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Financial Aid and the Communications Conundrum

Financial Aid and the Communications Conundrum. FINANCIAL AID and the Communications Conundrum

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Financial Aid and the Communications Conundrum

FINANCIAL AID and the Communications Conundrum

FINANCIAL AID and the Communications Conundrum

Financial Aid and the Communications Conundrum

PRESENTERPRESENTER

Sylvia Sorgel Sorgel Consulting, LLC

[email protected]

Sylvia Sorgel Sorgel Consulting, LLC

[email protected]

Financial Aid and the Communications Conundrum

Presentation OverviewPresentation Overview

Communication Challenges for Financial Aid

InternalExternal

Potential Remedies/Approaches Outcomes

Communication Challenges for Financial Aid

InternalExternal

Potential Remedies/Approaches Outcomes

Financial Aid and the Communications Conundrum

Today’s Financial Aid Challenges - InternalToday’s Financial Aid Challenges - Internal

Internal silos Organizationally Challenged

Different data systems Who said what to whom? When?

Differing calendarsLack of common goals

Internal silos Organizationally Challenged

Different data systems Who said what to whom? When?

Differing calendarsLack of common goals

Financial Aid and the Communications Conundrum

Potential Remedies – Internal Challenges

Potential Remedies – Internal Challenges

Provide opportunities for dialogueEstablish common goalsDevelop cross training Get an outside perspectiveGet your colleagues’ perspectives

Provide opportunities for dialogueEstablish common goalsDevelop cross training Get an outside perspectiveGet your colleagues’ perspectives

Financial Aid and the Communications Conundrum

Outcomes – Internal Remedies

Outcomes – Internal Remedies

Improved efficiency of overall operations

Reduction in “downtime” due to key staff absencesTeambuilding leads to improved

staff morale and spirit of cooperation between departments

Improved efficiency of overall operations

Reduction in “downtime” due to key staff absencesTeambuilding leads to improved

staff morale and spirit of cooperation between departments

Financial Aid and the Communications Conundrum

Today’s Financial Aid Department Challenges -

External

Today’s Financial Aid Department Challenges -

ExternalApplicant/Parent/Student

CommunicationPhonesEmailsText messagesIn-person service/website

Fluctuating service demandsAcademic calendarEvent driven

Applicant/Parent/Student CommunicationPhonesEmailsText messagesIn-person service/website

Fluctuating service demandsAcademic calendarEvent driven

Financial Aid and the Communications Conundrum

Potential Remedies – External ChallengesPotential Remedies – External Challenges

Invest in technology infrastructure to address customer/student contacts

Seek help from a strategic partner during peak periods Route calls and emails to co-sourced Financial

Aid Office Leverage technology to maximize answer rate

and response time Ongoing program of service measurement

Daily call volumes Reasons/outcomes Emails

Invest in technology infrastructure to address customer/student contacts

Seek help from a strategic partner during peak periods Route calls and emails to co-sourced Financial

Aid Office Leverage technology to maximize answer rate

and response time Ongoing program of service measurement

Daily call volumes Reasons/outcomes Emails

Financial Aid and the Communications Conundrum

Potential Remedies – External Challenges

(Continued)

Potential Remedies – External Challenges

(Continued)

Proactive approach to communicating with applicants/parents/students

e-mail blast broadcast voicemail blast outbound calling campaigns text messaging web-hosted informational videos

Proactive approach to communicating with applicants/parents/students

e-mail blast broadcast voicemail blast outbound calling campaigns text messaging web-hosted informational videos

Financial Aid and the Communications Conundrum

Outcomes – External Remedies

Outcomes – External Remedies

Reduction in complaintsReduced “wait times” for walk-in

applicants Increased hours of availabilityEarly warning system for emerging

service issues

Reduction in complaintsReduced “wait times” for walk-in

applicants Increased hours of availabilityEarly warning system for emerging

service issues

Financial Aid and the Communications Conundrum

Outcomes – External Remedies

Outcomes – External Remedies

Reduction in Registration “holds”

Increased enrollment

Improved “customer” satisfaction

Reduction in Registration “holds”

Increased enrollment

Improved “customer” satisfaction

Financial Literacy ProgramFinancial Literacy Program

A program to educate students to make informed judgements and effective decisions about the use and management of their money. Topics range from financial aid processes, how to avoid collections, proper use of credit cards, budgeting and saving for the future

A program to educate students to make informed judgements and effective decisions about the use and management of their money. Topics range from financial aid processes, how to avoid collections, proper use of credit cards, budgeting and saving for the future

Financial Aid and the Communications Conundrum

Financial Literacy Program Outcomes

Financial Literacy Program Outcomes

Expanding the College/University’s reach and credibility with its students and parents

Delivering information to the students and parents that can prevent them from being a part of the “last minute rush

Reduction in outstanding accounts receivable

Expanding the College/University’s reach and credibility with its students and parents

Delivering information to the students and parents that can prevent them from being a part of the “last minute rush

Reduction in outstanding accounts receivable

Financial Aid and the Communications Conundrum

Financial Aid and the Communications Conundrum

SummarySummary

Identify ways to improve both internal and external communications

Create partnershipsInterdepartmentalPeersStrategic partners

What are your challenges?

Identify ways to improve both internal and external communications

Create partnershipsInterdepartmentalPeersStrategic partners

What are your challenges?

Financial Aid and the Communications Conundrum

Questions?Questions?

Sylvia Sorgel Sorgel Consulting, LLC

[email protected]

Sylvia Sorgel Sorgel Consulting, LLC

[email protected]