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| Keith Myers of Socle Education, a solution provider at the marcus evans University Leadership Summit 2014, on automating the financial aid process. |
NEW YORK, N.Y., Oct 8, 2014 - (ACN Newswire) - "Students today are increasingly sensitive to college costs and financial aid is important to their ability to seek additional educational opportunities," says Keith Myers, Chief Client Officer, Socle Education. But heavily paper-driven or manual financial aid processes do not make it easy for students to apply for the aid they need. That is bad for students and for the institutions interested in recruiting them. "If your institution cannot make it easier for students to complete the financial aid process, those students are more likely to choose a school that does, or worse, drop out altogether," Myers says.
Socle Education is a solution provider at the marcus evans University Leadership Summit 2014, taking place in Palm Beach, Florida, October 16-17.
- Why should universities focus on improving their financial aid process?
Many institutions have heavily paper-driven or manual processes, with not much technology or business process innovation creating efficiencies. With the cost of a college education soaring, more students are relying on financial aid to attend college and financial aid offices are feeling the pinch. Since the financial crisis of 2008, many financial aid offices have experienced staffing freezes or cuts even while the number of aid applications they are processing has increased dramatically. That means less time to counsel students who are having trouble understanding the process. We are seeing frustrated students giving up altogether, when some one-on-one counseling from the financial aid office could be a lifesaver. But many Financial Aid offices just do not have enough time to take that extra step.
- How should institutions address this issue?
We believe that taking the student experience into account is critical. Students need to understand the steps involved in the financial aid process, from filling out the FAFSA to what to do if they are selected for verification. Many of these document-heavy processes can be automated, leveraging technology. Students should be able to easily see what they need to provide in support of their application. Then, they should be able to upload documents easily - from their mobile devices - instead of mailing them.
The subsequent review of files submitted by students and other back-end processes can also be automated. Student files can be reviewed online for easier processing. For those files that must be "verified", financial aid offices can rely on algorithms designed to crosscheck categories against submitted documents, which can reduce the verification process from weeks to less than 24 hours.
We find that many of the institutions we work with have a high retention rate due to their financial aid process, because students are able to secure funding before they go into the subsequent academic year.
- What strategic direction do universities need to take, given today's financial pressures, competition and declining state funding? How could they become more financially healthy?
Institutions today are seeking better ways to reduce costs, increase efficiencies, and still provide a quality education to their students. With the Socle Education solution institutions can become more efficient and process financial aid faster without increasing staff. Those efficiencies translate into better services for students - and better enrollment and retention for the institutions we serve.
About the University Leadership Summit 2014
The University Leadership Summit is the premium forum bringing senior level university executives and solution providers together. Taking place at the Eau Palm Beach Resort & Spa, Palm Beach, Florida, October 16-17, 2014, the Summit includes presentations on successful strategic planning, keeping your institution and students safe and an interactive panel on how to control costs and ensure we plan for a competitive future.
For more information please send an email to info@marcusevanscy.com or visit the event website at http://universityleadership.marcusevans-summits.com/KeithMyersInterview
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www.marcusevans.com/reviews/business
Please note that the Summit is a closed business event and the number of participants strictly limited.
About Socle Education
Socle Education is the premier provider of technology-enabled solutions covering the full life cycle of student financial aid services. Our cutting-edge technology and deep industry expertise in the management of Financial Aid Processing, Default Prevention Counselling & Student Engagement Services enable our partner institutions to improve the student experience for each and every student.
Our integrated approach to service delivery ensures a seamless solution which partners with Financial Aid offices to simplify the finance aid lifecycle, reduce costs and deliver operational efficiencies. Socle Education supports more than 90,000 students and processes more than one billion in Financial Aid annually. www.socleeducation.com.
Contact:
Sarin Kouyoumdjian-Gurunlian
Press Manager, marcus evans, Summits Division
Tel: +357 22 849 313
Email: press@marcusevanscy.com
Topic: Trade Show or Conference
Source: marcus evans Summits
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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