Students today have varying needs and expectations when it comes to banking as well as receiving funds like financial aid disbursements. And with the evolving needs of millennials it’s difficult to ensure all your students’ needs are being met, especially those who may not be able to or wish not to bank with traditional financial institutions.
While faced with state and federal regulations, an increasingly competitive recruitment environment and intense pressure to contain costs, many colleges and universities have been unable to modernize critical business processes, which could help address key challenges in admissions, finance, and fundraising.
Colleges and universities are under intense pressure to meet enrollment goals, improve retention rates, and shorten time to completion. Predictive analytics can play a crucial role in these efforts by providing insights that guide strategic decision making, improve enrollment management and promote student success.
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.
When the Office of Undergraduate Admissions at Clark University in Massachusetts experienced an 87 percent increase in application volume between 2012 and 2015, administrators recognized that they needed to overhaul their yield forecasting and admitted student engagement efforts.
Nontraditional students can represent significant potential for an institution to reach enrollment goals, but this population also presents unique challenges.