CUNY Financial Aid – 5triveIta-Cicchelli, Grace, et al.

Statement of Opportunity

Across CUNY financial aid system, students experience services that are not user-friendly. The inconsistencies in service quality among

different CUNY financial aid representatives have resulted to a decline in the number of students who graduate annually.

Our aim is to develop better training resources for the CUNY financial aid advisors; find and implement ways to break down and

streamline the financial aid process for all students.

Service Delivery System

Operating Strategy Service Concept Target Market Segment

• Option to chat with a live representative online to assist

• Send text or email to clients when application has been received by the CUNY colleges and the awarded amount. If there is no award, explain and provide next course of action.

• Hire employees who have experience with CUNYfirst and speak more than one language.

• One-on-one personal assistant (PA)

• Assigned PA based on personal profile to build rapport between both

• Client uses same PA (except otherwise requested by client) every filing period to promote consistency and confidentiality

• Use of PA decreases error in application and decreases apprehension for student new to the system or students with disabilities

• Convenience and time effectiveness to renew application for clients’ with already existing database

• On-the-go updates about financial aid status through text/email keeps clients informed

• CUNY undergraduates• Students new to the

financial aid system• Students whose primary

language is not English• Students with reading

and visual disabilities

Service Vision

How does 5TRIVE make money?

5TRIVE uses a non-profit hybrid model. That means we are funded by individuals and companies who want to help CUNY students have a smooth financial aid experience without interference in their education. We also use the funds collected from students who don’t qualify for aid to sustain our business practices.

Does the student qualify for aid?

Yes No

5TRIVE charges the student a $50 fee which is taken directly

from their aid

5TRIVE uses its capital from investors to cover the student's

application fee

Charlie Hendrick

Age 19 Occupation Student Status Single Location Brooklyn, NYFamily income $45,000

• Doesn’t understand all of the tax questions on the FAFSA

• Mom is the main source of income in the home, she supports him and 2 sisters

• Was granted less than half of tuition fees

• Is taking out loans at extremely high rates

He is a full-time student at Baruch College. This is his second year at the institution and he is pursuing a bachelor's degree in Human Resources Management. He lives with his mother and two sisters. He works a part-time job at Foot Locker on the weekends to help make ends meet.

Frustrations• Wants accurate answers to his

questions• Would like to receive the

maximum amount of funds to help pay for tuition and fees.

• Wants the option of paying the least amount of loan rates.

• Wants to obtain his degree with no outstanding balance.

Goals

Biography

Flow Chart

Student

Student’s/family income

GOVERNMENT

All CUNY colleges

Personnel/Other employees

IT Services

Financial Aid Offices

Social Media

COMPETITORS

ELECTED SCHOOL OFFICIALS (Board of Trustees)

COMMUNITY

TECHNOLOGYSUPPLIERS

Stakeholder’s Map

Storyboard

Charlie arrives at his school’s financial aid office only to be met with a line outside of the door.

Upon arriving to the desk, this is the conversation he has with the rep.

Charlie leaves the office frustrated.

After word of mouth, Charlie visits us at 5trive and meets our front office rep.

He sits down to fill out the personal profile form.

He meets his personal assistant, Harry, a recent CUNY college graduate.

He gets the answers he needs and leaves happy spreading the goodnews to his friends.

My FASFA states I’m eligible for a lot of aid,

but I don’t see it applied

Really! I don’t see anything, it may be a glitch in the system.

Check back in 2 weeks

Journey Map

Pivot Competitor with 50+ years of experience. 5 times more capital. Established. Has all of the information

that we do.

Strategy: Implement hands on work methods for employees and customers

● Refer-A-Friend Program○ If the friend signs up, the student receives a book money voucher

● Automatic Renewal Express○ Student updates tax information, 5TRIVE takes care of the rest

● Holiday emails, reminders, birthday emails● ScreenSharing to assist students who are unable to come into the office● Build relationships with school officials, students, and parents through promotion at high school fairs● Hire recent college graduates and professors● Provide course advisement for current students at no extra fee

Now, in order to be eligible for financial aid, students and

their parents must submit an income tax transcript. You are

able to get your FAFSA tax information swiftly with the

handy IRS Data Retrieval Tool on your own. Less paperwork.

Time Horizon

3-5 years

Things we don’t know:Are there government restrictions to student

information; Will we find investors?; Will students be

willing and able to pay for our service?; Will we have the best

tech to fulfill our mission?

Students handle their own financial aid (filing forms, use the IRS Data Retrieval

Tool, etc.)

Technological advances emerges where data can be entered online using

handy software.

Students would wait in long lines, fill out

numerous forms, and bring in a lot of

documents.

More rules and regulations on how to be eligible for financial aid, more government aid

options, and more loan options.

Lessstudents need help

with financial

aid

More students

need help with financial

aid

Financial aid advisors are poorly trained

Financial aid advisors are better equipped to help

students

Changes:

Fall Semester ‘16

Spring Semester ‘17

Winter Semester ‘16

Summer Semester ‘17

Fall Semester ‘17

Product Development

Consult with CRM designer,

website designer, and app designer

to build a system that is updated in real

time.

Test the systems with employees, prospective

clients (students),

and any affiliates or

third parties.

Continue testing the

system with students and work out any

kinks with IRS and FAFSA.

Start and complete

construction of the 5trive HQ/Office.

