How to Select a Financial Aid Processing Consultant
Carmen Afghani
Consultant
Financial Aid Services
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Webster defines consultant as ?to seek the opinion or advice of another person for making a decision.? Many people are randomly using the moniker ?Consultant,? but hiring one to assist with financial aid processing should be approached with as much caution, prudence and research as selecting an attorney or even surgeon. Selecting the right consultant can add untold value to your Financial Aid Office and yield a substantial return on your investment.
For the purposes of this article, ?Consultant? can refer to either an individual consultant or a consulting firm.
Determining Your Needs – One of the first steps in deciding upon a consultant is to ask yourself what are you trying to accomplish? Is it:
-to fill a temporary financial aid vacancy?
-to fix a financial aid process that is broken?
-to improve a financial aid process that?s OK but could be better?
-to lend expertise during periods of planned expansion or major system implementation?
-to help during an unexpected crisis?
When you have a clearly-defined goal of what you wish to accomplish, then it will become easier to find a consultant who is the rightfit. For example, if your office will undergo a major system implementation, your consultant should be an expert in your chosen information system (i.e., Banner, PeopleSoft, etc.).
Check References – Specifically, ask for references forwork done that is similar to your needs. For example, if you need to revamp your back office operations, you would not want someone who has never dealt with the operations aspect of a financial aid office.
Ask the reference if they were satisfied with the consultant?s work. Check more than one or two references if possible, as different offices may have had different experiences. One suggestion is to check references not necessarily on the reference list. Check the consultant?s track record: how long is their client list?
Check the US Department of Ed Website – For individuals who are prohibited from working with Title IV or other federal programs. Additionally, check with your State agency and USDOE regional staff.
Check Insurance Coverage ? Consultants actually processing financial aid must have insurance to cover their errors. A mistake in verification can mean a student is no longer eligible, and all of the money must be repaid. Errors in financial aid can quickly add up to literally millions of dollars.
Check Audits – It is a federal requirement that consultants who process any financial aid files must have their work audited annually. Check for audits over the past few years and the audit results.
Interview the Candidates You Are Considering as Consultants – Personally interview the candidates, either by phone or, preferably, in person. Pick a consultant with whom you feel comfortable. You may be spending a lot of time with this person, so choosing a consultant with whom you can communicate in an open and straightforward manner is important to the success of the project.
If you are contacting a consulting firm, ask to speak to the specific consultant who will be assigned to your project. Ask the candidate pointed questions, especially specifics of your particular needs. For example, if you need a consultant to come in and train your staff, you would find out about the consultant?s experiences with training techniques and their knowledge of Title IV programs.
Does the candidate actually listen to your concerns and assess your needs or do they convey a know-it-all, arrogant attitude? If the latter is true, it?s time to find another consultant.
Standardized vs. Customized ? The size of the firm can make a difference in your selection. Very large firms usually specialize in standard processes. For example, a system implementation usually involves a standard, often-repeated process that has a defined beginning and end procedure. These firms usually have a preferred methodology, however, and provide limited flexibility and adaptability.
On the other hand, smaller firms are usually best at custom assignments where analysis and problem-solving is involved. They are usually better able to select a consultant whose expertise and personality is best suited for the assignment. In a small firm, it is not unusual to deal directly with the owner or CEO, thereby providing better customer service to the client.
Other Important Considerations – Is the consultant committed for the long term? A consultant who will stay involved during the entire project is worth more than one who will quickly disengage. After the contract has ended, will you be able to contact the consultant to ask questions at no additional charge? There may be some loose ends after the consultant leaves, and a desirable firm will allow you to follow up without an extra charge.
What is the consultant?s knowledge of financial aid? How long have they worked in financial aid? Have their skills been assessed? How knowledgeable is the consultant working with your college about your type of institution and automated system? For example, if you are a public, 2-year community college using Datatel, do they have that type of background or are they from a large 4-year private university using Banner?
Will the consultant fit in with the group and with the culture of your organization? The consultant will be an integral part of your team, so the ability to be a team player, establish rapport and trust is essential. A good question to ask is, ?describe what a good working relationship looks like to you.?
Is the consultant or firm involved with professional associations and/or community activities, such as helping colleges after Hurricane Katrina, flooding, fires or tornadoes? Is the consultant or firm actively involved with the National Associationof Financial Aid Administrators (NASFAA) and otherstate or regional organizations?
In summary, choosing the best consultant for your need requires the same consumer savvy as any other major investment and warrants the same attention you would give when selecting any other professional service.