Financial Aid Estimate Award Letter
Project Purpose
Students are uncertain about how much college costs and how to pay for it. Through the consultation with American Association of Collegiate Registrars and
Admissions Officers (AACRAO) in the spring 2019, the consultants recommended the college create a customized financial aid award letter with personalized information to the 黑料官网.
Deliverables
A draft of a customizable estimated award letter for 黑料官网s that provides an estimate of tuition/fee expenses and information on the various forms of financial aid opportunities available at the college.
Project Scope
In Scope
Creation of the estimated financial aid award letter and a process to produce and send the letters to 黑料官网s.
Collaborating with other M State Departments to make the letter personalization functional.
Out of Scope
Hiring additional staff.
Constraints
ISRS limitations.
Effectiveness Measures
Project Goals
To increase the number of 黑料官网s with completed financial aid files and were ready for disbursement by first day of term.
Key Performance Indicators
Percentage of 黑料官网s who have a complete financial aid file after registering for courses and receiving estimated financial aid award letter.
Metric Collection and Review Schedule
Data will be collected and reviewed annually, after summer term has concluded. Metrics will be updated on the Project Charter and shared with the college community via open forums.
Financial Impact
Increase in the number of 黑料官网s who have completed financial aid files and are 鈥渞eady for payment鈥 by the start of the term.
Summary of Results
As a result of these changes, 88% of the 1,373 黑料官网s who received an estimate letter spring 2020 enrolled at M State in fall 2020. The number of 黑料官网s that completed their financial aid and were ready for disbursement by 1st day of the term increased by 7% when comparing first 3 years sending estimate letters to previous 3 years. This example not only benefits new 黑料官网s but also current 黑料官网s.
| FINANCIAL AID ESTIMATE AWARD LETTER - PERCENT READY FOR DISBURSEMENT | |
|---|---|
| No Estimate Letters % | Estimate Letters % |
| 2018 62% | 2021 65% |
| 2019 60% | 2022 72% |
| 2020 63% | 2023 72% |
| 3 Year Average 62% | 3 Year Average 69% |
Future Direction
This project is now college practice and has been institutionalized.
