Following up on financial aid awards: Strategies for putting students at ease and moving them toward enrollment

Recently on a campus, the topic of following up with students after they receive their financial aid awards arose. Whose responsibility is it to follow up? Should the call originate in the admissions or financial aid office, or perhaps we should “wait and see” who calls us? My response was simple: Follow-up with a student should be our first line of offense. Use your financial aid awards to put your best foot forward with families.

The college selection process is challenging for young people and their families, particularly for those going through it for the first time. Financing a college education is one of the great hurdles they face. Most people are uncomfortable discussing their income and financial situation, so they are hesitant to bring such questions to the forefront.

Because this topic is difficult for students, campuses must take the opportunity to reach out to them. Regardless of the cost of your institution―whether you are a low-cost college or university or a $50,000 institution―financial aid outreach is important. Without adequate follow-up, you may be doing your school a disservice. There are several reasons to initiate this follow-up in order to capitalize on your opportunity:

• Most students are not sure what they are looking for in the college selection process. Because many colleges struggle with what I call PODs (points of distinction), students are unable to see the differences in their choices.
• There’s a tremendous amount of pressure from parents, friends, counselors, pastors, etc., to make the right choice.
• Sometimes there is no clear return on the financial investment for college choice.

The first goal is to determine who should make these follow-up phone calls. Ideally it will be the staff person closest to the student/family at this point in the selection process, so I recommend the admissions counseling staff should own this task.

The next step is to determine the goal for the phone call. You are trying, first and foremost, to explain the financial aid award. The admissions team should feel comfortable explaining the general components of the financial aid packages, including scholarships and grants, self-help (loans), and work-study programs. The call should walk the student and/or parents through the award package line by line, highlighting the investment the institution has made in the student (through scholarships and grants) and reinforcing the idea that by taking out a loan, the student is investing in themselves and their future. You should feel positive about helping students over the financial aid hurdle. They should hear the enthusiasm in your voice.

Keep in mind, however, that admissions team members are NOT financial aid counselors. They should know when the questions go beyond their comfort zone. Mention of “the farm” assets or loss of parental income is hands-off territory, and they should warmly refer those types of issues to financial aid professionals.

The second goal to a successful financial aid follow-up call is qualification. You are trying to qualify a student’s interest on two fronts. First is the student’s interest in the campus: Where are you on their list of campus choices? Are you first, in their top five, or not in the top 10? This probing allows you to see how you can move up their list. Second is the student’s general reaction to the financial aid package. Every student will ask for more aid, but the goal is not to hand out more aid. Instead, you are trying to assess how your offer compares to others they’ve received and whether there’s enough aid to help the student enroll.

The final step for the financial aid outreach call is to provide next steps. Each campus varies, but this could include instructions on sending in the enrollment deposit or other steps to confirm the student’s intentions to enroll.

If you follow these key steps, you are well on your way to lowering student anxieties about financial aid in the college selection process. Not only that, but you may gain an edge over competing campuses by putting students more at ease and cultivating a relationship with them.

Have any questions about these strategies and how you can best communicate with students about their award packages? I am happy to talk with you. Feel free to e-mail me or leave me a comment.