at conferences, and networking with peers. I believe in having a contingency plan for different scenarios and building adaptability into processes. Invest in technology to streamline operations, diversify funding sources for stability, and advocate for positive changes. Prioritize team training for a proactive and resilient approach. It’s about staying strategic, connected, and ready to pivot as needed.
Could you highlight the 1 or 2 of most pressing challenges you see in the industry? What considerations should institutions keep in mind to proactively address or avoid these challenges?
FAFSA Simplification and 2024-25 changes are prevalent. But I think more concerning and more detrimental are the staffing shortages and the difficulty institutions have keeping experienced financial aid professionals. There are a variety and number of reasons why financial aid professionals are leaving their current roles or leaving the profession entirely. An effective financial aid professional requires a very unique skillset and generally, institutions are unaware of the complexities and stress the office and staff feel. Burnout is a significant concern.
As a leader, what values do you hold dear in your professional life?
Honesty and integrity are my core values. I once met Steve Spurrier (former NCAA and NFL football coach) and he gave me a list of his leadership principles and quotes. One of his quotes is, “I don’t think telling the truth ever gets anyone in trouble in the long run. Maybe the day after, but not in the long run.” Of course, we have to balance honesty with kindness, but with the important things in life, honesty is the best policy.
To close, is there a quote that changed your life or that you live by?
In financial aid, the quote I said every single day, sometimes multiple times a day, is, “Grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.” In dealing with people, I think of Maya Angelou’s words: “People will forget what you said, people will forget what you did, but people will never forget how you made them feel.” And for supervision and leadership, I remember the words of one of my mentors, “my job is to make [my employees] successful.” Those words and quotes have run through my head throughout my career.
About FAS:
Financial Aid Services (FAS) has been a trusted partner in higher education for over 30 years, offering a range of services to enhance operational efficiency, student satisfaction, and regulatory compliance in financial aid and student business services. With a seasoned team boasting an average of 28 years of experience, FAS has successfully served over 1,800 institutions nationwide and has over 1,600 years of combined industry experience.
Are you facing challenges at your institution?
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.
FAFSA Simplification or Complication?
By: Heather Hollandsworth, Ed.D, FAS Senior Consultant
As most in higher education know, the Free Application for Federal Student Aid (FAFSA) is undergoing many changes for the 2024-2025 cycle. Gone are questions that likely had little impact on the federal methodology that determines Pell Grants etc. Gone is the Expected Family Contribution (EFC) that has been around since at least 1992, according to the New York Times (Lieber, 2020). Of course, the abject confusion that surrounds the FAFSA, EFC, and aid programs has not changed.
Now, with the FAFSA Simplification Act starting in the 2024-2025 cycle, we have a new application that is significantly different than before. Reduced to approximately 46 questions from over 100 previously, the new FAFSA can encourage students to file for financial aid programs. However, there will be many complications….to start:
- Financial aid professionals, students, institutions, and student information systems have a lot of learning to do. Everything will need to change and with that will be a multitude of questions and issues that arise. So, what do we need to do?
- Financial Aid professionals need to be sure to read the documentation that Federal Student Aid or National/Regional/State Associations have released, attend training and webinars, and stay in touch with colleagues as learning from each other in this atmosphere is critical, and we need to be able to create opportunities for students to learn more about the changes and how to file. Those in the financial aid profession are the direct link to the students. They are depending on us to have their back and to reduce the confusion of the changes.
- The FAFSA simplification may lead to an increased demand for support services due to a surge in applicants seeking assistance and guidance from financial aid offices. Financial aid administrators might experience higher demand for one-on-one consultations, workshops, and information sessions as students and families navigate the changes and seek clarification on the modified application process. Managing the increased volume of inquiries while maintaining quality support services could present a challenge to financial aid professionals.
Financial Aid folks are like no other and strive to do their best to ensure students are and can be successful even in a complicated world. They work tirelessly to complete required processes so that students have open access to education. They are the unsung heroes of higher education, now more than ever.
Even though all of this change is stressful, I believe that this is just the transformation we need for financial aid. More students are likely to receive Pell grant than ever before, less questions to answer, and once everyone is comfortable with how the new application will work, subsequent years will be easier to administer.
I encourage everyone to take a deep breath and know that better days are coming. Let us learn together and encourage students to complete the FAFSA, even though it might be frightening right now. It will be worth it in the end.
SOURCE: Lieber, R. (2020, December 30). Fafsa’s expected family contribution is going away. good riddance. The New York Times. https://www.nytimes.com/2020/12/30/your-money/fafsa-expected-family-contribution.html
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.
That’s Classified!
By: Tiffany Motyka, Ed.D., FAS Senior Consultant
In the last few years, many legislative agendas have made updates to the Higher Education Act of 1965 (HEA) to improve the federal financial aid process.
