By Chris Chumley
In an earlier blog post we talked about how FA Offices that use data to better understand previous patterns of processing volume and the historic profile of their student population have a leg up on the competition. Transparency to this type of data enables FinAid Offices to effectively allocate resources. Here are two more examples of pre-built ISIR Insights within CampusMetrics that FA Directors can immediately use to identify and react to patterns.
Understand Historical ISIR Percentage Selected for Verification
To better plan your verification resources, look to the ‘Verification Selection and Group Breakdown’ insight. This pre-built insight reveals the percentage of ISIRs received that are selected for verification by your institution, historically.
You can dig deeper into this data by looking at the number of ISIRs in each verification group. Understanding the volume of verification by group will help you estimate the volume of different document types necessary to meet verification requirements.
This historical data is a highly effective predictor of the amount of effort required in future, especially for schools moving from the Quality Assurance Program to conducting full verification.
Know whether students or parents can use the DRT
Being able to see which of your students was able to use the Data Retrieval Tool to import their tax data directly from the IRS, and which students needed to provide a tax transcript for upload can help you refine the student (and parent) experience. This information can be gleaned from our ‘Data Retrieval Tool (IRS Flag) Breakdown’ insight.
With this information your office can prepare FAQ guides and email and social outreach campaigns around what students and parents may experience. Your office can also create materials to help educate students and parents about their options if they are unable to use the DRT. Having these awareness materials in place early can help you potentially reduce call volumes and in-person wait times during your peak seasons.
Other Insights CampusMetrics Brings You
The insights available in CampusMetrics can help you prepare for big changes on the horizon for FinAid offices. Additional pre-built insights available today in CampusMetrics will help you:
- Determine historical Professional Judgment volumes meaning you can plan for the expected increased volume in that area
- Quantify high school submissions to help you target outreach to feeder high schools
- Establish Dependency Status Changes over time, allowing you to see the impacts of PPY
- Visualize DRT usage year-over-year, enabling you to see whether PPY actually increased usage and decreased verification volumes at your institution
Complimentary Insight Book
Download our complimentary Insight Book for visuals and explanations of all of the insights currently available in CampusMetrics. Eliminate guesswork; use data in your planning and develop a clear action plan for your institution this Fall. CampusMetrics™ by CampusLogic is an analytics and data visualization platform offering the industry’s fastest-to-implement and easiest-to-use business intelligence built specifically for the Financial Aid Office.
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