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Financial Aid

Wisconsin college employs Third Coast Higher Education for Financial Aid assessment and improvement project

Times of transition are always a good opportunity for evaluating processes in a financial aid office. So when the director of financial aid at Beloit College in Wisconsin took a new position, leadership at the 1,350-student institution decided to examine that department’s business operations.

Mike Walters

An institution’s enterprise resource planning (ERP) system drives many of its core processes. ERP software allows students and faculty to access key information, and staff to automate previously manual tasks. It is critical for administrators to make their other programs, such as payment technology systems, integrate seamlessly with the software that governs so much on campus—the ERP.

4/19/2016

Higher education professionals responsible for administering financial aid continue to confront key challenges, from shifting regulations to fast-moving technology. The new Cash Management rules published by the U.S. Department of Education, for example, will significantly impact the administration and disbursement of financial aid. In addition, the rapid evolution of the financial services industry and emerging electronic payments technologies require a depth of understanding greater than ever before.

DeeAnn Wenger, President, Nelnet Business Solutions

2015 closed with a flurry of developments for the payment technology industry that stand to impact campuses throughout 2016. Where should colleges and universities begin to make sure they’re ready for these changes?

Western Governors University gets assist from CampusLogic to reduce loans, future debt

Students at Western Gover- nors University, an exclusive- ly online higher ed institution, get a free lesson in responsible borrowing that is paying dividends many years beyond graduation. 

AcademicWorks streamlines award application and distribution process at Auburn University

Hundreds of scholarships are awarded at the university, college and department levels at Auburn University in Alabama. Prior to spring 2013, there was no central scholarship management process for the institution’s 27,287 students and 13 colleges and schools.

DeeAnn Wenger

How has disbursing refunds to students changed in the past few years?
Colleges and universities either handle refunds in-house or use a third party to facilitate the process. The majority handle it in-house, and since processing is heavily dependent on paper checks, the task is cumbersome. As institution leaders look to outsource that responsibility, they also are looking to include more efficient methods to disburse the funds.

The U.S. is home to the largest population of international students in the world. This student demographic enriches educational institutions, but also adds increased complexities. Many institutions struggle to provide a payment experience that is familiar to international students while also efficiently managing the reconciliation process associated with these payments.

Dealing with covering financial shortfalls in student packages, managing tuition refunds and providing excellent customer support with small staffs are common problems business offices face. This web seminar, originally broadcast on May 8, 2014, featured a financial leader who explained how her institution adapted department policies as enrollment continued to rise. She also discussed the positive impact that providing payment plan options to students and pending aid tracking had on her institution.

Higher One

Rising student debt and lack of financial literacy among college students are issues of growing concern to higher ed leaders, particularly those focused on non-academic drivers of student success.

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