These Higher Education Act updates were the result of:
- Fostering Undergraduate Talent by Unlocking Resources for Education Act (FUTURE Act) of December 2019
- FAFSA Simplification Act in December 2020
- The Consolidated Appropriations Act of 2021
- The Consolidated Appropriations Act of 2022
- FAFSA Simplification Act Technical Corrections Act (FSATCA) of March 2022
These legislative agenda items have paved the way for a better FAFSA user experience and more protection to family income data. To ensure the student application experience is safe and seamless, the federal tax information (FTI) supplied by the Internal Revenue Service (IRS) to the FAFSA was designated as Controlled Unclassified Information/Specified Tax (CUI//SP-TAX). This means all information with this designation falls under the Internal Revenue Code (IRC) confidentiality protections.
Due to this protective designation of the Federal Tax Information data an applicant would have to provide active, annual consent for the information to be used for awarding purposes. According to FSA Electronic Announcement General-23-24, “To provide approval and consent, FAFSA contributors (including parent(s) or spouse) must agree to:
- the Department’s use and disclosure of their information (e.g., name and Social Security number) to match with the IRS;
- the disclosure of their FTI by the IRS to the Department;
- the use of their FTI by a Department official to determine an applicant’s eligibility for federal student aid and the amount for which they are eligible; and
- the redisclosure of FTI by the Department to an eligible institution, state higher education agency, or a designated scholarship organization (e.g., institutional or state financial aid).”
The submitted Federal Tax Information (FTI) is held in the FTI Module (FTIM) which was created to ensure broader security for the data received. This means each eligible institution of higher education would need access to a second Student Aid Internet Gateway (SAIG) Mailbox. This mailbox is the tool that allows colleges to securely exchange batch data with FSA Application Systems, which includes FAFSA data and FTI. According to Federal Student Aid, “The new SAIG agreements will require compliance with the protection of the FTI provided to our partners by the Department, including return information obtained in support of the administration of the federal student aid programs, and an acknowledgement of the criminal and civil penalties for the unauthorized inspection or disclosure of FTI.”
For more information on FTI and how this applies to the 2024-25 Award Year financial aid processes, please refer to:
- Electronic Announcement GENERAL-23-34, APP-22-26, and GENERAL-23-09
- IRS Publication 1075 – Tax Information Security Guidelines
- Guidance on the Use of Financial Aid Information for Program Evaluation and Research
Are you facing challenges at your institution?
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.
FISAP Corrections Due by December 15, 2023
By: Dawn Patak, Ed.D., FAS Senior Consultant
The deadline for corrections to the FISAP is fast approaching. Changes, corrections, or edits to the Fiscal Operations Report for 2022–23 and the Application to Participate for 2024–25 (FISAP) must be submitted to the Department of Education no later than 11:59 p.m. Eastern time (ET) on Friday, Dec. 15, 2023.
Important Points to Remember:
- Click “Submit”: Saving data is not the same as submitting the FISAP. Ensure all data is entered accurately and submitted by the deadline. Corrections can be made until 11:59 p.m. Eastern Time on December 15, 2023. Save and submit corrections as needed.
- Timely updates of FAA contact information are important in order for the correct individuals to receive notifications. Changes can be made while submitting the FISAP or via the COD website.
- Verify reported expenditures for the 2022–23 award year to prevent negative balances. Consistency with G5 drawdown information is crucial.
- Schools are not required to resend signature pages when changes/corrections are made to a previously submitted FISAP.
- Corrections for validation edit errors must be submitted by the December 15, 2023, deadline.
- Changes after December 15, 2023, must go through the “Change Request” process.
Failure to submit corrections may result in funding reductions. For more information and to get more timely updates: https://fsapartners.ed.gov/knowledge-center/library/fisap-form-and-instructions/2023-06-09/final-2024-25-fisap-form-instructions-and-desk-reference.
Customer Service Skills – Practice Makes Perfect!
By: Joyce Lubeck-Sonenberg, FAS Senior Consultant
It should come as no surprise that working in a typical school financial aid office can be, well… challenging. Stepping into any FA office near the start of a new term, one can easily see why this can be so. It’s a busy place. Several students may be at the front counter, telephones are ringing, often incessantly, and the office email inbox is bursting at the seams. While positive customer service skills are always important in the FA office, there are moments when staff skills are tested. Developing positive, professional, and enduring customer service skills takes time, training, patience, and practice. The provision of regular training or quick refresher sessions can help to maintain customer service skills at a level that benefits both staff and students and allows a better experience for all.
A literal cornucopia of customer service training opportunities is available to sharpen the skills of the FA staff. The internet is loaded with blogs, webinars, and interactive training events. Following are just a few tips gleaned from a variety of those resources.
