FINANCIAL AID and the Communications Conundrum

1. Financial Aid and the Communications Conundrum

2. FINANCIAL AID and the Communications Conundrum

3. PRESENTER • Sylvia Sorgel Sorgel Consulting, LLC • sorgelconsulting@comcast.net • 773-467-4386 • www.sorgelconsulting.com Financial Aid and the Communications Conundrum

4. Presentation Overview • Communication Challenges for Financial Aid • Internal • External • Potential Remedies/Approaches • Outcomes Financial Aid and the Communications Conundrum

5. Today’s Financial Aid Challenges - Internal • Internal silos • Organizationally Challenged • Different data systems • Who said what to whom? When? • Differing calendars • Lack of common goals Financial Aid and the Communications Conundrum

6. Potential Remedies – Internal Challenges • Provide opportunities for dialogue • Establish common goals • Develop cross training • Get an outside perspective • Get your colleagues’ perspectives Financial Aid and the Communications Conundrum

7. Outcomes – Internal Remedies • Improved efficiency of overall operations • Reduction in “downtime” due to key staff absences • Teambuilding leads to improved staff morale and spirit of cooperation between departments Financial Aid and the Communications Conundrum

8. Today’s Financial Aid Department Challenges - External • Applicant/Parent/Student Communication • Phones • Emails • Text messages • In-person service/website • Fluctuating service demands • Academic calendar • Event driven Financial Aid and the Communications Conundrum

9. Potential 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 Financial Aid and the Communications Conundrum

10. 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 Financial Aid and the Communications Conundrum

11. Outcomes – External Remedies • Reduction in complaints • Reduced “wait times” for walk-in applicants • Increased hours of availability • Early warning system for emerging service issues Financial Aid and the Communications Conundrum

12. Outcomes – External Remedies • Reduction in Registration “holds” • Increased enrollment • Improved “customer” satisfaction Financial Aid and the Communications Conundrum

13. Financial 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 Financial Aid and the Communications Conundrum

14. 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 Financial Aid and the Communications Conundrum

15. Summary • Identify ways to improve both internal and external communications • Create partnerships • Interdepartmental • Peers • Strategic partners • What are your challenges? Financial Aid and the Communications Conundrum

16. Questions? • Sylvia Sorgel Sorgel Consulting, LLC • sorgelconsulting@comcast.net • 773-467-4386 • www.sorgelconsulting.com Financial Aid and the Communications Conundrum