Looking for Ways to Reduce Costs in the Financial Aid Office?

We asked this question in our most recent SLA Flash Survey:

• Please indicate creative solutions your [financial aid] team has developed to reduce operating costs in the financial aid office.

We had over 100 responses which I have summarized into categories below. Feel free to add any other ideas to the Comments section.

Moving more information/processes on-line to avoid printing and mailing costs

• “Implementing online entrance and exit counseling instead of mailing paper forms and having students do MPNs online rather than mailing paper”
• “All award letters are now online”
• “[In] the process of getting everything online”
• “Developed an electronic award review process that will save significant amounts in printing and postage.”
• “Electronic award letters, electronic forms bank”
• “Making award packages available for download on-line”
• “On-line awards thru university instead of servicer”
• “We are creating an electronic financial aid application which will eliminate the postal cost of mailing a paper application"
  

Increased use of email as communication medium:

• “Change most mailings from paper to email”
• “Award and SAP notifications are now being sent by email”
• “Electronic communications whenever possible to save postage”
• “Scan email docs instead of snail mail”

Cross-training financial aid team members/sharing across departments /reorganizing

• “…creating a one stop office concept and will be cross training personnel in offices”
• “Cross-training within the office”
• “Sharing positions with other offices to save overall dollars across campus”
• “We are cross training and keeping operating manuals current”
• “We will be unable to fill 2 position where staff retired.  We have reorganized to better utilize resources”

Use lower-cost training options

• “Look at "in-house" training options instead of conference attendance”
• “…use webinar training instead of conference”
• “Train via webinars instead of traveling, when possible.
• “Online training....inviting several schools here to do training”
• “Take fuller advantage of online training opportunities including webinars”

Optimize travel expenses and conference attendance

• “Carefully dividing office attendance to conferences and workshops”
• “Double up in hotel rooms at conferences”
• “Carpool to any events/training”
• “Limiting travel and replacing face-to-face meetings with a conference call”

Use student staff for certain roles

• “Staff front desk with rotation of student staff”
• “Student/temporary staff assistance for some phone and receptionist services”
  

Reduce paper usage

• “Cut down on paper by printing front to back when possible”
• “No color printing”
• "Green" approach to office procedures”
• “Use of recycled paper”
• “We have moved to a paperless office for 2008-2009 and that has saved us approximately $1,000 in supplies.
• “We use non-confidential scrap paper in our copiers”

Using technology (software/imaging) to create more efficient processes (e.g., “paperless office”)

• “Document Imaging”
• “Document imaging reduces file folder cost.”
• “Preparing to implement an imaging solution so we will be paperless”
  

Change/Discontinue services or processes

• “We used to call prospective students in the spring and notify them that hey had been packaged with aid, offered assistance with website and answered fa specific questions-these phoning nights have been cancelled due to staff overtime and cost of phoning.”
• “REDISTRIBUTING WITHIN THE OFFICE NONESSENTIAL DUTIES”
• “Reducing customer service in person hours”
• “Streamlining processes that are not tied to regulatory items”
• “Possible reduction of service hours--allows smaller staff to process. 
• “Elimination of services such as voice mail when office closed--too heavy workload for time needed for call backs”

Other

• “We are currently setting up laptops with remote access so we can work from home early mornings/Saturdays in order to compensate for the lack of staff.”
• “Going Direct lending - should be a major help to all the "which lender should I go with" counselling.
• “It is rumored that the entire university will be asked not to spend a department's operating budget so that there is some carry-over for the next fiscal year.”
• “Tele-commuting is obviously going to become much more prevalent in the aid office”
• “Looking at all reporting and committees, and trimming down any that are not mandatory per Board of Regents policy.”
• “No overtime”
• “The entire campus is working on saving energy”
• “WE ARE CONSIDERING A REDUCTION IN OFFICE HOURS IF STAFF ARE NOT REPLACED”
• “We are looking at outside sources of funding for our outreach programs”
• “Facebook and my space page to connect better with students”