Using Technology-Enabled
Solutions in Your Office
Jon Hazelgren
Socle Education
Agenda
• What does your current processes cost?
• Benefits of a technology-enable office
• Student Satisfaction: The Parthenon Group Survey
• Corinthian College: Financial Aid Case Study
• Lessons Learned
What does your current processes cost?
•
•
•
70% of staff time is spent processing
paper documents
70% of staff time is spent processing
paper documents
15% of all paper documents are misfiled
d of all paper documents are misfiled
• or15%
or misplaces
•
30% of documents used daily contain
• obsolete
30% of documents
informationused daily contain
obsolete information
• • 40%
40%ofofstaff
stafftime
timeisisspent
spentsearching
searchingfor
misfiled,
misplaced,
or lost
documents
for misfiled,
misplaced,
or lost
documents
Coopers&&Lybrand's
Lybrand's
–– Coopers
Benefits a Technology-Enabled Office
•
•
•
•
•
•
Reduce time and costs associated with
document management
Improve regulatory compliance
Reduce amount of space required for storage
Improve information security & disaster recovery
Go “green” student
Improve experience by:
– Reducing document ‘churning’ and
cycle times
– Sharing documents between offices
• Admission/ Recruitment
• Student Services
• Student Retention
• Financial Aid
• Business Office
Parthenon Group Survey
The Parthenon Group is a management consulting firm
with deep experience in the education.
•
Survey: Interviewed over 1000 students, staff and
administrators from a variety of institutions across a
cross-section of student services areas on how
institutions can improve the overall student experience.
•
Results: The financial aid process identified as a
key area of potential improvement. With the rising costs
of higher education and the prospect of potentially
unsustainable debt burdens, the financial aid process
plays an increasingly important role at the center of
both the enrollment decision and the ability to continue
in a
program of study.
Both administrators and students identify the financial aid process as a
pain point, with a perceived gap between importance and satisfaction.
100%
80
80%
74%
60
40
20
0
54%
Extremely
Important
44%
Extremely
Important
Extremely
Satisfied
Administrators
Extremely
Satisfied
Students
Administrator-reported and Student-reported Importance of and Satisfaction with Financial Aid Processes
(% of respondents rating 6 or 7 on a 7-point scale)
Improving Student Satisfaction
•
•
•
The results showed that students want more personal access to
financial aid expertise.
Students prefer in-person meetings and telephone calls to emails
or automated messages (Exhibit 6).
Financial aid processes are complex and change frequently, paperwork is
confusing, and students often require some amount of hand-holding, which
over-burdened financial aid offices lack the bandwidth to offer at scale
without streamlined processes and potentially external support.
Email Out…Text In :)
• Ball State University survey: Only 25% of students use
email to communicate. Text is #1 form of
communication
• 91% of U.S. Citizens have a mobile device within reach
24/7
• 73% of adults text on their phone
• 18-24 year olds send/receive 100+ text messages per
day
• The average number of seconds for a text response
Case Study:
Corthinian Colleges, Inc. (CCi)
•
Corinthian Colleges, Inc. is an educational institution with:
– 100+ schools
– 90,000 students
– Ground and online delivery across the U.S. and Canada
•
Operates three institutions:
– Everest
– Heald College
– WyoTech
•
Financial Aid Scale
– Review over 350K financial aid applications per year
– Process over 1.4M financial aid transactions per year
Financial Aid Lifecycle
Application
File Review
Disburse
 Origination &
Disbursement

Regulatory
Reporting
 Reject
Corrections

Return to Title
IV
 Credit Balance
Resolution

Account
Reconciliation
 FAFSA PIN
 Verification/C-Code
 Estimated Award
 FAFSA Completion
 Eligibility
Confirmation
 Shopping Sheet
 Institutional
Forms
 Document
Collection
 Document Review
 ISIR Corrections
Cash
Management
Award
 Title IV Aid
 Institutional Aid
 Loan Certification
 Exit Processing
CCi Institutional Needs
A front end financial aid packaging system that meets the following needs:
–
Efficient processing
–
–
Support paperless application
processes
Electronic document storage and
retrieval
–
Meets regulatory reporting
requirements
–
Full visibility for management and
audit purposes
–
Web-based student interface
–
Meet current regulations and flexible
for changes in regulation
Using Technology
 Dynamic document library tailored to Student
 Dynamic web links
 Electronic forms
• Value Edits
 E-signature capability for Student and Parent
 Document Imaging Capabilities via OCR
 Multi-Mode Student Engagement (calls, emails, text)
 Mobile device document submission
 Dedicated 800 client number for inbound calls
Financial Aid Processing
Students
FA Team
Document Center
FA Portal
FA Estimation Tool
Student Information
Shopping Sheet
Packaging Status
Dynamic e-Documents
Award Status
E-signature
Document Status
Document Imaging via OCR
Document Upload/Retrieval
Mobile Accessibility
Reports
FA Award Letters
Communications
Financial Aid Processing
File Review & Verification
Award Approval & Origination
Pending Graduate Activities
Exit Processing
Student Outreach
Repack Processing
Process Overview
Application
File Review
Disburse
Cash
Management
SIS Integration
Single Sign On
Your Students
Award
CenterPoint
Financial Aid Staff
Student
Engagement Experts
Financial Aid
Processing Analysts
CenterPoint Automated
Verification Process
Dynamic Forms
Electronic Signature
www.SocleEducation.com
Confidential & Proprietary Information – Socle Education
16
Exit Notification
www.SocleEducation.com
Confidential & Proprietary Information – Socle Education
17
Going Mobile
www.SocleEducation.com
18
CCi Results
•
Implemented system and business process in over 100 campus locations
•
Processed over 1M financial aid applications since implementation
•
60% reduction in AR days and bad debt
•
75% reduction in rework caused by packaging errors
•
25% increase in student satisfaction
•
17% improvement in student retention
•
Decrease in overall audit findings
Lessons Learned
•
Scale the process
•
Give students communication options
•
Document current workflow
•
Lean on experts in the field
•
Have a back-up solution
•
Know the cost and how to evaluate the ROI
•
Research and know the options
– Hardware
– Software
– Storage
Thank-you!
SocleEducation.com