Every May 1st, thousands of high school students around the United States participate in what is commonly known as “National College Decision Day.” Incoming university students who have submitted their statement of intent to register (SIR) are encouraged to wear their new school apparel with pride and announce where they will be continuing their academic careers. For the majority of U.S. colleges and universities, May 1 is the deadline for students to accept an admissions offer and submit a deposit.
While this is a day of excitement and relief for students and families across the country, it also comes with a certain level of anxiety regarding financial aid. Student loan debt continues to be a serious crisis for American students, with over 44 million borrowers who collectively owe nearly $1.5 trillion in student loans, according to the Federal Reserve Bank of New York.
According to a 2016 University Business survey, 70 percent of university leaders believe that developing new sources of revenue is the most critical challenge facing their institution, followed closely by containing or reducing cost at 67 percent. Higher education institutions understand the funding challenges for students and are tasked with finding solutions to help students navigate cost and financial aid—and, ultimately, drive student success towards graduation.
University leaders are turning to Oracle Student Financial Planning to deliver a more seamless financial aid experience for students by leveraging advanced cloud technology that automates the packaging of student financial aid and directly aligns with regulatory government compliance. Part of Oracle Student Cloud, Student Financial Planning helps advisors match students with their best financial aid options. It reduces the overall time and resources that university staff spend on manual processes, helping them to focus on student advising.
“Cost should not be the gating factor in individuals getting the education they desire,” said Pete Williams, CIO at Butler University, in a recent press release. “With Oracle Student Cloud, we will have the tools we need to improve student success by delivering a more transparent and effective financial aid experience.”
On May 5-8th, the Western Association of College and University Business Officers (WACUBO) kicks off its annual conference in Vancouver, Canada. This conference offers university leaders a chance to explore new solutions and learn about what their peers are doing to address today’s challenges. Conference attendees can also earn continuing professional education (CPE) credits for qualifying sessions.
In addition to the conference program, higher education leaders will have the opportunity to connect with technology advisors at the business partner showcase. Oracle will be exhibiting at WACUBO at booths 208 and 210. We invite you to drop by to take a look at Oracle Student Cloud and see how it can help reduce the administrative load on financial advisors, and find the best fit for students.