Higher Ed’s Landscape is changing. Students expect swift customer service, influenced by their experiences in the era of on-demand services. However, when it comes to financial aid in higher education, many institutions struggle to meet these expectations, causing frustration and anxiety among parents and students. The misalignment of expectations erodes trust in the institution, hampers enrollment contributing to low retention rates, and presents preventable challenges for the university. How can your institution meet the rising expectations?
Financial Aid Services, LLC (FAS) CEO Robert Heil’s Master Class episode on this topic and explore further insights in the Challenges Deserve Solutions eBook. Let’s work together to make higher education more accessible and student-friendly.
For students, a college degree represents a significant investment. They view it as a product that comes with a hefty price tag and expect to be treated as valued customers. In this context, speed is key. Unfortunately, the traditional financial aid process is often slow, methodical, and paper-intensive, failing to align with students’ need for efficiency.
Digital natives, today’s students want quick responses and 24/7 accessibility. Yet, many find it challenging to connect with financial aid professionals, with surveys showing that a significant portion of students have never met or interacted with aid administrators. This highlights a pressing need for more frequent and consistent touchpoints in the financial aid process.
Adding to students’ frustration is the fear of loans. Many have seen their parents and older siblings struggle with student loan repayment, making them acutely aware of the financial risks associated with higher education.
Financial challenges are a leading cause of dropout, with 42% of students citing them as the primary reason for leaving their studies. Furthermore, 38% of potential students decide not to enroll due to fears about student loans. Families often find the level of service provided by financial aid offices underwhelming compared to other customer service experiences.
Financial Aid Services (FAS) offers a transformative partnership model that empowers financial aid teams. By strategically outsourcing processing and providing additional support, FAS ensures rapid responses to student queries, meeting their expectations for efficiency and accessibility.
This partnership doesn’t replace professionals but enhances their capabilities, allowing them to focus on counseling and advising students. It streamlines processes with online verification, freeing up staff time for personalized customer service and simplifying the experience for students and families.
Whether you are a seasoned professional or an aspiring leader in academia, this engaging and informative session provides a unique opportunity to gain a deeper understanding of the challenges facing higher education and discover innovative solutions to shape its future. Contact us to learn your options! Together, we can transform financial aid, empower students, and create a brighter future for higher education.