Financial Aid and the Communications Conundrum

FINANCIAL AID and the Communications Conundrum

Financial Aid and the Communications Conundrum PRESENTER Sylvia Sorgel Sorgel Consulting, LLC Sylvia Sorgel Sorgel Consulting, LLC

Financial Aid and the Communications Conundrum Presentation Overview Communication Challenges for Financial Aid Internal External Potential Remedies/Approaches Outcomes Communication Challenges for Financial Aid Internal External Potential Remedies/Approaches Outcomes

Financial Aid and the Communications Conundrum Today’s Financial Aid Challenges - Internal Internal silos Organizationally Challenged Different data systems Who said what to whom? When? Differing calendars Lack of common goals Internal silos Organizationally Challenged Different data systems Who said what to whom? When? Differing calendars Lack of common goals

Financial Aid and the Communications Conundrum Potential Remedies – Internal Challenges Provide opportunities for dialogue Establish common goals Develop cross training Get an outside perspective Get your colleagues’ perspectives Provide opportunities for dialogue Establish common goals Develop cross training Get an outside perspective Get your colleagues’ perspectives

Financial Aid and the Communications Conundrum Outcomes – Internal Remedies Improved efficiency of overall operations Reduction in “downtime” due to key staff absences Teambuilding leads to improved staff morale and spirit of cooperation between departments Improved efficiency of overall operations Reduction in “downtime” due to key staff absences Teambuilding leads to improved staff morale and spirit of cooperation between departments

Financial Aid and the Communications Conundrum Today’s Financial Aid Department Challenges - External Applicant/Parent/Student Communication Phones s Text messages In-person service/website Fluctuating service demands Academic calendar Event driven Applicant/Parent/Student Communication Phones s Text messages In-person service/website Fluctuating service demands Academic calendar Event driven

Financial Aid and the Communications Conundrum Potential Remedies – External Challenges Invest in technology infrastructure to address customer/student contacts Seek help from a strategic partner during peak periods Route calls and s 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 s Invest in technology infrastructure to address customer/student contacts Seek help from a strategic partner during peak periods Route calls and s 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 s

Financial Aid and the Communications Conundrum Potential Remedies – External Challenges (Continued) Proactive approach to communicating with applicants/parents/students blast broadcast voic blast outbound calling campaigns text messaging web-hosted informational videos Proactive approach to communicating with applicants/parents/students blast broadcast voic blast outbound calling campaigns text messaging web-hosted informational videos

Financial Aid and the Communications Conundrum Outcomes – External Remedies Reduction in complaints Reduced “wait times” for walk-in applicants Increased hours of availability Early warning system for emerging service issues Reduction in complaints Reduced “wait times” for walk-in applicants Increased hours of availability Early warning system for emerging service issues

Financial Aid and the Communications Conundrum Outcomes – External Remedies Reduction in Registration “holds” Increased enrollment Improved “customer” satisfaction Reduction in Registration “holds” Increased enrollment Improved “customer” satisfaction

Financial 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 Financial Aid and the Communications Conundrum

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

Summary Identify ways to improve both internal and external communications Create partnerships Interdepartmental Peers Strategic partners What are your challenges? Identify ways to improve both internal and external communications Create partnerships Interdepartmental Peers Strategic partners What are your challenges?

Financial Aid and the Communications Conundrum Questions? Sylvia Sorgel Sorgel Consulting, LLC Sylvia Sorgel Sorgel Consulting, LLC