What if I told you there was a way to lower your institution’s compliance risk, decrease in house call volume and improve the student experience? Not to mention, reduce the workload of your financial aid staff and improve the productivity of the office. College Aid Service’s remote student verification service, called I.S.S.A.C., can help you with these goals. With I.S.S.A.C., staff will no longer be responsible for collecting required documents, managing and completing the verification process. College Aid Services conducts verification processing off-site, which allows your staff to tackle the important tasks at hand – helping students and families.
According to the 2019 NASFAA benchmarking survey, the average number of full-time employees in financial aid offices across the country is 12.5 with about 2.4 employees available per 1,000 financial aid applicants. In other words, there is not enough time to do everything that needs to be done. Fourteen percent of financial aid offices have already outsourced verification processing with another 18 percent exploring their outsourcing options.
College Aid Services provides a remote verification cloud-based solution, called I.S.S.A.C., that focuses on Integration, Student Success, Audit, and Compliance. I.S.S.A.C. is personalized to each institution and its business practices, then implemented with a strategy that will lead to success. We not only want you to remain in compliance, but we also want to see you improve your yield and graduation rates.
So, How does I.S.S.A.C. work?
A dedicated team is assigned to each institution to complete verification year-round, which allows our partners to complete the verification process and award and disburse funds faster. The process is simple:
- I.S.S.A.C. provides students and families with a seamless solution to complete, e-sign and submit all required verification documents in a secure and user-friendly environment. We communicate with students and families about the documents needed for verification and how to complete their specific requirements.
- Students and families complete and submit their required documents through this secure portal. When documents are uploaded to the portal, students and financial aid staff will be able to access and view the documents. Record retention standards are met with various methods to view and obtain files from the portal.
- Once the student/family has submitted all documents, our qualified verification specialists will review each file. Our teams are comprised of several verification specialists and a team leader who monitors the progress and conducts quality assurance.
- Once the process is finalized, financial aid counselors can move forward with awarding and/or disbursing funds to students and families.
For institutions that are not ready for the full I.S.S.A.C. suite, College Aid Services also offers a remote verification service. With the remote verification service, our teams utilize the current process in place and completes verification as an extension of your office rather than through our student portal.
Interested in exploring your outsourcing options with College Aid Services? Contact us at info@collegeaidservices.net or by phone at toll-free 833-GETCAS1 (833-438-2271) to discuss how we can enhance your verification process.