Higher education institutions face several challenges when it comes to affordability. But with the right business office plan, colleges and universities can reduce student accounts receivable while maintaining enrollments, improving retention, and providing quality customer service.
Students today want more options when it comes to their refunds, and institutions are looking for disbursement methods that limit students’ exposure to fees. In addition, the increased scrutiny and mounting regulatory pressure regarding student refunds disbursement is creating an even greater need for higher ed leaders to reexamine the refund processes at their institutions.
Communicating with student loan borrowers helps support their success in repaying their student loans and improving your institution’s cohort default rate. If staffing limitations prevent your institution from connecting with your borrowers, partnering with external vendors may be the solution.
With the escalating costs of higher education and the rising debt carried by college graduates, schools across the country are grappling with the need to improve the financial literacy of their students.
It seems no matter what the economic climate, we’re always being asked to do more with less. This is especially true in higher education, as budgets become tighter each year and funding is reduced. But there are strategies you can employ to battle these challenges.