6 Tips to Ramp Up Financial Aid Support On Your Campus

Post date: Sep 21, 2012 3:49:18 AM

Affordability questions are top of mind when selecting a college or university, and many families need guidance when it comes to financial aid for post-secondary education. The support your institution provides during the admissions process can make all the difference when choosing where to enroll. Here’s a list of best practices to help facilitate the financial aid process so prospective students and parents feel at ease and confident with their decision to commit to your school:

1. 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. Start communicating with prospective students early to keep expectations in check, and make sure these conversations are open and transparent. This will ensure everyone is on the same page, and your institution is making every effort to balance recruiting the right students with responsible counseling.

2. Notification on a rolling basis

Don’t wait to deliver news regarding need-based and/or merit-based aid. Instead, share the news of potential affordability early, as soon as you’re able. This will help prospective students and parents manage expectations and accurately assess their options for higher education.

3. Maximize on-campus visits

When prospective students visit your campus, include opportunities to meet with financial aid counselors one-on-one, or carve out special time to work on financial aid applications and forms. Take time to answer questions and concerns. This helps students connect with your institution and feel more comfortable with the process moving forward.

4. Use technology to streamline your messages

Use technology like a CRM system to reach out to prospective students and parents. Regularly remind them to complete important forms, like the FAFSA, or notify them they’ve been selected for verification, etc. Prompt and help them through the process to ensure they’re completing the process on time and accurately.

5. Have the ROI conversation

Be aware of how you’re communicating regarding the cost of attending your institution versus the overall debt a student may incur throughout their experience. Many students, especially younger ones, often only look at current costs, not projecting the debt they’ll incur over the next few years. Consequently, it’s not uncommon for a student to feel like they’re in a financial hole early in their academic career and at risk for dropping out. Talk to your students about their ROI (return on investment) and make sure they understand they’re investing in their future. Help them be educated consumers and share with them the benefits of obtaining a degree and what they’ll leave with, like better job prospects, a higher earning potential, an expanded knowledge base, etc.

6. Support doesn’t stop at enrollment

The support and guidance you provide shouldn’t stop once a student enrolls. Counselors should continue to support students throughout their higher education experience to help quell any retention issues due to financial concerns. Make sure students know they can seek support at any time and encourage them to do so.