The 2016 Student Financial Services Policies and Procedures report is now available in the NACUBO online bookstore. This report is based on survey responses from 410 colleges and universities and provides insight into the practices of student financial services (SFS) offices.
The policies and procedures report, a periodic, complementary survey to NACUBO’s Student Financial Services Benchmarking Study, provides data on several SFS functions on campuses, including: student financial services offered, accounts receivable practices, late fee policies, collections and write-off strategies, information on return to Title IV calculations and Veterans Affairs claims processing, and student information systems used at campuses. In addition, the 2016 survey collected data on three special topics of current interest in the field: financial responsibility agreements, student financial literacy programs, and integrated services models in student financial services.
Some highlights of the survey findings include the following:
- Colleges and universities continue to use more electronic options for providing student financial services. For example, e-billing is now mandatory at almost 66 percent of institutions. In addition, e-payment options are available at more than 91 percent of all institutions, and web-based student accounts are available at nearly 94 percent of colleges and universities.
- Nearly 61 percent of institutions ask students to affirm their understanding of their financial obligation to the institution by signing financial responsibility agreements and, of those, nearly 55 percent have students do so once per term.
- Fifty-eight percent of colleges and universities provide student financial literacy education above the required federal minimums (i.e., beyond student loan entrance and exit counseling required for federal student loan recipients).
All staff at NACUBO member institutions and at institutions that participated in the study may access the report for free. Please contact firstname.lastname@example.org for more information. For others, the report is available for purchase online.