BEACON INSIGHTS

7 Steps to Avoid Surprise Calculation & Budget Plot Twists

by | Oct 22, 2024 | Platform Transitions, Policies

Make It a Blockbuster Move.

Despite similar characters, formulas are not all scripted the same.  

Switching financial aid platforms could turn into a plot twist you didn’t see coming. Each platform has its own unique methodology, and without careful planning, these differences can significantly alter the story of your families’ calculated capacity to pay and impact your budget.

We are sharing six scenes (+ a bonus!) scripted to help you successfully move financial aid platform:

CURRENT PLATFORM

Assess Award Distribution

Evaluate your FA distribution by income level, family size, and assets/liabilities.

Are your current platform’s formula levers adequately dialed in to support returning families?

CURRENT PLATFORM

Analyze Expense Levers

Check your current platform’s expense levers against actual family spending.

Evaluate and confirm these settings and protocols in use for their viability.

NEW PLATFORM

Configure New Levers

Select a group of current folders. Identify the lever and setting configurations available in the new platform to support this group, which 1) Prevent any significant calculation or budget impacts and 2) Can be carefully applied based on your program goals.

NEW REVIEW PROCEDURES

Update Policy Guide

Create or update an internal financial aid policy guide for your school.

Include details about new vs. former platform levers and your protocols.

NEW REVIEW PROCEDURES

Create a Review Checklist

Establish an internal folder review checklist. Outline the review steps to support fairness and consistency across all applicant assessments. Include specifics about where and how revisions are made in the applicant folder.

NEW PLATFORM

Get User Training

Learn the new platform before opening day and become comfortable working in it before applications roll in.

Know how to efficiently navigate the system and use its tools, messaging, reporting, etc.

Bonus Scene: Let Mission Enrollment Help You

With Mission Enrollment’s Platform Transition Program, you’ll have a seasoned director taking you scene by scene through the transition to ensure formula levers are calibrated correctly with policies and review protocols in place. Reserve your seat today to produce a smooth financial aid season ahead.