Reporting is extremely beneficial. The reporting helps to identify any issues that may be taking place with a student's financial aid or account early so the issue can be addressed. With the reporting that is available, we can often times identify and troubleshoot an issue with minimal impact to the student.
Nicholas,
The ability to review students' accounts and financial aid history in a glance is critical to identify any potential issues. If you can develop exception reporting to provide you insight into the status of the student population this could be beneficial to you. It is important to look for methods that allow you to manage the overall process with a minimum number of people. It has been my experience that development of exception report is a great way to look at the "big picture" to identify potential issues.
Sincerely, Chyrl
Chyrl Ayers
Accurate Reporting and maintaining up-to-date student records is essential as any errors can impact the student. Ensuring you have a process in place and following this process to ensure accuracy will help the school provide excellent customer service and deliver the best student experience. Our students deserve the very best educational experience and this will require a campus wide effort to ensure all student ledger/accounts/reports/ disbursements are accurate and their funding is correct.
Monique ,
Your thoughts are directly on target - the entire process is depended on the student's experience from beginning (enrollment) to end (graduation/placement). It takes an entire village to ensure the overall success of the student in the process. The best reporting must take into consideration all aspects of the college.
Sincerely, Chyrl
Chyrl Ayers
I believe reporting plays a big role in the accuracy of the students financial aid. We have reports thru our third party that helps us ensure the accuracy of reporting.
Frances,
Reporting is a key function to the monitoring and ensure timely/accurate delivery of funding. Reporting from outside partnership should enable you and your team to meet the needs of your students.
Sincerely, Chyrl
Chyrl Ayers
FA reports help show who has a credit,debit,or zero balance. This helps us concentrate on getting packages cleared so students can pay for their charges or get refunds back in their hands. Getting reports on withdrawals helps keep up with R2T4 calculations. And grad lists help with loan counseling. Reports drive financial aid.
Allan,
Reports can be a powerful tool as long as the reports do not overwhelm the process. Balance is extremely important in the overall finanical aid experience both for staff and students.
Sincerely, Chyrl
Chyrl Ayers
As our financial aid office is not fully set up, I am not speaking from experience in terms of FSA reporting, but as we do function as an institution, I see how important financial reports on a regular basis can be for any institution. Knowing that your funds are spent properly and knowing there are no loose threads can mean the difference between a successful institution and one that can go under. I would think reporting in the FA office is even more critical as students are relying on these funds and it is not only the institution's funds at stake.
It is good to know who someone need to report to in order to help the school and student. When we know the needs of student it help the school to look good as a whole.
We are a new school and currently don’t offer financial aid. As we move forward with accreditation and pursue SFA, we will take into account students needs as we develop our reporting systems.
Our main headquarters financial team handles the COD & DOE reporting. On a campus level, NSLDS, account reconciliations, and disbursment reports are essential to maximizing a student's use of their eligibility and minimize the outstanding accounts receivable or unfunded balances that have to be paid out of pocket by the student. In addition, we have many reports that are reviewed weekly and quarterly to ensure that HQ FA and campus FA have the same information and funds are disbursed/refunded properly.
Elizabeth,
Based on your response to reporting it appears your team has standard operating procedures with checks/balances to ensure compliance in a timely and accurate manner. Financial Aid Reporting is critical to the overall success of the financial aid and business offices. It is great to see how you have these responsibilities defined and assigned.
Sincerely, Chyrl
Chyrl Ayers
Reporting is very beneficial to prevent any errors that may cause students to become upset with the school. We have a third party servicer that handles a majority of our reports, but even just simply running reports to ensure students aid is in and ensure if they have outstanding balances with the school it's not due to an error in receiving funding or that their balances aren't higher than what they were originally told due to an error on the school's processes.
Financial Aid Reporting is vital to our campus. It allows us to continue to receive Title IV funds in order to allow students to fund their education. Most of the reporting for our campus is done at the corporate level but each campus has to contribute information annually. Ensuring that we follow the guidelines of the Dept of Ed is so important to keep receiving funds. Also monitoring our disbursements and allocations is benefically to all parties, students and staff.
Reporting allows us to keep a good track of students who may be needing repacks and if they have other funding issues to address them in a timely manner.
Reporting is very important for institution and students. It helps to keep business in organized. And also give students confident when it come to question regarding about their account. It keeps track student's documentation, ledger in accurate and timely.
