5 Best Practices to Successfully Implement Financial Aid Processes

Between 85% and 90% of first-time, full-time undergraduate students have received financial aid in order to further their studies. This aid, which can be provided by the federal government, state government, and even universities themselves, makes it possible for tens of
thousands of students to earn a diploma and make their career dreams come true. FA Solutions LLC recommends the following best practices for financial aid directors implementing change in to financial aid processes.

The financial aid process is confusing for many students (and even school staff), as it varies depending on where the aid comes from, what it is based on (i.e., need or merit), and a multitude of other factors. If changes need to be made in the application or disbursement
process, give as much advance notice as possible and be sure to clearly explain the reasons behind the changes.

Advance notice is a must, but it’s not enough on its own. Communicate with staff and students while the process of change is underway. This is particularly important if students have an application in progress; at the same time, even students who have not filled out their aid application should understand what changes are taking place in the process and why. It’s also important to communicate clearly with staff members and other departments affected by the change. Everyone should know what changes are made, why they are being made, and when the transition process will be complete.

Documenting the new process can prevent audit challenges. It also helps financial aid directors keep tabs on how the change is progressing so potential problems can be nipped in the bud and tweaks can be made to the process should the need arise.

Even a clearly-worded explanation of the coming/current change won’t answer every single staff or student’s questions nor address all the concerns. However, a good FAQ page and/or flyer can help staff and students better understand and accept the change process. Having
printed FAQs can also save you and your team the work of having to repeat the same information to multiple students.

Are the changes bringing about the desired result? Review what’s working and what’s not. You may need to validate your team members are implementing the change properly, although you’ll want to be careful to avoid the urge to continually spot-check team members. Students count on efficient, effective student aid request processing to ensure they have the funds they need for their studies. FA Solutions Services enables financial aid offices to meet student expectations by offering speedy file processing and flexible services to meet the needs of for-profit, non-profit, public, and faith-based educational institutions. If you want to improve your financial aid processes to provide better, faster, and more effective services to students of all ages and walks of life, get in touch with us at your convenience