Managing financial aid involves navigating complexities such as student aid administration, regulatory compliance, financial concerns, and error prevention, which can lead to delays. If you’re considering outsourcing your financial aid operations, Fame’s Virtual Financial Aid Office is ready to assist. Backed by decades of experience in higher education, we provide expert remote financial aid processing to simplify your operations and support your institution’s success.
Remote Financial Aid Processing Services
Why Use Our Remote Financial Aid Processing Services
With a strong history as a Title IV Third Party Processor, Fame proudly offers the Virtual Financial Aid Office. Our remote financial aid processing services help career schools simplify operations, reduce costs, and minimize noncompliance risks. Our experts also assist in ensuring Title IV compliance, guiding administrators through new regulations, and eliminating concerns about aid eligibility and audits.
Our Remote Financial Aid Processing Packages
Essentials
$$Per Month
Financial Aid Processing Software that allows the school’s FA Staff to perform the following tasks:
-
- Awarding of Federal Student Aid
- Ordering and Disbursing of Federal Student Aid
- ISIR Corrections and Verification
- Integrates with Fame’s Student Information System
- Fiscal Services and Reconciliation
- Automated Enrollment Reporting to NSLDS
- FA Procedures Manual
- Sample File Reviews
- 4 Hours of FA Training
- Support via Fame Help Center
- Compliance Alerts
Virtual Financial Aid Office
$$$Per Month
Everything included in Essential Financial Aid Processing Software, in addition a Virtual FA Officer performing school FA tasks:
- Pre-Enrollment College Financing Plan and Estimated FA Package
- NSLDS Transfer Monitoring
- Student Document Review prior to awarding Federal student Aid
- Review FA SAP Eligibility
- Title IV Credit Balance Determination
- Institutional Calculations and Return to Title IV
- Title IV Refund Processing
- Title IV Audit Reports
- Monthly Bank Statement Uploads and Reconciliation
Virtual Financial Aid Office+
$$$$Per Month
Everything included in Virtual FA Office package, plus Virtual FA Officer working directly with students to perform the following tasks:
- Pre-Enrollment Documents via Secure Email
- Federal Student Aid Application Assistance
- Federal Student Aid Counseling via Phone, Email, and Zoom
- Notice of Federal Student Loan Disbursement
- Secure Digital Signature Request for Required Documents:
- Official Financial Aid Offer
- Verification Worksheets and Documentation
- Remind Students via SMS to Submit Required Documents
What is Remote Financial Aid Processing?
Fame’s Virtual Financial Aid Office provides an ideal solution for career schools looking to outsource some of their financial aid operations. Our services are designed to reduce costs, improve efficiency, and ensure compliance with federal regulations, allowing your staff to focus on other important responsibilities.
Why Should Schools Outsource Financial Aid?
Consider what it takes to deliver an exceptional educational experience for students. As a school administrator, your role is to find ways to enhance student satisfaction and create a successful program with measurable results.
Outsourcing financial aid processes allows you to focus on what truly matters—student success. With a trusted third party managing financial aid, you can concentrate on:
- Speeding up the enrollment process
- Boosting retention rates
- Providing students with valuable resources and support
- Offering an exceptional classroom experience
- Ensuring students are prepared for their careers
- Improving graduation rates
Benefits of Fame’s Remote Financial Aid Processing
How our process works
We will be with you every step of the way.
Simplifies Processing
Our financial aid processing services is a proven platform that simplifies the management of financial aid records and streamlines the processing of financial aid awards, disbursements, and compliance reporting for post-secondary institutions.
Powerful Platform
Our services allow authorized users to access financial aid records and manage disbursements for federal grants, loans, and campus-based awards. These services integrate seamlessly with our Student Information Systems, ensuring smooth financial aid processing and awarding throughout the student life cycle. Additionally, our team of financial aid consultants conducts comprehensive business process analyses to guarantee compliance with regulations and reporting requirements.
See how Fame can help your school simplify financial aid management and support your students' success.
FAQs
What is a third party servicer?
A third-party servicer is an individual, or a state, or a private, profit or non-profit organization that enters into a contract with an eligible institution to administer, through manual or automated processing, any aspect of the institution’s participation in any Title IV, HEA program. [Learn more]
Why does it matter who my third party service provider is?
According to the Department of Education, a third-party service provider is a vendor, contractor, or other entity that provides services or functions on behalf of an educational institution, such as financial aid processing, enrollment management, technology services, or student housing. These services may be outsourced to third-party providers in order to improve efficiency, reduce costs, or to access specialized expertise. However, educational institutions remain responsible for ensuring that the services provided by these third-party providers are in compliance with all applicable laws, regulations, and policies. Additionally, the Department of Education requires institutions to have written agreements in place with third-party service providers to ensure the protection of student data and privacy.
