Outsourcing of Financial Aid Administration

Authors: Outsell Client Services, Client Services;   Eduventures, Inc.

Inquiry Overview

A leading educational services provider requested custom research from Eduventures to better understand the current and future needs for the outsourcing of financial aid administration across higher education institutions.

Key Questions

• Are institutions using third-party firm(s) to process federal, state, or institutional aid?


• Are institutions using third-party firm(s) to manage financial aid operations, i.e., performing need analysis; determining student eligibility; application verifications; loan servicing and collection; reconciliation and close-out reporting; entrance and exit counseling?


• Are institutions using third-party firm(s) to consult on or assist with regulation and compliance assistance; policies and procedures maintenance; staff development training?


• What is the primary reason institutions choose to outsource financial aid services?


• Which financial aid services provider has the largest top-of-mind share?


• What companies have institutions used for the outsourcing of financial aid administration?


• Who are influencers and leading decision-makers to outsource a financial aid service or operation?


• What concerns exist among institutions regarding the outsourcing of financial aid services?


• What is considered the greatest barrier to the increased outsourcing of financial aid services?

Methodology

Eduventures surveyed 174 deans/directors/vice presidents of financial aid to capture the information that was analyzed for this custom inquiry report.