Launch our services online

and in our 5trive office.

Begin working on any updates

or revamps simultaneously

.

Prepare for a lot of happy students and

make sure everyone is

satisfied with our services

and their paid tuition/books. Continue to monitor any

inconsistencies and fixing any issues.

Benefits Beta Testing Smooth out any bumps

Perfect any imperfections

Allows us to see the good and the bad

Prototyping

Product Roadmap 5TRIVE

5-SD Principles Applied to ModelUser-centered Design: This design for our service focuses on the students’ frustrations in regards to their financial needs. The students (customers) have total control on whether or not they want to stay with the service or leave. Students want the maximum amount of money to cover tuition and fees and getting the option to pay lower rates on loans.Co-Creative Design: We used contextual interviews to create a persona for potential customers and designed our service to serve college students with financial needs who really want financial guidance and administrative support. We mix these students with educated, experienced, and friendly newly hired financial advisors to achieve the best quality of service for the customer’s experience.Sequencing: The eligibility of a student's’ financial aid and grants and whether or not it’s the students first time at 5trive influences that rhythm of the service, the service can be quick, moderate, slow, or what happens next. When it is a student’s first time at 5trive, students must fill out financial aid forms so the receptionist can make a profile for the student and put them into the system as opposed to if a student already is in the system, they can go ahead and meet the financial advisor. The latter would save students about 25 minutes of time.Evidencing: Making the intangible tangible. An intangible component of our service is processing data within the system which consists details and data about the student’s account. We use a ScreenSharing software to help students with anything that they need via computer. Students can be involved in seeing and even editing data within the system. If a student typed in the wrong social security number, they can screen share with a representative of 5trive to help them fix the problem. Holistic: 5trive office is designed to attract the customers’ eye while also creating a comfortable environment. We use the color green as one of the main colors for office because the color is known for balance and growth. We have cubicles but also comfy couches and lounge chairs for students to relax. We have vending machines and water fountains in the office and the office is spacious and bright.

5-SD Principles Applied to Model v.2User-centered Design: 5TRIVE is user centered because the customer chooses what services they receive from us. They can choose between detailed filing help or an overview of their financial aid package. The customer also has the power of determining when they use our service. They can be seen as a walk in, or make an appointment online or by phone. 5TRIVE also allows the customer to choose their personal assitant.Co-Creative Design: We used contextual interviews to create a persona for potential customers and designed our service to serve college students with financial needs who really want financial guidance and administrative support. We mix these students with educated, experienced, and friendly newly hired financial advisors to achieve the best quality of service for the customer’s experience.Sequencing: The eligibility of a student's’ financial aid and grants and whether or not it’s the students first time at 5TRIVE influences that rhythm of the service.The service can be quick, moderate, or slow. When it is a student’s first time at 5TRIVE, students must fill out financial aid forms so the receptionist can make a profile for the student and put them into the system, as opposed to if a student already is in the system, they can go ahead and meet the financial advisor. The latter would save students about 25 minutes of time. Each step leads the student closer to receiving and understanding their financial aid package.Evidencing: An intangible component of our service is processing data within the system which consists of details and data about the student’s account. We use a ScreenSharing software to help students with anything that they need via computer. Students can be involved in seeing and even editing data within the system. If a student typed in the wrong social security number, they can screen share with a representative of 5TRIVE to help them fix the problem. The tangible portion of our service exists when a student receives their financial aid check. Holistic: 5TRIVE periodically asks students at the ends of their sessions a series of a few short survey questions to get an understanding of how we are doing at each stage of the process. Students are often asked upon entering the office how they are feeling, and how their day is going. 5TRIVE also uses the color green as one of the main colors for office because the color is known for balance and growth. We have cubicles but also comfy couches and lounge chairs for students to relax.

Key Partners

Key Activities

Key ResourcesValue

PropositionsCustomer

Relationships

Channels

CustomerSegments

Cost Structure Revenue Streams

• CUNY schools• CUNY students• CUNY officials• Access to student

financial information

• CUNY officials coordinate with 5TRIVE to process student financial aid

• IRS and CUNY serve as supplier of information

• Help students file their financial aid

• Help students understand their aid package

• Offer course guidance

• Value: the ease of filing for financial aid

• Value: helping students and their families understand their financial aid

• Services offered: course guidance, FAFSA filing

• Established relationships: CUNY students, CUNY faculty, high school guidance counselors

• Maintain by staying in contact through email, point system.

• CUNY students and their families

• CUNY financial aid employees

• Customer archetype: CUNY student, most likely a freshman; doesn’t have much disposable income, really relies on maximizing financial aid

• Most important costs include: software installment to connect to IRS and CUNY system, overhead, salaries

• These costs are expensive because we need reliable and efficient system to function without error and set a high standard

• Our customers are willing to pay for the ease of filing the FAFSA especially if English isn’t their first language or they are a first time/generation college student

• Students pay to have the FAFSA filed for them• 5TRIVE makes money from investors and the small fees

charged to students• Pricing tactics: low-to-no cost for the student, benefit leadership

• Investments• Access to CUNY

students financial information

• Distribution channels: high schools, CUNY school fairs

• Email, phone, chat, social media

• Other companies (their school) reaches them through email, phone, snail mail

• Email is preferred and cost efficient

• Students check email and social media on-the-go 24/7

5TRIVE Office Prototype