Ellucian provides higher education institutions with a comprehensive suite of solutions designed to reduce student financial uncertainty and enhance student success throughout their academic journey.
We released the Student Voice Report in March of 2024, based on a survey of 1,500 U.S. college students. This report sheds light on the impact financial uncertainty has on student life. The results show that several aspects of the financial aid process weigh heavily on students’ minds, causing negative trends in mental health, declining grades, and even leading to students choosing between paying for college and basic needs like food and clothing.
The Student Voice Report explores key challenges students face in obtaining financial aid and offers actionable steps institutions can take to enhance student satisfaction and boost enrollment.
Key Findings from the Student Voice Report
Students Need Better Access to Financial Aid
44% of students surveyed said they'd switch their top-choice school for just $5,000 more in scholarships. With a third of students surveyed identifying as Pell-eligible, and 56% middle-class, improving access to scholarships and financial aid is crucial to keeping institutions competitive.
Slow Financial Aid Processing Causes Cancellations
Financial aid delays are a dealbreaker for many students. While 22% would consider transferring to another institution after just two weeks of delays in paper-based financial aid processing, 73% would switch institutions if forced to wait four weeks. Given that many schools take up to eight weeks to process aid manually, institutions must streamline their financial aid systems to prevent losing prospective students.
Need for On-demand Student Support and Mobile Access
Today's students expect near-instantaneous support. About 75% of students expressed frustration with the lack of immediate financial aid feedback, while 83% said they valued having 24/7 access to support.
How Ellucian's Solutions Address Financial Concerns, Support Student Success
1. Clear Cost: Personalizes the True Cost of College
Ellucian's Clear Cost solution provides a transparent and personalized overview of the true cost of attending college, helping students make informed decisions. The solution leverages data like student demographics and click-through rates to increase the pool of qualified applicants while improving diversity and enrollment.
Benefits to Institutions:
- Build a stronger admissions funnel
- Increase revenue by attracting more qualified applicants
- Improve staff efficiency with automated student engagement
- Quick implementation and fast results- institutions can expect value within 60 days
2. Campus Communicator: Simplifies Financial Aid Communication
Campus Communicator delivers personalized, student-friendly financial aid and enrollment information. The solution uses digital templates to guide students through financial aid processes faster, such as easy to understand actionable financial aid offer letters.
Benefits to Institutions:
- Automate communication, reducing staff workload
- Provide students with clear, easy-to-understand financial aid information
- Enable self-guided, student-centered experiences
3. Student Forms: Streamlines Financial Aid Workflows
Student Forms automates financial aid processing, ensuring faster and more consistent workflows. The solution reduces compliance risk while enhancing the student experience by offering an on-demand, mobile-friendly portal for document submission.
Benefits to your Institution:
- Increase completion rates with guided form-fills
- Improve efficiency by automating communications
- Reduce compliance risks with consistent processes
4. Scholarship Universe: Connects Students with More Vetted Scholarship Opportunities
65% of students want help finding more winnable scholarships. Scholarship Universe helps students find and apply for scholarships more effectively by matching them with relevant opportunities. With Scholarship Universe, institutions can streamline scholarship management to ensure more students receive the financial support they need.
Benefits to Institutions:
- Maximize student engagement with adaptive scholarship matching
- Streamline scholarship reviews and maximize awarding
- Close financial aid gaps by increasing access to vetted external scholarships
5. Virtual Advisor: 24/7 AI-Powered Financial Aid Support
80% of college students expect their digital experience to be personalized. Virtual Advisor is an AI-driven assistant solution that provides students with real-time, personalized support for financial aid and enrollment questions. With a vast library of 850+ questions, this virtual assistant offers 24/7 support in over 100 languages, ensuring that students always have access to the help they need.
Benefits to Institutions:
- Offer 24/7 support, easing the burden on staff
- Improve student satisfaction with instant responses
- Leverage analytics to gain insights into student needs and satisfaction
Ellucian's solutions for Student Financial Success are designed to meet the changing needs of today's students and to help institutions remain competitive. The Student Voice Report highlights the importance of addressing financial uncertainty as the primary barrier to enrollment and retention. By adopting modern, efficient financial aid solutions and student support tools, institutions can boost enrollment and retention, increase on-time completion rates, and enhance overall student success.
