THE VIRTUAL FINANCIAL AID OFFICE

VIRTUAL FINANCIAL AID OFFICE What is it? What is it? Do you want your FAO to be a VFAO? Do you want your FAO to be a VFAO? An approach to achieving that status. An approach to achieving that status. How can you tell when you have reached that status? How can you tell when you have reached that status?

WHAT IS A VFAO? A financial aid office through which a student or parent can complete all transactions without physically visiting the office. A financial aid office through which a student or parent can complete all transactions without physically visiting the office.

Why Do We Want a VFAO? Customers want it. Customers want it. Volume demands it. Volume demands it. Staff and Staffing need it. Staff and Staffing need it. Technology provides capability. Technology provides capability. Federal regulations and practices steer us in that direction. Federal regulations and practices steer us in that direction.

CAN IT BE ACHIEVED? Desire and will to do it. Desire and will to do it. Rules and laws. Rules and laws. Technology. Technology. Resources. Resources.

WHERE ARE WE? Current capabilities. Current capabilities. School mind set. School mind set. Concept of service Concept of service Priorities Priorities Desired student population. Desired student population. Parental involvement. Parental involvement. Available technology Available technology Resources. Resources.

WHERE DO WE START? INFORMATION COMMUNICATION FORMS SOFTWARE INTERFACES PROCESSES

A STARTING POINT Web site Web site Information Information Forms Forms Personal data access Personal data access Interactive Interactive Data files Data files Update database Update database Perform calculations Perform calculations

Do Your Students Wait in Lines?

MORE AREAS TO EXPLORE Receive queries Receive queries Provide responses Provide responses Mass communication Mass communication Action alerts Action alerts Group notifications Group notifications

EFFICIENCY IMPROVEMENT Software interfaces Software interfaces Federal Federal ISIR ISIR NSLDS NSLDS Institutional Institutional Data download Data download Data upload Data upload Lender / Servicer/ Guarantor Lender / Servicer/ Guarantor Certifications Certifications Guarantees Guarantees Status reports Status reports

Essential PowerFAIDS Connections PowerFAIDS SCT SIS NSLDSE-Com EDE Web Inquiry Student Accounts Loans Web Comm.

APPROACHES TO PROBLEM AREAS Document Handling Document Handling File forms / documents after action File forms / documents after action Scan forms / documents and index, retaining in office. Scan forms / documents and index, retaining in office. Scan forms / documents and index, warehousing off site. Scan forms / documents and index, warehousing off site. Electronic forms / documents, load or print, then file electronically, or in folder. Electronic forms / documents, load or print, then file electronically, or in folder.

APPROACHES TO PROBLEM AREAS (cont’d) On-line forms On-line forms Print - Fill out – mail in Print - Fill out – mail in Fill out on line – print – mail in Fill out on line – print – mail in Fill out on line – e sign – submit – data file Fill out on line – e sign – submit – data file Fill out on line – e sign – submit – direct load Fill out on line – e sign – submit – direct load

APPROACHES TO PROBLEM AREAS (cont’d) Work flow solutions Work flow solutions All actions handled on line. All actions handled on line. Form routed to appropriate station for action. Form routed to appropriate station for action. Decisions trigger appropriate posting. Decisions trigger appropriate posting. Document with all actions appended stored. Document with all actions appended stored.

ARE WE THERE YET? As suggested by one of our fellow financial aid workers; think “no- stop” versus “one- stop”. As suggested by one of our fellow financial aid workers; think “no- stop” versus “one- stop”.

? QUESTIONS