Tips to help your school and families have a better experience with your financial aid program
The financial aid application process continues to evolve — we’ve seen this happen with the transition from paper to online applications. It’s safe to assume that parent expectations, accessibility, and security requirements will quickly lead all schools toward an online-only environment.
As we talk more about changing financial aid assessment needs, it makes sense that we also discuss the tuition assistance process. In addition to local instructions that are unique to your program, there are key areas of policy and best practices that your team should consider prior to financial aid season.
Setting Deadlines
If you plan to make awards on a specific date, coordinate with your FACTS Account Team to determine a processing and verification timeline. Consider parent application deadlines and dates that may influence an applicant’s ability to complete tax documents.
Setting Expectations
If a family cannot meet their tuition obligation, a financial aid application should be required prior to any decision on tuition adjustment.
Setting Parent Application Policy
Parents who are divorced may have a tuition agreement attached to their divorce decree. If a parent requires help with their percentage of tuition, they should apply for assistance. In some situations, both parents may apply for assistance. In all cases, the obligation for each parent should be adjusted in the FACTS system prior to allocation.
Managing Award Follow-Up Questions
Do you have a set policy to handle tuition award appeals? On your FACTS portal, you can review any additional comments families provide. If your program allows for appeals, a family should be expected to provide an actual dollar figure to bridge their tuition gap. This presents a starting point to make a decision.
Ready to learn more about enhancing your school’s financial aid program experience? FACTS provides the foundation to manage your school’s evolving financial aid, tuition, and SIS needs. Click the link below to learn more about how we’re helping schools succeed.