Maintain a Welcoming Environment – Ensure staff demonstrates a friendly, welcoming reception. Greet with a smile and a warm, genuine “Hello, how are you? Welcome to the FA Office. How can I help you today?” Sure, it sounds simple, but a positive tone has been established and instantly shows a level of respect. The first staff person a student or parent sees is the first representative of the office and the entire school and should possess a “helping” type attitude.
Let’s face it… the FA world is a regulatory quagmire. Documents must be signed and submitted. Eligibility must be established. Policy and procedures are to be followed. Mistakes are made, information and instructions can be confusing, and a student or parent can become irate, rude, unhappy and sometimes abusive. No one enjoys those situations but remember… it’s not personal.
Don’t Take It Personally - The upset student is unhappy and frustrated about a problem.
They are venting their anger to the staff person. They don’t even know them. They are angry about a situation that either happened or didn’t happen. Listen to the concern. Dig into the problem. Once it is in proper perspective, the student should be informed about what can be done to help with the issue, not what can’t be done. For example, if a document is required, don’t simply say they must submit the document.
Identify the document, make it available, and accept it on the spot.
Ensure the FA Information is Accurate – Double-check that significant dates, times, requirements, amounts, policies, etc., are accurate. It’s frustrating if the information on the FA website is outdated or incorrect. Students and parents expect the FA staff to conduct FA matters professionally. Attention to detail is critical in the FA world, and complacency in this area weakens the image and professional reputation of the office.
Dig Deep to Resolve/Prevent Hidden Problems – Don’t assume the surface problem is the only issue.
Look to multiple screens in the student information software, log notes, or co-workers to ensure all issues are resolved. Ask the student if there is anything else they need, or the staff can assist with before they leave or end a call. Experienced and helpful staff may recognize and resolve a potential problem before it impacts the FA process.
Sympathize and Empathize – There is value in the saying, “Students’ don’t care how much you know until they know how much you care.” Imagine it’s your or a family member’s first experience with higher education, particularly with FA. They may be anxious, frustrated, angry, or dealing with a world they have never entered before. Apologize and acknowledge their feelings. Staff may actually spend 80% of their time massaging feelings and about 20% solving the problem. Feelings are key. Sympathize, empathize, apologize, and immediately follow up with action.
FA staff do not become expert customer service representatives overnight. It takes time, training, and practice to deliver consistent, quality customer service in the FA office. Take the time to review and refresh these and other tips throughout the academic year. Students, parents, and yes… FA staff will all benefit.
Challenges Deserve Solutions Master Class Episode 4: ‘Just in Time’ to ‘2 Steps Ahead’ on Compliance
A single financial aid officer can be expected to handle up to 2,000 cases each year. Imagine the pressure and the immense responsibility that comes with ensuring each case is handled accurately and in compliance with frequently changing regulations. What’s more, looming on the horizon is the pending FAFSA Simplification, set to streamline the application process. While simplification holds promise, it also introduces new compliance considerations, adding to the challenges that financial aid officers face. The challenge is real, and it’s relentless.
Watch
Financial Aid Services, LLC (FAS) CEO Robert Heil decodes the complexities of regulatory challenges and offers expert insights on achieving compliance. For an even more comprehensive understanding, don’t miss the Challenges Deserve Solutions eBook. Click below to watch the full seven-part master class.
The Challenge: Dense, Ever-Changing Regulations
Federal and state financial aid regulations are complex at the best of times, with the federal student aid handbook as dense and challenging to read as the tax code. Yet, regulations aren’t set in stone. They are changing at a lightning pace, adding an extra layer of complexity to each case a student aid officer handles. In fact, in the FAS survey of financial aid professionals, regulatory change on the federal, state, and local levels was the second most common challenge, having been cited by nearly half of respondents. Additionally, federal and state-level requirements are often at odds, leading to confusion and uncertainty among professionals and students alike.
The Solution: Approaching Regulatory Demands With Teamwork
Financial Aid Solutions, LLC (FAS) offers tailored coaching and training, as well as advisory services, that can help teams become well-versed in the latest regulatory changes and ensure they are compliant in handling each case. Newly trained staff, armed with this information, can quickly access any detailed documentation they might need instead of having to go off in search. More readily available information frees them up to spend more time on the day-to-day operations of their specific role.
FAS’ team of experts also offers compliance reviews and training on policy and procedures that can help any institution prepare for both the expected and the unexpected. Put together, these offerings from FAS enable financial aid teams to operate more efficiently and steer far clear of any compliance issues, helping everyone work more confidently and effectively.
What’s Next
Whether you are a seasoned professional or an aspiring leader in higher education, this engaging and informative session provides a unique opportunity to gain a deeper understanding of the challenges facing higher education and discover innovative solutions to shape its future. Contact us to learn your options! Together, we can transform financial aid, empower students, and create a brighter future for higher education.
