Get Your Students Hired
Our Business Office I believe is still quite new so we are trying to figure out how to make our offices run more efficiently. We are slowly converting our computer programs to better organize our information and I think when we begin to settle down, everything will piece together. I think all I can do is help support the school with their changes, and give any input on improving our offices. These moderate changes will help the school run smoother which will ultimately create a better environment for the students and staff.
Megan,
It appears that you are on at the beginning of an exciting position. As long as you set up good standard operating procedures and insure that these procedures and processes are in compliance with the accrediting and TIV requirements you should have all bases covered. Working with your accrediting agency and other FA colleagues should enable you to set up your Business Office in a manner that is accurate for the processing of funding for students.
Sincerely, Chyrl
I work for a school that just opened roughly 4 years ago. I am in charge of the Finance and Business Office departments. I have work in Finance going on 4 years now, but am new to the Business office side of things. (although I am learning quickly) Since I have started we have been updating processes all the time, as we are working to become accredited! While working with the accrediting company, I have learned more and more each day of what they are expecting and how a Business Office should run.
Karen,
It sounds like you have a good cross-check system related to posting of funds; however, I know it can be timeconsuming maintaining multi-systems. It would be great if your internal stuent management system could be updated to maintain your AR History by academic year.
Best wishes in your continued online educational process related to Financial Aid.
Sincerely,
Chyrl
For the most part our Busniess Office processes are current.
The only thing that seems outdated to me is that they maintain a paper ledger for our students.
We also maintain an automated ledger in SMART, our school management software.
I understand that we maintain the paper ledger to be in compliance with a DOE regulation requiring schools to keep ledgers by academic year. Evidently SMART is not designed to do that at this point.
Maintaining both ledgers is time consuming and the paper ledger is labor intensive.
Jane,
I agree that the more automated the process is the less likely you will see errors. Whenever you can create electronic documents that collect the same informaton so the student only enters it once the greater the chance for accurate information. I encourage you to look for ways to incorporate a more automated process in your FA Office.
Sincerely, Chyrl
I don't think that the process is, but I think that maybe I can upgrade to have the computer do more of the "fill in the blank" and perhaps there will be less room for human error.
Merilyn,
It is important to have options available for students that may be more comfortable with online or in person counseling. I agree in this age of technology it is important to have online options available; however, some students may not be comfortable and you will need to provide other means to deliver this critical information.
Best wishes in your online education pursuits.
Chyrl
Exit Counseling
Although one-on-one and group exit counseling seems antiquated, it still remains valuable. I would just add to encourage my students to complete their entrance/exit counseling online so that they can do it at their own convenience anytime given their busy schedules.
I would be interested to hear feedback from schools which use Stored Value cards to pay Title IV credit balances. This is something that we are currently considering and would like to benefit from the experience of others.
Jeannette,
It must be satisfying to know that your processes are up-to-date and performing at the highest level for your team and students. Also, it is good to know that you have had an opportunity to review these processes and determine that these are up-to-date.
Sincerely, Chyrl
No,they are not. I have only been in this position for a short period of time so that for me to evaluate it would probably not be the best evaluation because I feel I would need more time to get comfortable with the processes here in order to make an evaluation. Everything here is relatively new and up to date.
Jeannette
I feel that in my Business Office most processes are up-to-date. However, I think that a tool where the stundent could access remotely to see status and learn more about his/her process of Financial Aid will help the office by answering questions and doubts automatically voiding the need of work load on the department to accomplish that task.
Angela
Chyrl: Thank you for that suggestion. I will keep this in mind once we begin utilizing financial aid.
Erica,
It is necessary for someone to have a thorough understanding of the Business Office and deadlines for awarding, disbursing and reporting of TIV funds. I would recommend that you review the Blue Book since it contains the accounting requirements for the Federal Funds Programs.
Sincerely,
Chyrl
Talin,
I would recommend using the ifap website for both review of technology improvements and increasing employees knowledge. There are numerous state, regional and national organziations (NASFAA)that offer FA training. Also, there are servicers of FA that have utlized technology to improve the overall performance of college aid offices.
Sincerely, Chyrl
Currently, we do not have a business office on site. I would say that like the other responses I see on here, tracking payments and disbursements in a computer program makes verification easier. However, I could not accurately state what is outdated.
Where/how do you find opportunities to improve processes with technology? What about employees who are not technically inclined? What is the most efficient way to get them up to par with the rest of the crew?
I would introduce an electronic deposit for the student's aid reimbursements. With an EFT the student will have their financial aid reimbursement available the same day the deposit is made. This process could also lower Institution's costs and the Finance Department would have more time to work with other issues.
William,
Based on your response it appears that your Business Office is moving in the right direction to insure complete efficiency in all areas. It is important for all departments to evaluate their processes and determine what is working and what requires improvement. The evaluation process is the first step and taking action to improve is often the hardest.
Best wishes on your online financial aid educational studies.
Sincerely, Chyrl