by Brad Smith
Student financial aid is no one’s idea of a picnic. Even the most devoted employees of a school’s aid office sometimes get burned out, and no wonder.
The total loan volume for Federal Direct Subsidized Loans during the 2020-2021 year was $16.5 billion. It was $45.5 billion for Federal Direct Unsubsidized Loans, $1.1 billion for work-study, $26.5 billion for Pell Grants … and so on.
That’s a lot of money flowing through the system, which puts gobs of stress on you and your team. That’s why so many financial aid offices are partnering with third-party servicers today. Here are five reasons you should do the same!
Keep Your Financial Aid Processes Moving Smoothly
More than 85 percent of higher education students receive some form of financial aid, representing more than 17 million FAFSAs (Free Application for Federal Student Aid). Managing that kind of volume is tough and it’s easy to get bogged down. A third Party Servicer’s support can measurably reduce the load by supporting processes to reduce bottlenecks and keeping students’ files moving through the process.
Tailor Your FA Services to Your Needs
Not every school has the same needs, so out-of-the-box solutions often don’t work. A financial aid consulting company can help you create a system that works for you, tailored to your unique student body.
Speed Up File Processing
Not only do you have to decide who meets eligibility criteria for various funds from a diverse group of funding sources, you have to process each file in the relatively short timeline students expect and then document all decision-making.
It’s enough to make anyone want to bury their head before each start, which is why increasing numbers of schools are partnering with third-party financial aid services. A knowledgeable provider will help ensure you turn your files around in 2-3 days for standard applications.
Sounds better than staying up all night, right?
Stay Up to Date on Changes
Big changes are coming to the FAFSA in hopes of simplifying it for students and financial aid offices. In the short term, however, all changes create more havoc. Experts can help you integrate these changes quickly and without fuss into your current systems.
Automate, Automate, Automate
We all know automation can help make life simpler, but getting there isn’t always easy. Creating a system from scratch or customizing a packaged software system takes time, and an experienced third-party financial aid solutions provider can do that for you!
Get the Help You Need Today … and Every Day
Need some help finding the right financial aid solutions? Educational Compliance Management is here to help, offering third-party processing, cash management, compliance, accreditation and Title IV support to smooth your workday and support enrollment at your school, “Your institution is unique, so is our solution,” and that’s exactly what we seek to provide to the ECM Family of Schools. Want to learn more? Please feel free to check out our services or get in touch today.
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