financial aid and the communications conundrum. financial aid and the communications conundrum
TRANSCRIPT
Financial Aid and the Communications Conundrum
PRESENTERPRESENTER
Sylvia Sorgel Sorgel Consulting, LLC
Sylvia Sorgel Sorgel Consulting, LLC
Financial Aid and the Communications Conundrum
Presentation OverviewPresentation Overview
Communication Challenges for Financial Aid
InternalExternal
Potential Remedies/Approaches Outcomes
Communication Challenges for Financial Aid
InternalExternal
Potential Remedies/Approaches Outcomes
Financial Aid and the Communications Conundrum
Today’s Financial Aid Challenges - InternalToday’s Financial Aid Challenges - Internal
Internal silos Organizationally Challenged
Different data systems Who said what to whom? When?
Differing calendarsLack of common goals
Internal silos Organizationally Challenged
Different data systems Who said what to whom? When?
Differing calendarsLack of common goals
Financial Aid and the Communications Conundrum
Potential Remedies – Internal Challenges
Potential Remedies – Internal Challenges
Provide opportunities for dialogueEstablish common goalsDevelop cross training Get an outside perspectiveGet your colleagues’ perspectives
Provide opportunities for dialogueEstablish common goalsDevelop cross training Get an outside perspectiveGet your colleagues’ perspectives
Financial Aid and the Communications Conundrum
Outcomes – Internal Remedies
Outcomes – Internal Remedies
Improved efficiency of overall operations
Reduction in “downtime” due to key staff absencesTeambuilding leads to improved
staff morale and spirit of cooperation between departments
Improved efficiency of overall operations
Reduction in “downtime” due to key staff absencesTeambuilding leads to improved
staff morale and spirit of cooperation between departments
Financial Aid and the Communications Conundrum
Today’s Financial Aid Department Challenges -
External
Today’s Financial Aid Department Challenges -
ExternalApplicant/Parent/Student
CommunicationPhonesEmailsText messagesIn-person service/website
Fluctuating service demandsAcademic calendarEvent driven
Applicant/Parent/Student CommunicationPhonesEmailsText messagesIn-person service/website
Fluctuating service demandsAcademic calendarEvent driven
Financial Aid and the Communications Conundrum
Potential Remedies – External ChallengesPotential Remedies – External Challenges
Invest in technology infrastructure to address customer/student contacts
Seek help from a strategic partner during peak periods Route calls and emails 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 Emails
Invest in technology infrastructure to address customer/student contacts
Seek help from a strategic partner during peak periods Route calls and emails 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 Emails
Financial Aid and the Communications Conundrum
Potential Remedies – External Challenges
(Continued)
Potential Remedies – External Challenges
(Continued)
Proactive approach to communicating with applicants/parents/students
e-mail blast broadcast voicemail blast outbound calling campaigns text messaging web-hosted informational videos
Proactive approach to communicating with applicants/parents/students
e-mail blast broadcast voicemail blast outbound calling campaigns text messaging web-hosted informational videos
Financial Aid and the Communications Conundrum
Outcomes – External Remedies
Outcomes – External Remedies
Reduction in complaintsReduced “wait times” for walk-in
applicants Increased hours of availabilityEarly warning system for emerging
service issues
Reduction in complaintsReduced “wait times” for walk-in
applicants Increased hours of availabilityEarly warning system for emerging
service issues
Financial Aid and the Communications Conundrum
Outcomes – External Remedies
Outcomes – External Remedies
Reduction in Registration “holds”
Increased enrollment
Improved “customer” satisfaction
Reduction in Registration “holds”
Increased enrollment
Improved “customer” satisfaction
Financial Literacy ProgramFinancial 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
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
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
Financial Aid and the Communications Conundrum
SummarySummary
Identify ways to improve both internal and external communications
Create partnershipsInterdepartmentalPeersStrategic partners
What are your challenges?
Identify ways to improve both internal and external communications
Create partnershipsInterdepartmentalPeersStrategic partners
What are your challenges?
Financial Aid and the Communications Conundrum
Questions?Questions?
Sylvia Sorgel Sorgel Consulting, LLC
Sylvia Sorgel Sorgel Consulting, LLC