Student Financial Assistance

Best Electronic Practices

Tom Babel
Corporate Director of Student Finance
DeVry Inc.

Session 21- 2
 Who is DeVry?

n DeVry Institute of Technology

– 50,000 students
– 80% receive financial assistance
– 3 semesters per calendar year
n Keller Graduate School of Management
– 7,000 students
– 40% receive financial assistance
– 5 quarters per year

Session 21- 3
 What are the Financial Aid
processing issues facing
DeVry?
n 50% of new enrollments apply for
admission within 2 months of class start
date.
– Quick turnaround to meet student need for
financial planning.
– Compressed timeframe for processing
applications.
– Heavy workload.

Session 21- 4
 What are the Financial Aid
processing issues facing
DeVry?
n Most students are unfamiliar with financial
applications, including the financial aid
application (FAFSA).
– Delayed submission of applications.
– High percentage of incomplete applications.
– High need for personalized assistance.
– High incidence of follow-up requirements.

Session 21- 5
 What are the Financial Aid
processing issues facing
DeVry?
n Geographic dispersion of Institutes
– Many aid sources
– Many financial assistance partners
– Overlapping award periods (Borrower-based
Academic Year loans)

Session 21- 6
 Developing an
Electronic Solution
n Assisted Self-Service
n Single Point of Entry
n Concurrent Applications Process
n Electronic applications
n Partnered presentations
n Use of data utilities and common standards

Session 21- 7
 Assisted Self-Service

n Optional Information gathering

n Smart pages
n Guided Tour
n Transactional Journal
n Estimated Award Letter

Session 21- 8
 Single Point of Entry
Financial
Aid
Applications
Financial
Aid
Overview

Estimated Financial
Award Counseling
Letter

Session 21- 9
 Concurrent
Applications Process

Lo
an
OTW Ap
F p

ISI
R R
RC

Session 21-10
 Electronic
Applications

n FAFSA on the Web

– Easier to complete
– Fewer errors
– Overall processing improvement

Session 21-11
 Electronic
Applications
n Borrower-initiated loan application
– Lenders distribute/collect promissory notes
• Quicker distribution/collection
• Reduced paperwork in FA Office
– (New) Concurrent electronic signature

Session 21-12
Partnered
Presentations

n Framed Links
– Sallie Mae
– Bank of America
– Educaid

Session 21-13
 Data Utilities and
Common Standards
n CommonLine
n ELM
n NDN
n National Student Clearinghouse
n JIT Funding
n Hold and Release

Session 21-14
 Measuring Student
Satisfaction
n “Grade this Site”
– Academic grading for content and utility
– Comments
n Internet-based surveys for transactional
events
– Financial Advising
– Award Letters
– Billing Statements

Session 21-15