Reporting provides a process to ensure that necessary monitoring occurs and increases efficiency. For students, in a way, it shows that the school cares enough to implement and maintain appropriate reporting procedures to ensure that the school continually meets students' needs.
Michael,
Agree with your comments. The student's experience does not end with starting class but goes through all phases of that enrollment. Each step is critical to the student's overall success. Recognizing the importance of timely and accurate disbursements, report and reconciliation is necessary. Great job!
Sincerely,
Chyrl Ayers
It helps keep our department in check. When we are responsible with accounting for and reconciling all disbursements/refund, we are meeting our student's needs. By providing award letters, making sure disbursements are accurate and timely. Reporting of financial aid is beneficial to all parties involved.
As much as we tend to grumble about reports, they are put in place to make sure the funds provided for the benefit of the student are used for that purpose. The reporting system requires the school to pay constant attention to funds. Without the required reporting, the school could slide into non-compliance and eventually close due to financial mismanagement, intended or not. This would disrupt the student's education.
Maureen,
Based on your comments you are aware of the importance of reporting and how these various reports affect your institution and students. Your focus and understanding of these tools were enable you and your team to handle the requirements for reporting.
Sincerely,
Chyrl Ayers
Reporting is very beneficial to meeting our student's needs. Without meeting required reporting requirements, a school cannot maintain eligibility to offer FSA programs. Reporting also helps monitoring for trends to focus internal audits and attention. Reporting status changes in the NLSDS system on a timely basis assures students enter repayment mode when appropriate.
It is very important. We use a third pary processor, but I work very closely with them in regards to reporting. Having two sets of eyes on things instead of just one is much better for me. The students benefit by have accurate records.
Elizabeth,
Completely understand your comments since you are not participating in TIV funding, yet. My best advice to you at this time is to evaluate the type of reporting that exist and as you move forward look for methods to incorporate the requirements of FSA reporting within your current system.
Best wishes in your pursuit of participation.
Sincerely,
Chyrl Ayers
It is difficult for me to discuss our current methods as we do not offer financial assistance at this time and many of these practices are not in place now. However, we are going through the accredidation process and relaize that our processes will change. Of course, we have financial reports, class and student statistics, and plenty of reports that we deal with, but not necessarily for the same purpose. It's interesting to read the discussions as it gives me a better idea what we will be doing in the future.
Jeffrey,
Great comments. Your approach seems to be successful for your team.
Sincerely,
Chyrl Ayers
When asked on a student survey their experience with FA, one of the best responses you can receive is smooth and seamless. Utilizing all available reports (system, servicer, etc.) is essential for success in meeting our students' needs. I believe consistency is the key. Even something as simple as running a weekly report should be given some thought. Let's make Wednesday the DAY we run our weekly report. I know it's subtle, but it feels tighter, more in control.
Sean,
Reporting does play an important role when interacting with other departments to ensure timely and accurate processing of students. The key with reporting is to find the ones that enable you to improve the student and staff experience and continue to work on improving these. In a time we we are running more students with less people it is important to leverage reporting and other technology to service students.
Sincerely,
Chyrl Ayers
Reporting is very important. It allows us to efficiently and accurately service our students. It is also useful in assisting between other departments.
Ramon,
I definitely respect your point of view as it relates to Financial Aid Reporting. Compliance should always be in the foreground when awarding and disbursing federal student aid; however, reports can play a key role in identifying metrics on the overall financial aid process.
Sincerely,
Chyrl Ayers
Effective financial reporting is the end result of a sytematic approach in the management of Student Aid. I believe that the the important factor is the day to day compliance of procedures in the recruitment and service of students aid. Reporting is just that, reporting.
Todd,
Technology is a great asset in the Financial Aid Department, especially when it is coupled with staff that embrace it. Reporting can be critical to meeting the needs of your students and identifying areas of concern.
Sincerely
Chyrl Ayers
In my current position reporting is a must. I use our reporting functions thru CVUE to monitor the packaging and accounts receivables within the Financial Aid Department. Technology and the ability to use it to beneficially has been one of my saving graces.
Pamela,
Great idea and I think most financial aid professional feel the same way. We need one centralized repository that maintains all of the information where we can push or pull data from as needed.
Sincerely,
Chyrl Ayers
While I agree that reporting helps maintain accurate records, it is a continuing dream of mine that, rather than reporting the same information repeatedly to a thousand different places, the various agencies find a way to share the information, thus freeing FA offices to focus more on student needs.
Reporting is vital to ensure current and new students' needs are met. We use start reports to help package newly enrolled students in a timely manner. They also allow us to follow up and get missing information.
We use reports to make sure that current students are current on payment plans, received all federal funds and renew FAFSA.
