Making The Most of Your Financial Aid System

Anna KellyDirector of Financial Aid

New England Institute of Technology

Russ RomandiniSenior Systems Analyst

Higher Education Assistance Group, Inc.

What is needed to succeed?

Support from teammates

Support from boss or bosses

Knowledgeable resources

Willingness to try (and maybe fail) a few times before you get

it right

Challenges• Describing the benefits of new

processes to colleagues outside of the financial aid office

• Convincing administration to spend money

• Managing time to conduct work while maintaining daily office duties

• Learning the technical stuff

New Job, New Software, New Experiences

• Accepted position as financial aid director at a private, non-profit college as of September, 2010

• Now had to use a system I had not used before• Limited experience with 2 plus 2 system with 4 ten-week quarters• Limited IT support• New responsibility of upgrading software updates

Where Do I Begin?

• Needed to set up annual year roll process, and decided to bring in outside help to make sure I learned best practices for my software

• Involved staff in new set up procedures• Involved staff in what automation options were available• Involved staff in what functions we need/wish list

New Proces

ses

Valued Added

Pros vs.

Cons

Team work

BUY-IN

Putting The Plan Into Action

Establish Timeline

Increased usage of Self-service

function

Automated missing

information letters

Automated satisfactory academic

progress process

Make A Plan and Stick To It

• Dec 2010-New year 11-12 roll process• Feb 2011-Auto-packaging with tracking• March 2011-Auto-packaging and student self service/web accept of aid/loan

periods• May 2011-Missing information letter• Aug 2011-SAP process

Ongoing Efforts• Staff training is continuous -

communication and training for staff and ½ day training sessions

• Allow plenty of time for questions/discussion

• Increase comfort level with changes in their tasks/stress benefits to students

What Are Your System Hot Spots?• When did you last make a list of items that

you would like to automate and/or improve processes?

• Where can you improve automation in your system or remove redundancy?

• Benefits of automation• Improves processing accuracy & awarding

equity• Increases staff & student satisfaction

Where Can I Make System Improvements?• Managing System Release Updates• ISIR Loads• Student Applications• Letter Generation• Conflicts• COD Processing & Reconciliation• Budgeting & Packaging• Automated Packaging• R2T4

Software Release Updates• Who manages system release updates

on your campus? • How would you rate your level of

system support on your campus?• How quickly are system upgrades

loaded?• Are you a beta-tester or do you wait to

hear about any potential known release issues?

Software Release Updates (cont.)• Is automation embraced on your campus

or are many things still done manually?• For those using a single-source system, is

information fed routinely to and from other key offices? (Admissions, Student Accounts, Registrar etc.)

• How many of you believe that you’re getting the most out of your current software package?

• ISIR Data Load & folder preparation• Review ISIR Load Process• How often are files loaded? • How much time does the file load

process take?• Is there a process in place to

account for the potential of dropped records?

• Are there ways to improve accuracy and/or efficiency?

ISIR Loads

• Have you clearly defined your student groups?• Entering students• Returning students

• Not Selected for Verification• Selected for Verification

• V1, V2, V3, V4, V5• Independent• Dependent

• Graduate Students• Ensures that data can be segmented for

reporting and executing communication plans

Grouping of Student Application

Data

•Are communications to students automated to run on their or through executable job processes?•Missing documentation letters run every other week (or more often depending on need) •Award letters run weekly •Right to cancel notifications run day of disbursement

Letter Generati

on & Executing Commun

ication Plans

•Comment codes•Parent/Student tax data flagged as “02” – cleared through IRS Data Retrieval Tool (DRT)•Parent/Student tax data flagged as “05” – did not use IRS Data Retrieval Tool (DRT) but eligible to do so

How Do You Identify

Conflicting Information

? How do you clear it?

Reject/C-Flags

•Clearing Loan exceptions•Sending Loan Disbursement Notifications•Is your DL Reconciliation process automated through DL Tools or other process?•What have you done recently to further automate and/or streamline your loan process?

COD Processing & Reconciliation

•How have you segmented your budget groups? •Do you assign budget groups in batch or do you manually assign a group upon initial file review?

Budgeting and Packag

ing Groups

•Are you using the automated packaging functionality in your software system?•Saves time and improves awarding accuracy & equity•If yes, to what extent are you using it?•Federal funds only•Institutional funds•Leveraging•If not, why not?•Lack of internal resources?•Shortage of expertise on campus with implementing formulas?•Other?

Automated

Packaging

•Does your software system have built in R2T4 processing? If so, is it being used?•How do you capture list of withdrawn students? Do you have control to run withdrawal reports or do you depend on receiving data from other departments?

Return of Title IV fund Proces

sing

Additional Recommendations

• Paperless options• Satisfactory Academic Progress• Federal Work-Study processing• Do you have a process that you’ve recently automated that has improved

efficiency and/or equity?

Thank you for attending our session!

Anna KellyNew England Institute of Technology

akelly@neit.edu

Russ RomandiniHigher Education Assistance Group

rromandini@heag.us

www.heag.us - follow us on Facebook and LinkedIn at Higher Education Assistance Group, Inc.