If you’re considering whether to make a change, consider these important questions when evaluating a Third Party Servicer
If your team is stretched thin by managing Title IV financial aid processing, or concerned about compliance risk, it may be time to explore a new approach and the possibility of partnering with an established Third-Party Servicer.
At Global, we partner with institutions to streamline and strengthen their financial aid operations and processes – from verification and packaging to ongoing Title IV compliance oversight – so your staff can spend more time supporting students and focusing on student success.
Consider these important questions when evaluating a Third Party Servicer:
- Is Your Growth Supported?
Higher education institutions that are growing – adding new programs, increasing enrollment or reaching more online students – need a financial aid servicer that can scale with them and support growth without disruption. Colleges should look for a partner that offers updated technology and operational flexibility to adapt to growing needs.
- Are You Benefiting from Technology Updates Every Year?
Is your software regularly updated and released in a timely manner? Title IV compliance requirements and federal regulations evolve quickly, and your team needs to ensure they are keeping up. Global releases technology updates at least four times a year to make sure clients are always in compliance with the latest regulations.
- Is Client Service Meeting Your Expectations?
Are your questions answered and problems resolved in a timely manner? A timely response matters. If your staff’s questions and issues aren’t resolved promptly, your workflow can slow down. In addition, when your staff has to wait too long for issue resolution, student service can be affected. A responsive servicer who answers the phone, resolves issues promptly and empowers your team to focus on student service makes a real difference.
- Are You Double Checking a Servicer’s Work?
If your team spends too much time reviewing a servicer’s work, you may need a clearer and more accurate process in place. Errors or reporting delays can indicate issues with accuracy or compliance. The right partner should lighten your workload and provide a strong foundation for compliance and reporting.
- Do You Have Compliance Concerns from Audits?
You and your staff need to know all your financial aid processing work is in compliance with complex and ever-changing federal regulations. Having a servicer that can expertly meet regulatory compliance concerns on your behalf can bring you peace of mind and a well-managed process. If you feel uncertain about regulatory alignment, we offer a robust compliance infrastructure and deep regulatory expertise.
- Do You Need the Option for an Online Student Portal?
Global’s portal, known as SAINT Student supports your online student population and can streamline the financial aid process for ground and hybrid student populations as well. Improving the application process for students streamlines your operations and keeps students informed about the process.
Making the Switch
Switching financial aid servicers can feel daunting, but comparing service levels across providers can help ensure you’re getting the best return on your investment and the right help from a new servicer. Our team is here to talk through the steps to make this change with the least risk and outline the level of support you will receive to ensure a successful new partnership.
Global Financial Aid Services has been service oriented and compliance tested since 1996. We would be thrilled to talk through your questions and to understand your concerns.
If you’re currently evaluating options for a third party solutions provider, please reach out to us at https://globalfas.com, or contact Chesa Donovan, Executive Director of Business Development, at 228.523.1797 or cdonovan@globalfas.com