Today more and more compliance conscience leadership of postsecondary educational institutions are realizing the many benefits of outsourcing their Federal financial aid processes and compliance oversight. The basic reason for this is, that by outsourcing their financial aid operations institutions can receive significant cost savings, expedite student funding, and be assured that the administration of their Title IV funds is compliant with Federal regulations. The student’s funding needs cannot be put on hold and errors made in this area can delay or prevent adequate dollars, damage student relationships, and even affect important financial decisions by the institution that are planned several years in advance.
There are several key advantages to outsourcing these administrative and financial functions. The institutions can save in many areas including staffing and labor management costs, recruiting, training expenses and outsourcing allows for greater quality and efficiency and provides access to functional expertise. By using an experienced Financial Aid Servicer, it allows institutions to take advantage of experienced, trained professional financial aid staff and have the opportunity to access up-to-date technology and improve the management of their funding sources for a fraction of the cost of internal operations.
Thus, it is not surprising that many operation leaders are looking to outsource their financial aid administration and the management of their student funds. Today, outsourcing is recognized as an effective management tool and institutions are now incorporating outsourcing as a strategy in their overall fiscal planning.
FAME, a forty-two-year-old company and the largest third-party servicer providing financial aid processing and consulting in the country, offers a unique “total management” approach to administering Federal financial aid and student loan servicing for post-secondary institutions nationally and internationally. Since 1978, FAME has provided a consistently high quality of service and has processed over $3.5 billion in Federal student aid funds while servicing the needs of postsecondary institutions.
FAME is committed to strict compliance with Federal, state, and accrediting agency regulations. In today’s atmosphere of increased Federal examination, our large professional staff provides clients with a consistent awareness of the rules and regulations to reduce the institution’s exposure to financial liability and assure fiscal soundness. Over the years, FAME has forged positive relationships with key personnel at the Federal, state, and accrediting levels as well as powerful relationships with industry providers. Combining our own expertise and drawing from these alliances, we deliver effective solutions and positive results to our clients. Our management team has an average of 25 years of financial aid and student loan service experience combined with a strong history of training, business, and technological accomplishments.
FAME’s suite of services and products include Federal Financial Aid Consulting & Processing, Financial Aid Training, and Web Based School Management Software.