5 Benefits of Partnering with the Right Third Party Financial Aid Servicer

Student financial aid is no one’s idea of a picnic. Even the most devoted employees of a school’s aid office sometimes get burned out, and no wonder. 

The total loan volume for Federal Direct Subsidized Loans during the 2020-2021 year was $16.5 billion. It was $45.5 billion for Federal Direct Unsubsidized Loans, $1.1 billion for work study, $26.5 billion for Pell Grants … and so on. 

That’s a lot of money flowing through the system, which puts gobs of stress on you and your team. That’s why so many financial aid offices are partnering with third party servicers today. Here are five reasons you should do the same!

1. Keep Your Financial Aid Processes Moving Smoothly 

More than 85 percent of higher education students receive some form of financial aid, representing more than 17 million FAFSAs (Free Application for Federal Student Aid). Managing that kind of volume is tough and it’s easy to get bogged down. A FAFSA consultant can measurably reduce the load by identifying processes to reduce bottlenecks and keeping students moving through the process. 

2. Tailor Your FA Services to Your Needs 

Not every university has the same needs, so out-of-the-box solutions often don’t work. A financial aid consulting company can help you create a system that works for you, tailored to your unique student body. 

3. Speed Up File Processing 

Not only do you have to decide where all that money goes, you have to process each file in the relatively short timeline students expect (a matter of weeks) and then document all decision making. 

It’s enough to make anyone want to bury their head before the start of each term, which is why increasing numbers of schools are partnering with third party financial aid servicers. A knowledgeable provider will help ensure you turn your files around in 2-3 days for standard applications.

4. Stay Up to Date on Changes 

Big changes are coming to the FAFSA in hopes of simplifying it for students and financial aid offices. In the short term, however, all changes create more havoc. Experts can help you integrate these changes quickly and without fuss into your current systems.

5. Automate, Automate, Automate 

We all know automation can help make life simpler, but getting there isn’t always easy. Creating a  system from scratch or customizing a packaged software system takes time, and an experienced  third-party financial aid solutions provider can do that for you! 

Get the Help You Need Today … and Every Day 

Need some help finding the right financial aid solutions so you can keep funding higher education without losing sleep? FA Solutions is here to help, offering consulting, staffing and third party processing to smooth your workday and support enrollment at your university. 

Our motto is "A True Extension to your Financial Aid Office," and that’s exactly what we seek to provide to all our clients. Want to learn more? Please feel free to check out our services or get in  touch today.