University Business - January 2012 - (Page 54)

MONEY M AT T E R S identified using data such as GPA, major, or hometown. And for anyone thinking “but what about good stewardship?,” note that this more-efficient approach can still result in satisfied donors. e office can simply inform students when they first receive their aid package that their generic “institutional grant” may be sponsored by a donor and that they will be given their donor’s name in the fall and asked to write a thank you note. Of course, there may be a few scholarships where donor restrictions are so specific that a good match can’t be found by simply using data in the system—but these should be handled as exceptions, rather than the rule. 8. Checking every file to identify those in need of adjustment rather than using exception reporting. A surprising number of aid offices (usually at small schools) will check every record to see, for example, if a student is making satisfactory progress or is registered for the same number of hours they were packaged for. Using the system to identify files that may be problematic is a much more efficient way to ensure compliance with federal external reporting. is makes the reconciliation process far more difficult—and the school risks learning that students weren’t eligible for awards they received when it’s too late to recover the funds. 10. Not providing students access to their information through a student portal. Even when institutions have implemented online registration and allow students to get grades, transcripts, and other information online, financial aid and billing information is often not included. Making aid offers, missing item lists, and student account information available 24/7 through a portal can significantly reduce calls and visits to the office, leaving staff free to handle more complex matters. ere are other examples, of course, but these represent the most common. How many of the top 10 apply to your aid office? Financial aid and billing information is often not available through student portals. and state regulations. is also applies to posting aid to student accounts. Most student financial aid systems provide for rule writing that will prevent aid from posting if a student is not eligible. 9. Failing to balance funded accounts every month. Staff at some institutions wait until year’s end to reconcile Pell, Direct Loan, and other accounts requiring News You Need to Know Everyday! The two minute news briefing for higher education leaders Sign up now for FREE! universitybusiness.com 54 | January 2012 universitybusiness.com http://www.universitybusiness.com http://www.universitybusiness.com

Table of Contents for the Digital Edition of University Business - January 2012

University Business - January 2012
Contents
Editor's Note
College Index
Ad Index
Behind the News
Human Resources
Campus CFo
Getting Carded
Choosing telepresence
boosting the bottom line
Printer Purchase Pointers
Money Matters
Viewpoint
End Note

University Business - January 2012

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