Six Ways to Ramp up Financial Aid Support On Your Campus
Oct. 16, 2012 at 09:28 AM | By Erin Brown | Comment Count
Navigating financial aid can be challenging when preparing students for college. Oftentimes, the support schools provide during the admissions process make or break a prospects decision to enroll. Here’s a list of six enrollment management best practices that will help simplify the financial aid process for both students and their parents.
Transparent, regular communication is key. Make sure your financial aid counselors are upfront with students about grant and loan limits, potential issues, and what to expect throughout each stage of the financial aid process.
Communicate with prospective students early to keep expectations in check. This will ensure everyone involved is on the same page and demonstrates that your institution is making every effort to balance student recruitment with responsible counseling.
Don’t wait to deliver news regarding need-based and/or merit-based aid. Instead, share the news of potential affordability as soon as you’re able. This will help prospective students and parents manage expectations and accurately assess their payment options.
Maximize on-campus visits. When prospective students visit your campus, include opportunities to meet with financial aid counselors one-on-one. Many schools schedule workshops for students and their families to work on financial aid applications.
Remember, take the time to answer questions and address concerns. This helps students connect with your institution on a personal level; a relationship that will continue to prosper after the student enrolls.
Streamline communications with effective use of CRM. Use educational technology, like Customer Relationship Management (CRM) systems, to follow-up with prospects.
Send regular reminders to complete forms like the FAFSA. Prompting students will prevent missing important deadlines and increase form accuracy.
Have the ROI conversation. Be aware of how you’re communicating regarding the cost of attendance versus the overall debt a student may incur.
Talk to your students about their ROI (return on investment) and make sure they understand they’re investing in their futures. Their investment is more than just obtaining a degree. They’ll graduate with better job prospects, higher earning potential, and an expanded knowledge base.
Support doesn’t stop at enrollment. Financial aid counselors should continue to support students throughout their college journey. A proactive support network helps address retention issues due to financial concerns while building student awareness of potential changes and opportunities for future aid.
Make sure your students know financial aid support is available and encourage them to seek help at any time.
These best practices were compiled from a Hobsons365 web event held on August 9, 2012, where select panelists gathered to discuss key issues in higher education. Hear the discussion >>
blog comments powered by Disqus