Better financial aid for students to better control their educational pursuits
Millions of Americans have one thing in common; a crippling amount of student debt. As of 2012, Americans owed over $1 trillion in student debt. And as of 2020, the amount total surpassed $1.6 trillion that cornered over 42.6 million Americans who filed for unemployment. To tackle the opportunity cost many colleges and universities across the U.S. are adopting Oracle Student Financial Planning.
As part of Oracle Student Cloud, Oracle Student Financial Planning works promising to ease the financial aid process for students. The solution enables universities to give students better control of their educational pursuits by helping them make more informed financial decisions for borrowing.
Students getting financial aid
As costs grew, universities such as the American University of Antigua College of Medicine, Florida Agricultural and Mechanical University, and Lorain County Community College scrambled for this solution to expand access and cut costs. With the solution, these institutions can help students navigate one of the most worrisome aspects of higher education – getting financial information and tools needed to achieve academic goals.
“The financial aid process is often the proverbial front door for higher education and a positive experience has a critical impact on accessibility and affordability for students,” said Vivian Wong, group vice president, higher education development, Oracle.
American University of Antigua College of Medicine (AUA)
AUA is an innovative medical school founded with a mission to serve underrepresented students. With financial aid processing, AUA would be able to streamline and manage its engagement with prospective and enrolled students.
Launching before the start of the Fall 2020 semester, AUA selected OSFP due to its unmatched automation capabilities and ability to boost efficiency and savings for both the university and its students. OSFP empowers AUA to ease the application process, package student aid, originate and disburse loans, and all other required financial aid requirements.
Florida A&M University (FAMU)
FAMU is one of America’s leading historically Black universities, home to nearly 10,000 students of unique backgrounds, experiences, and needs – especially when it comes to finances. With the OSFA solution, the university seeks to modernize the experience for students and staff by going live in the coming months along with an upgrade to the latest version of PeopleSoft Campus Solutions 9.2.
“When students have a complete picture of their academic and financial plans, they can see – and follow – a clear path to graduation,” said William E. Hudson Jr., Ph.D., vice president of Student Affairs, FAMU.
Lorain County Community College (LCCC)
Located in Ohio, LCCC plans to go-live with OSFP later this academic year. The solution will be integrated with PeopleSoft Campus Solutions 9.0, equipping the college with the deepest and broadest set of capabilities to support the student lifecycle, from recruitment aid to financial aid to graduation.
With LCCC’s strong technology foundation, implemented by Oracle Applications Consulting paired with the benefits of the solution, the award-winning college can focus more of its time on fostering the success of its 13,000 student body.