University Business - May 2012 - (Page 47)

Christine Saadi, director of student financial planning at Alvernia University (Pa.), points out that part of successful management of the aid office includes effective delegation. “Being able to relate to your staff is crucial. You have to delegate and develop your staff so they can keep the workflow going at all times. I am pulled in many different directions, and consequently, not always in the office, but know I can rely on my staff to keep things running smoothly. There is also a need for balance between work and life outside of work. Sharing responsibility makes this possible.” Analytical Skills Over the last 20 years, the growing need for analytical skills represents perhaps the biggest change in the financial aid profession. Aid directors used to be primarily focused on operations, but are now often expected to engage in data analysis and strategic projections regarding budgets, enrollments, and the strategic use of financial aid. Providing senior leadership with feedback on potential impacts from changes in pricing and discounting as well as changes in government aid funding levels is commonplace. The financial aid director is also frequently tapped to complete surveys such as the Common Data Set, as well as NCAA and FISAP reports. Ability to Understand and Manage Regulations Year-round Pell (started then almost immediately eliminated), changes to verification, updates to Satisfactory Academic Progress policies, gainful employment reporting, and other regulations not related to awarding aid (and likely involving other offices) such as incentive compensation and misrepresentation are just a partial list of recent, significant changes to federal aid policies. At times, it can seem like the aid director needs a legal degree to understand and implement all the changes to federal universitybusiness.com regulations for Title IV funds. Ensuring compliance is critical to an institution’s viability—since without Title IV fund availability, most would not be able to enroll enough students to generate sufficient tuition revenue. Here, the ability to research regulations and to connect with a professional network is critical. As Veeder notes, “My colleagues at other institutions and I talk over the new regulations and their impact frequently, sometimes weekly. Financial aid professional organizations provide frequent training about regulations. Sadly, new financial aid professionals tend not to get involved; the best aid directors make good use of this valuable resource.” Connecting, mediating, coordinating, and providing information are all in a day’s work for a financial aid director. Ability to Streamline Operations, Use of Technology Streamlining processes using automation and self-service is a must in the financial aid office. Database conversions or upgrades are nontrivial, and not all aid directors have adequate IT support. Making full use of systems capabilities allows for auto packaging, generating missing items letters, exception reporting, and student access via a portal for self-service. The aid director needs not only to be comfortable navigating the database, but also designing processes, data queries, and maintaining system integrity. Some aid offices are fortunate to have a staff member dedicated to financial aid operations; however, in small offices, it is often the case that the director is the office’s “super user.” Communication Skills Far from being a cliché, strong communication skills link the above attributes. Internally, aid directors are a pivot point for many administrative areas and externally serve as a critical point of contact between the institution and families. Financial aid officers must be equal partners with their admissions colleagues in managing enrollment and net tuition revenue goals. They also must work effectively with student accounts and the registrar both to provide quality customer service and coordinate efforts to optimize operations. In addition, the aid director collaborates with the development office in making the fundraising case and is typically involved in retention efforts. Externally, directors of financial aid need to be able to translate the application process for families, explain financial aid award letters and financing options, and work with families experiencing challenging financial circumstances. Connecting, mediating, coordinating, and providing information are all in a day’s work for an aid director. A quick internet search produces a striking number of directors of financial aid retirement announcements, along with many position openings. We know of some institutions that have taken as long as two years to fill leadership positions in the aid office, since finding an aid director with the necessary skill set can be challenging. Saadi recounts, “I never thought or planned to be a director, and I would have been perfectly happy as an assistant or associate director, but circumstances can change quickly.” Consequently, even if your financial aid director isn’t thinking of retiring soon, he or she should be developing new leadership within the office by providing training both on and off campus, by delegating appropriately, and by encouraging promising young staff members to stay in the profession. Jennifer Wick is an enrollment management consultant at Scannell & Kurz, www .scannellkurz.com. May 2012 | 47 http://www.scannellkurz.com http://www.scannellkurz.com http://www.universitybusiness.com

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

University Business - May 2012
Contents
Editor's Note
College Index
Ad Index
Behind the News
Human Resources
Education Gateways
Big Ideas
Reaching Higher
Admissions Goes Social
Learning Disabled Students Welcome
Who Goes There?
Computing Trends, Today and Tomorrow
Money Matters
End Note

University Business - May 2012

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