Why It is Better to Outsource your Financial Aid Programs

Submitted by: Ronda Dolan, Senior Sales/Client Relations, Financial Aid Services | Genesis-SMSS

Outsourcing has been a long practice for most companies, but the onset of the Internet has allowed it to bloom and become bigger as the years go by.

If you want to be on the advantage when it comes to your school business, we recommend finding the right outsourcing company who can provide you with extra help in administrative areas such as Title IV (Student Financial Aid) processing.

Here are some reasons why outsourcing your Financial Aid Processing is a good thing for your school:

Cost-effective

During the last couple of years, the outsourcing industry is consistently surprising those who work in Wall Street. Outsourcing firms like Tata, Wipro, and Infosys all went above and beyond their expected earnings. IT firms usually benefit from the outsourcing set-up due to the reduced nature of the costs that are required. Higher Education Institutions usually are strapped already in their budgets, so outsourcing gets them quality processors and experts who know the Federal Regulations without the high salary and overhead.

Timeliness

With a high-speed internet and the number of programs and software available, telecommuting is easier than ever. Becoming connected allowed those working from one part of the country to communicate with someone 7 states away. Outsourcing companies tend to work during the same hours as your school office does to ensure that the work is done in a timely manner. Often, people working in an outsourced company can deliver your goods within record time, giving you a better chance to focus on the things that matter to your school.

Because hiring outsourced help is relatively cheaper, you get to hire multiple people who can do the job of one, making it easier and quicker to finish the task at hand.

A Positive Change in Operations and Stability

Change is always a good thing and for companies who spend too much time doing a certain task that isn’t the life blood of the company, outsourcing is a great option for them to make the work process easier to handle. Those working in a College may choose to outsource work so that they can continue to focus on the core school processes like counseling or teaching and placing their students. Many small tasks can be easily passed on to outsourcing companies who already understand the entire system they are handling.

When key school staff leave the school for extended times or permanently, your outsourced partner can pick up the slack and will know the moving parts in the key staff’s absence. This is crucial in preventing work stoppage and even non compliance.

As you outsource with hands-on companies, you will also see an increase in the knowledge base for your school. It’s a two way street in such a way that you’re learning practices from another company and you are helping them know more about the work that you do to create even more beneficial relationships going forward.