Here are the complete survey results: Download DL_Transition_Survey_May2010
Here is a summary of the survey of over 200 financial aid administrators:
- Overall, 83% of respondents rated their level of satisfaction as “acceptable” or higher when it came to their direct lending implementation process to date.
- 16% indicated they were "very satisfied", 31% were "satisfied" and 36% rated their experience to date as "acceptable"
- Among the most popular financial aid management systems (FAMS), respondents were least satisfied with PowerFAIDS with 67% of respondents rating their satisfaction as “acceptable” or higher while Banner (91%) and DataTel (90%) received the highest ratings.
- Home-grown systems also showed low levels of satisfaction (69% rated their experience as "acceptable" or better)
- Graduate programs had the lowest level of satisfaction with only 50% rating their implementation experience as “acceptable” or higher.
- Over 1/3 (35%) of participants have requested additional technical resources to assist in their implementation
- While six out of seven requests have been granted, 30% of requests have not received an answer yet
- In terms of confidence level, survey participants were:
- Most confident that they would be able to process Direct Loans by July 1st with 89% being very confident (50%) or confident (39%) that they would accomplish it by the deadline
- Least confident that parents and student borrowers would understand the process changes with only 21% being “very confident” and 58% being “somewhat confident” that they could navigate the shift to Direct Lending
- Over 80% of schools have completed these steps to prepare for Direct Lending, with only 16% hiring a consultant:
- Participated in DL webinars
- Reviewed Department of Education’s Direct Lending website
- Developed communication strategy for parents and student borrowers
- The three most valuable resources for survey participants were peer/mentoring relationships, Dept. of Education (website, webinars and customer service "point of contact") and software vendors