You are here

Financial Aid

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.

Kris Alban

Financial literacy will likely become a mandatory initiative for colleges in the near future. 

USA Funds and Truckee Meadows Community College in Nevada have partnered to promote a holistic approach to student loan debt management

DeeAnn Wenger

There are two major concerns that seem to be the most popular worries of students and the general public: The rising cost of tuition and student debt.

This program provides materials that allow college financial aid offices to develop high-quality financial literacy training events with minimal effort. The program’s mini-modules present material in small chunks of content on a wide range of topics, including managing credit, saving and investing, building spending plans, understanding employee compensation and meeting college costs.

Reader Testimony: 
“Using the TG Financial Literacy Program with our students has made a huge difference in their understanding and approach to financial aid. It has allowed our students to give good advice to their parents and to have a better understanding of their family financial situation.” —Rhonda Gardinier, director, Upward Bound Program, Washington State University
Year: 
2013

Despite jarring news headlines depicting students with six-figure debt levels, the average student borrower’s debt burden is not necessarily devastating.

Among graduates in 2011 who borrowed to pay for higher education, the average loan debt at graduation was $26,600, according to the Project on Student Debt. Only 1.5 percent of borrowers owed $100,000 or more in 2007-2008, according to an analysis by Mark Kantrowitz, publisher of Edvisors Network.

For a school to operate at peak efficiency—and best serve students—it is necessary for various administrative departments to understand the purpose and daily operations of other offices. In particular, the activities and regulations that impact the financial aid office can have widespread effects on the rest of the campus. With that in mind, here are 10 tips to help all departments work cohesively with the financial aid office:

Pages