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 student.
Deliverables
A draft of a customizable estimated award letter for students 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 students.
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 students with completed financial aid files and were ready for disbursement by first day of term.
Key Performance Indicators
Percentage of students 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 students who have completed financial aid files and are “ready for payment” by the start of the term.
Summary of Results
As a result of these changes, 88% of the 1,373 students who received an estimate letter spring 2020 enrolled at M State in fall 2020. The number of students 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 students but also current students.
| 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.
