Proposal for Electronic Fund Transfer for Financial Aid Disbursements
Introduction
Statement of the Problem
Information regarding financial aid disbursements is not available on the University’s Financial Aid web page. Many students are without information regarding the financial aid award disbursement process and are advocating incorporating an Electronic Fund Transfer link on the University’s Financial Aid webpage
Objective
This proposal examines the problems regarding financial aid award disbursements from the view points of the students. It then offers a plan to provide information and an alternative method to provide a fast and secure way to receive financial award disbursements.
Sources
My information comes from interviews with students, my own observation for two years as a student, and through research of several University’s Financial Aid Disbursement procedures.
Statement of Problem
Many students including myself find that the financial aid administration which is responsible for administering portions of the Federal and Institutional student loan programs were helpful and informative with procedures such as; billing, promissory notes, authorization of deferments, and cancellations. However, found information of the financial aid disbursement process not readily available. Furthermore, the methods in which students receive their financial aid award disbursements are time consuming and inconvenient.
Students frequently have to begin the semester without their books, unaware of when they will be receiving their award monies. Several students are behind in their payments for off campus housing and are unable to exceed academically because of financial stress.
Need
The University’s students need a webpage devoted to disbursements under the institution’s Financial Aid web page which includes a link for Electronic Funds Transfer, so the students may have direct deposit of their financial aid award disbursements into their banking accounts.
Body
Proposed Plan
The proposed plan include a website to inform student’s of the financial aid disbursement process which includes an option to receive disbursements via an Electronic Funds Transfer (ETF).
Methods
The Financial aid Disbursement process is automated. As a service to your students, provide students with the option of receiving their disbursement through the U.S Postal service, or through direct deposit which is a faster method.
ETF
The Electronic Funds Transfer (ETF) method is a fast and secure way to receive your financial aid proceeds. It takes approximately one business day from the date of disbursement to secure students’ funds into their checking account. The University would then send the student a receipt of the deposited disbursed award amount.
Feasibility
The proposal for additional web links under the Universities’ Financial Aid web page which would include information regarding financial disbursements and an Electronic Funds Transfer option link is definitely feasible. The goal is to improve student and customer satisfaction. Universities are being recognized for improving their technology to better serve its students across the country. The University of Florida Financial Services office disburses financial aid awards three times a week. By the End of the second week of classes, we have dispersed over eighty percent of the financial aid awards. We are recognized for our fast and efficient service to our customers and we strive daily to improve our services (ufl.edu). Financial services representatives “believe that it is the student’s choice to receive their refund through this method of disbursement.”
Benefits
Improvements to the University’s Financial Aid web page will improve communication between the institution’s students and its faculty. Improving the University’s Financial Aid webpage by providing information regarding disbursements, and providing students with the option of receiving their disbursements via direct deposit, will demonstrate a serious commitment to improving student services.
Conclusion
In conclusion, I propose Ashford University to provide information regarding financial aid disbursements under its Financial Aid website. Furthermore, also provide an Electronic Funds Transfer link as a service for the institution’s students and customers.
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