Student Financial Aid Management System
Going after their career endeavors, every year millions of students in the US apply for universities and schools. But due to deficit of financial aid most of them are held back from getting into their dream institutions. With millions of students finding it difficult to pursue their aspirations, a robust and efficacious financial aid system has become the need of the hour.
Our client organization evaluated the situation and took the initiative of establishing a process to access the student profiles at the time of enrolment for the verification of their family financial situation, their past achievements, their fields of interest etc. and forward all that information to the institutions who would be able to give admissions to them and at the same time provide financial aid to them in the form of fee remittance, sponsorships etc. To scrutinize millions of profiles and associate with as many schools, colleges/universities and organizations offering financial aid to students they needed a Financial Aid Management tool which would smoothen and simplify the process.
- They needed a tool that would be dynamic enough to manage not only the associated academic institutions and supporting organizations but also the millions of registered student profiles along with new profiles coming in every year.
- The tool had to be able to integrate the data from all available platforms in order to provide maximum possible information for supporting decision makers.
- They were seeking an end to end solution for operating the entire process in a simplified way; from getting the student information through the forms that they filled, Assessing Financial status, finding financial aid to getting them enrolled in the most suitable and desirable academic institutions.
- They wanted prompt communications to students and parents like any new notifications on deadlines etc. so that there was enough time at hand for taking the required measures.
- They required a system that would be compliant with all the regulatory reviews and updates.
- They required a secured system that would be accessible from anywhere at any time.
- The tool should be able to control access to specific information wherever it would be inappropriate to share that information.
- Teqfocus Consultants conducted series of discussions covering Silos identification, Solutions planning following the agile planning.
- Built the cloud based, custom solution taking care of all the existing third-party platforms integrated and respective data sync.
- Built a financial aid system with a customized Community Portal to extend the Product features like applying PFS, School Portal features-mail notifications to parents and students about updates and regulatory reviews, online accessibility, access control.
- Created different types of subscription for the School Portal to provide advanced features with securities.
- Our tool automated the whole process, making it less cumbersome for all stakeholders.
- The tool came with special training program feature for teachers to enrich the skillset of the teachers.
- Our tool incorporated features like family contribution worksheet wherein the information on parents’ income, data verified from tax forms etc. was used to figure out up to what extent they could contribute in their kid’s fee.
- The entire data from all sources became integrated and loaded to a centralized platform, making it controllable and easy to analyze. So, our client got an edge in decision making as now it had a bird’s eye view of all the student requirements and corresponding offerings from all the associated academic institutions and supporting organizations.
- They now have a simplified, user friendly end to end solution covering all the activities throughout the process, making it easier to navigate through the tool and less cumbersome for everyone go through the process, hence increasing their userbase.
- • The automation of the entire process saved time and effort, making things faster. Hassle-free procedures gave them a competitive advantage over many players in the sector and provided more time for decision making and innovation.
- The facilitation of communication between the stakeholders clarified the entire procedure for everyone involved and the risks of mistakes committed during the entire procedure reduced which directly reduced the time and effort wasted in rework.
- The amount of successful aid grants using their platform increased by almost double.
- The number of students getting admissions in desired schools, colleges/universities increased, and so did the number of students enroll with their customer colleges/universities.