Focusing on financial aid leads in a for-profit institution may seem like a waste of time. However, if you choose to focus on financial aid leads you will be able to increase the number of leads that will prequalify and the number of leads that are looking for a program that your University offers. If you are considering focusing on financial aid leads or if you are just now looking at the opportunity of financial aid leads, here are a few things to consider with financial aid lead processing as it pertains to your for-profit institution.
What Are the Benefits of Financial Aid Leads?
The main benefits of financial aid leads is to tap into a sector of students who are looking for answers to their financial issues as well as their educational issues. By tapping into these financial aid leads you are tapping into a group that is looking for financial solutions first. This means that you may not have the exact program they are looking for, but if you have a program that is close to the one they're looking for and there is a financial aid option, you will be able to tap into that lead for admissions.
What If We Do Not Offer Financial Aid Federally?
There are some for-profit institutions that do not offer federal financial aid programs. These federal financial aid programs may include Pell grant, Stafford loans, unsubsidized loans, and special grants run to the federal government. Because of this, there are several for-profit institutions that may feel looking towards financial aid leads is a bad idea. In fact, if the for-profit institution is willing to offer a payment plan for tuition or some other payment options for tuition, then tapping into these financial aid leads may be the best option in building income and in building admissions. The students that are looking for financial aid may not affect looking for federal financial aid or a loan at all. In fact they may be looking for a payment plan that fits with their financial needs. This means that they may be turning down colleges and universities that only offer federal financial aid loan programs while they look for something they can pay for out-of-pocket on a payment plan. If your school or University offers a payment plan, then these are the students you want as a potential lead for your institution.
How Do These Leads Turn into Admissions?
Leads are looking for a financial solution prior to looking for an educational solution, may in fact turn into admissions quicker than those students who are looking for a particular program. For students who have the money and are looking for particular program, they will tend to turn down the admission if the University does not offer what they are looking for. However, for a student that is looking for financial solutions first they are more flexible on what type of program they enter. For example, a student may be interested in criminal justice but your school may not offer that program. However, if your school offers paralegal and a financial solution for the student to obtain their paralegal degree, then that admission process may be simpler.
Regardless of the type of financial aid the students looking for, if your school is aligned with federal financial aid or if they offer some type of payment plan, then the financial aid lead may be the best way for you to build admissions while increasing the leads for potential semesters.