THE VIRTUAL FINANCIAL THE VIRTUAL FINANCIAL AID OFFICEAID OFFICE

VIRTUAL FINANCIAL AID OFFICEVIRTUAL FINANCIAL AID OFFICE

What is it?What is it?

Do you want your FAO to be a VFAO?Do you want your FAO to be a VFAO?

An approach to achieving that status.An approach to achieving that status.

How can you tell when you have reached How can you tell when you have reached that status?that status?

WHAT IS A VFAO?WHAT IS A VFAO?

A A financial aid office through which a financial aid office through which a student or parent can complete all student or parent can complete all transactions without physically transactions without physically visiting the officevisiting the office..

Why Do We Want a VFAO?Why Do We Want a VFAO?

Customers want it.Customers want it. Volume demands it.Volume demands it. Staff and Staffing need it.Staff and Staffing need it. Technology provides capability.Technology provides capability. Federal regulations and practices Federal regulations and practices

steer us in that direction.steer us in that direction.

CANCAN IT BE ACHIEVED? IT BE ACHIEVED?

Desire and will to do it.Desire and will to do it.

Rules and laws.Rules and laws.

Technology.Technology.

ResourcesResources..

WHERE ARE WE?WHERE ARE WE?

Current capabilities.Current capabilities. School mind set.School mind set.

Concept of serviceConcept of service PrioritiesPriorities Desired student population.Desired student population.

Parental involvement.Parental involvement. Available technologyAvailable technology Resources.Resources.

WHERE DO WE START?WHERE DO WE START?

INFORMATION

COMMUNICATION

FORMS

SOFTWARE INTERFACES

PROCESSES

A STARTING POINTA STARTING POINT

Web siteWeb site InformationInformation FormsForms Personal data Personal data

accessaccess InteractiveInteractive

Data filesData files Update databaseUpdate database Perform calculationsPerform calculations

DoDo Your Students Wait in Your Students Wait in Lines?Lines?

MORE AREAS TO EXPLOREMORE AREAS TO EXPLORE

E-mailE-mail Receive queriesReceive queries Provide responsesProvide responses Mass communicationMass communication Action alertsAction alerts Group notificationsGroup notifications

EFFICIENCY IMPROVEMENTEFFICIENCY IMPROVEMENT

Software interfacesSoftware interfaces FederalFederal

ISIRISIR NSLDSNSLDS

InstitutionalInstitutional Data downloadData download Data uploadData upload

Lender / Servicer/ GuarantorLender / Servicer/ Guarantor CertificationsCertifications GuaranteesGuarantees Status reportsStatus reports

Essential PowerFAIDS ConnectionsEssential PowerFAIDS Connections

PowerFAIDS

SCTSIS

NSLDS E-Com

EDEWebInquiry

StudentAccounts

Loans

WebComm.

APPROACHES TO PROBLEM APPROACHES TO PROBLEM AREASAREAS

Document HandlingDocument Handling File forms / documents after actionFile forms / documents after action Scan forms / documents and index, Scan forms / documents and index,

retaining in office.retaining in office. Scan forms / documents and index, Scan forms / documents and index,

warehousing off site.warehousing off site. Electronic forms / documents, load or Electronic forms / documents, load or

print, then file electronically, or in print, then file electronically, or in folder.folder.

APPROACHES TO PROBLEM APPROACHES TO PROBLEM AREAS (cont’d)AREAS (cont’d)

On-line formsOn-line forms Print - Fill out – mail inPrint - Fill out – mail in Fill out on line – print – mail inFill out on line – print – mail in Fill out on line – e sign – submit – data Fill out on line – e sign – submit – data

file file Fill out on line – e sign – submit – direct Fill out on line – e sign – submit – direct

loadload

APPROACHES TO PROBLEM APPROACHES TO PROBLEM AREAS (cont’d)AREAS (cont’d)

Work flow solutionsWork flow solutions All actions handled on line.All actions handled on line. Form routed to appropriate station for Form routed to appropriate station for

action.action. Decisions trigger appropriate posting.Decisions trigger appropriate posting. Document with all actions appended Document with all actions appended

stored.stored.

ARE WE THERE YET?ARE WE THERE YET?

As suggested by As suggested by one of our fellow one of our fellow financial aid financial aid workers; think “no-workers; think “no-stop” versus “one-stop” versus “one-stop”.stop”.

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QUESTIONSQUESTIONS