You CAN Handle the Truth
By: Sharon Hassan, FAS Senior Consultant
The title of this blog is a play on the famous line spoken by Jack Nicholson in the 1992 Tom Cruise movie A Few Good Men, “You Can’t Handle the Truth”. But you can. The FAS eBook launched during NASFAA highlighted 4 major themes as the top challenges for managing a financial aid operation.
- Keeping up with the ever-changing environment of compliance.
- Meeting student expectations for speed and customization.
- Leveraging technology for efficiency and modernization and
- Staff Vacancies and Hiring Challenges.
I think we all agree, that things have changed. “Everything new“ is the defining mantra for 2024-2025. “New, New, New, Everything New.”
These words, while simple, express what many institutions of higher learning, the college access community, families, and the department of ed on state and local levels are experiencing. Everything new. From the New FAFSA Simplification scheduled to be released December 2023 to the Student Aid Index (SAI) to How Budgets are developed, all new.
To say 2024-2025 is a year of transition or transformation is an understatement. So, what can you do to remain compliant during changing times, meet student expectations, leverage technology, and address staff vacancies and hiring challenges? How will institutions manage? So glad you asked.
If you are like many in the industry, your compliance, customer satisfaction, technology, and data are, at best- outdated…or-at worst, non-existent. This has been made more challenging with the rapid pace of transitions and staff shortages in higher education. We can help!
I was taught to start with the end in mind. I was also taught that you must identify and address your challenges to be the best. Let’s be honest, even some of the biggest and best-funded institutions in the U.S. have challenges. A comprehensive assessment will provide data on customer satisfaction, staffing, technology use, and possible or potential compliance issues at your institution.
Need convincing? Read our latest report on administrative challenges. Financial Aid Services, LLC, (FAS) are a trusted source for higher-ed institutions, financial aid, and related businesses.
Challenges Deserve Solutions
If you’re ready to transform the way your institution handles federal student aid challenges and interim staffing shortages, take the first step with us Contact Us.
To get started on the path to success, you can reach out to us for a comprehensive assessment of your institution’s needs and challenges. Our trusted team has a track record of helping higher-ed institutions and businesses just like yours.
Don’t let these challenges hold you back. Join us in embracing change, improving compliance, enhancing student experiences, and leveraging technology. Together, we can handle the truth and find the best solutions for your financial aid operation. Contact us today and experience the difference.
Challenges Deserve Solutions Master Class Episode 2: Meeting Student Expectations
Higher Ed’s Landscape is changing. Students expect swift customer service, influenced by their experiences in the era of on-demand services. However, when it comes to financial aid in higher education, many institutions struggle to meet these expectations, causing frustration and anxiety among parents and students. The misalignment of expectations erodes trust in the institution, hampers enrollment contributing to low retention rates, and presents preventable challenges for the university. How can your institution meet the rising expectations?
Watch
Financial Aid Services, LLC (FAS) CEO Robert Heil’s Master Class episode on this topic and explore further insights in the Challenges Deserve Solutions eBook. Let’s work together to make higher education more accessible and student-friendly.
The Challenge
For students, a college degree represents a significant investment. They view it as a product that comes with a hefty price tag and expect to be treated as valued customers. In this context, speed is key. Unfortunately, the traditional financial aid process is often slow, methodical, and paper-intensive, failing to align with students’ need for efficiency.
Digital natives, today’s students want quick responses and 24/7 accessibility. Yet, many find it challenging to connect with financial aid professionals, with surveys showing that a significant portion of students have never met or interacted with aid administrators. This highlights a pressing need for more frequent and consistent touchpoints in the financial aid process.
Adding to students’ frustration is the fear of loans. Many have seen their parents and older siblings struggle with student loan repayment, making them acutely aware of the financial risks associated with higher education.
Financial challenges are a leading cause of dropout, with 42% of students citing them as the primary reason for leaving their studies. Furthermore, 38% of potential students decide not to enroll due to fears about student loans. Families often find the level of service provided by financial aid offices underwhelming compared to other customer service experiences.
The Solution
Financial Aid Services (FAS) offers a transformative partnership model that empowers financial aid teams. By strategically outsourcing processing and providing additional support, FAS ensures rapid responses to student queries, meeting their expectations for efficiency and accessibility.
This partnership doesn’t replace professionals but enhances their capabilities, allowing them to focus on counseling and advising students. It streamlines processes with online verification, freeing up staff time for personalized customer service and simplifying the experience for students and families.
What’s Next
Whether you are a seasoned professional or an aspiring leader in academia, this engaging and informative session provides a unique opportunity to gain a deeper understanding of the challenges facing higher education and discover innovative solutions to shape its future. Contact us to learn your options! Together, we can transform financial aid, empower students, and create a brighter future for higher education.