It’s Chris Chumley, CampusLogic’s Chief Operating Officer and one of three Chrises on our team! In case you missed my presentation Student Self-Service: The Future of Financial Aid at the 2015 NASFAA Conference this morning, below is a recap.
A Bit About CampusLogic
CampusLogic’s smart, cloud-based solutions allow schools to deliver an exceptional student experience with lower administrative costs.
Today, we discussed student self-service as it relates to Financial Aid. But first, check out this funny video that kicked off my presentation.
Financial Aid Problem #1: Hard for Students
20 million students transmit 500 million documents related to their financial aid. Students are highly dissatisfied with current processes (check out what they are saying about financial aid on Twitter), and students spending up to 10 hours to apply for and be awarded financial aid, because processes are highly manual and iterative.
Financial Aid Problem #2: Hard for Schools
6,000 higher ed institutes award $250 billion to students annually, and that’s no easy task. Oftentimes, one student’s aid can take weeks to process. It takes 35,000 financial aid professionals to award the aid, and the majority still say they don’t have enough time or resources to get the job done well (according to a NASFAA survey). This is because most financial aid processes are manual, paper-driven, clunky and lengthy.
Solution: Self-Service for Financial Aid
Self-service is the solution to students’ and schools’ problems with financial aid, and here’s why:
Financial aid software, like CampusLogic’s, is easy to use for students, parent and school administrators. Its intuitive layout makes it easy for students to fill out smart forms, submit documents and respond to requests from financial aid staff. Likewise, the system has built-in logic that allows it to automate basic communications, saving school staff hours of time.
Paperwork is not mobile. It has to be mailed or submitted in-person. Student self-service software allows students to submit docs or fill out forms from any mobile device, anywhere, any time. Students and their parents may live in separate states, but geography presents no boundary or delay either.
Our software can be branded to match your school, so students and parents don’t even know they’re being directed off your website. This gives your school all the recognition for our software, proving to your students that you as tech-savvy as them.
Students are clearly led through the steps needed to complete their financial aid application or supporting materials. Intuitive step-by-step software guides them through processes like FAFSA verification, SAP appeal and professional judgments.
Secure Data Exchange
The higher ed industry has been getting more and more scrutiny as data breaches increase. The sensitive nature of the student data that schools – especially the financial aid office – handle makes it imperative for colleges and universities to employ extensive security. Yet, many financial aid departments still accept sensitive emails via fax or email – a highly insecure method. Our software comes with government-grade data encryption and rigid security guidelines, so the information that passes through is as safe as possible.
Financial Aid in Less Time
For schools, the less time spent on financial aid means the budget lasts longer, the staff has more time to spend actually counseling students and fewer students will drop out due to lengthy funding times. For students, the rigor and complexity of the financial aid process is removed in favor of easy-to-use, guided software and simple upload options for document submission. It’s a win-win.
To see the slides from the presentation, view the slideshare here.