Enhancing the Student Financial Aid Experience
By: Delinda “Lindy” Hall Ed.D.
We’ve all experienced unexpected staffing shortages, unforeseen budget constraints, and tight timelines. When students and university administrators face delays due to service interruptions, it disrupts the timely release of critical funding. These funding interruptions lead to frustration, causing students to delay enrollment or even withdraw early at the start of the term. For institutions, these delays jeopardize critical goals, such as awarding 50% of financial aid packages by mid-April, creating bottlenecks that strain resources and impact student success.
The Urgency of Early Communication
Delaying communication with students until the 2025-2026 Institutional Student Information Record (ISIR) is received could create processing bottlenecks, especially if your team still relies heavily on manual processes. Starting early ensures that institutions can stay ahead of these delays and meet key milestones in funding disbursement. Early communication sets the tone for a seamless financial aid process, reducing confusion for students and ensuring they are prepared to take timely action.
“Gen Z students, shaped by on-demand experiences like Netflix and DoorDash, expect speed, personalization, and 24/7 support. Early communication is key to meeting these expectations, reducing friction, and transforming financial aid into a seamless experience.”
Plan Early and Revisit Your Plan Often
Start your planning process early to ensure your institution meets key deadlines, such as awarding 50% of financial aid by mid-April to align with state deadlines and support enrollment decisions. Effective planning—well in advance—and developing an operational plan in collaboration with key departments is essential for delivering a seamless student experience. The financial aid office relies on student data from other departments, such as admissions and the registrar’s office. The information shared between these offices is essential in accurately and efficiently awarding financial aid to students.
A Better Student Experience: Communication is Key
Delivering a seamless student experience begins with understanding your institution’s strengths and areas for improvement. By evaluating key factors, you can identify opportunities to streamline processes, improve communication, and enhance outcomes for students. Quickly assess the following factors to evaluate your institution’s agility and preparedness in enhancing the student experience:
Initiate communication with all student groups early in the registration/enrollment process:
- First-time undergraduates
- Continuing undergraduates
- Graduate and professional students
Communicate application and eligibility requirements to all student groups through various channels. Utilize social media or text messaging to reach them in accordance with institutional policies. The U.S. Department of Education offers digital content across various social media platforms that can be leveraged to avoid starting from scratch.
Here are a few examples of critical communication topics:
- Troubleshooting tips for completing the FAFSA
- Step-by-step guide for applying for federal, state, and institutional aid FAFSA
- Reminders and instructions for completing Entrance Loan Counseling & MPN for Federal Direct Loans
Foster communication and collaboration among departments: Admissions, Registrar, Academic Advising, Financial Aid, and Student Accounts
- Timely sharing of admitted student data from Admissions with Financial Aid is crucial for financial aid to determine eligibility and award first-time students
- Access to data: Is admissions data stored in a CRM?
- Does Financial Aid have access to the CRM, and is the necessary interface set up to share data between the CRM and the SIS/FAMS?
- Academic Records data: Is the student’s grade level and anticipated graduation date current and accurate? This is critical information for determining federal direct loan eligibility and award amounts
- Satisfactory Academic Progress: Has the SAP status been communicated to students at the end of the term? Understanding the impact of probation or suspension is essential for students’ decisions to continue enrollment.
How Financial Aid Services Can Support Your Student Experience
Need help updating or creating strategic and operational plans to ensure timely awarding and processing of financial aid for eligible students? Financial Aid Services provides interim staffing, processing support, and consulting services to enhance and maintain a positive student experience.
