Are You Prepared for Financial Aid Season in a Competitive Market?

John W. Dysart
President
The Dysart Group, Inc.

Everyone says they understand the importance of financial aid in the enrollment management process. As the costs of higher education continue to climb, most pay at least lip service to the vital role of financial aid. Unfortunately, many speak of it but few have really examined their own aid policies and procedures to ensure that they are responsive to the needs of current and prospective students and their families.

? Have your current paper requirements been seriously evaluated to eliminate all necessary forms? If you require more than the FAFSA for students not selected for verification, it is time to take a second look.

? Is the timing of your awards in keeping with the needs of students or the convenience of the Financial Aid Office? If you have not already started awarding new AND continuing students, it is time to reconsider.

? Is the burden of applying for aid on time and submitting required paperwork placed on the backs of students, or on your Financial Aid Office? If your Aid Office is not being held accountable for application and folder completion rates, it is time to change your thinking.

? Do you have in place weekly financial aid reports that not only track expenditures, but track success in encouraging new and returning students to apply for aid early and complete folders to facilitate disbursement? If not, then you are not tracking the financial aid process in a manner that facilitates recruitment and retention.?

If your enrollment management team cannot answer yes to the previous questions, you are really not prepared for financial aid season.