Student Financial Aid Essay
Refunding federal student financial aid electronically
The student financial aid office is recommending the students to be using Electronic Fund transfer because it’s the best way to make sure the funds are received in the best time frame. If the direct deposit on cash has not been made a refund check will be made. The student financial aid department continues to Support School to use these electronic records. The education department is trying to give more clear directions and procedure on how to give refunds to the student electronically so as to improve efficiency.
A refund is giving back repay or restore. The students who their balances are in credit are supposed to receive these funds. Writers who offer quality assignment help at Edudorm essay writing service notes that there are many ways for a student to receive these refunds. Most of the universities send these refunds by use of the check. This research will explain how we can improve on refunding the student financial aid. An option of refunding student electronically will be evaluated as it is said to be quicker, saves cost like postage.
Analyzing the resources needed for the student financial aid project at a high level and why these resources are critical to the success of the project.
Most colleges are interested to move to electronic transfer but the main issue is how to comply with rules and regulation of this method. There is a number of the main requirement of using the electronic transfer. Some of these requirements are;
1. Authorization purpose: Authority is a requirement by the financial protection bureau in order to make sure the information given is approved by management office. The purpose is to make sure that when refunds are done electronically the rights and responsibility of the primary customer is been protected when remitting funds. Before a college can perform any activities, receiving authorization of either a parents or student is mandatory. When funds disbursement are done through electronic transfer to selected banking institutions by the student in order to pay allowances which may be charged apart from school fees, tuition money or the room bookings if there is some agreement with school management.
2. Definitions and access; every student will be given a specific card with secret code or pin numbers to make sure he or she is the only one who has access to his account used for the refund. Through the electronic process the institution will be able to give relevant information by giving instruction to the student on the website to visit. Experts who offer academic writing service at Edudorm indicates that every student will be sent some notification via email so as to be able to access the website. The student will create student account on the website and will be accessing all the required information and in any changes, they are notified through emails so that they can visit the website and get the news in details for example to download the fees structure, view the examination result and much more (Tsalgatidou, 2001).
3. The internet connection; there must be an internet connection to ensure the service run smoothly. The student notice must identify specific information which is needed to be disclosed. The Internet provides the email address and the information will be gotten. In a state where a request of a student is entitled to a photocopy, student will be informed how to get the copy. In a case of a confidential information acknowledgment and approval will be required by use password changes, access revocation in case of unsuccessful log-ins and track of entry-point, audit surveys, and some code access for security in order to limit fraud.
4. Coverage; the electronic transfer account can be accessed by the student wherever he is. It can be operated from all the electronic and magnetic devices, for example, ATM machine for the convenience.
Why these resources are critical
It is very difficult to achieve the above requirement as it is not very easy for every student to have an account unless the opening of this account is made free. It was indicated that mode of electronic transfer we are can handle, some issues which are unnecessary your account. Authors who offer cheap assignment help at Edudorm essay writing service points that the electronic fund transfer can be authorized by the third party in order to initiate the electronic transfers between an account of the student and the bank acting as the third party. Some transfers may make payment and may be at one-time occur as directed. This transfer uses clearing house for networking (Davenport, 1998).
The premature authorization on credits may be done and student loses his money. Sometimes this authorization may appear recurring without knowledge of the student. There may be also a problem of electronic conversion when checking
There is also a challenge of late disbursement by the student. In case a student has finished the period of enrollment the college will pay or offer a late disbursement to the beneficiary. In a situation where a student has withdrawn back in time of payment some procedures will be followed and the rules and regulation must be applied to pay.
Challenges in getting the resources assigned to the student financial aid project after resources are shared with other departments within the business.
The student financial aid project management will definitely work closely with another department like information technology department, finance department and much more. There are a number of challenges or constraints which have been associated with the project, some of these challenges have been discussed below.
1. Financial challenges.
These are challenges which are faced by a company due to lack of sufficient funds to finance its projects. Our student financial aid project is to divert from giving student refund by use of check and start making these payments electronically. The whole project needs a bit of cash to finance. The finance department needs to give sufficient fund to Information technology department in order to buy all the required materials like wireless connections, computers, and any other gadget which is necessary for electronic fund transfer to operate smoothly (Kirby, 2004).
2. Technological changes.
The technology is changing every day and to cope with these changes it will be a requirement to employ qualified personnel with required technical skills. It will be a huge challenge to get the required personnel to run this student financial aid project without failure. Tutors who offer assignment paper help at Edudorm essay writing service acknowledges that a lot of software installation and an update will be required and this will cost the company a lot of time and finances to have all technical requirements. There must be a technology connection between the school and the bank who will be acting as agents.
3. The challenge of maintaining reputation.
It will be hard to maintain the reputation of a company in case the funds get lost. In our case, student money may be lost in the system and the reputation will be destroyed. Some employees may hack the internet and steal the money in the account before the school can make a strong base system.
4. Improper service delivery.
The most institution will not be able to offer the same services as before because most of its personnel and effort have been targeted to the project on hand. The main goal of a school is to give best in learning not to offer the best banking facilities. If the management of a school put more emphasis on this student financial aid project it will affect in its core goal in its service delivery of proper education.
5. Lack of proper employees.
The company department of human resource needs to employ more staff in order to meet the new by the institution to learn smoothly. The school will employ more Information Technology (IT) staff so ass to conjunct between bank and school finance department. If a proper hiring of expertise will not be done there will be a problem in the student financial aid system and it may lead to huge loss in the entire institution.
6. Political challenges.
Most institution of higher learning are owned by the government and some of the political agenda may arise as some members may view it like school is being diverted from offering education to a banking sector as there is a close conjunction between the bank and the school finance department by use of the electronically generated system/
7. Social and cultural beliefs.
Some culture may not accommodate what is being done by the school as some culture does not believe in banking.
References
Davenport, T. H. (1998). Successful knowledge management projects. MIT Sloan Management Review.
Kirby, D. A. (2004). Entrepreneurship education: can business schools meet the challenge. Education+ training, 510-519.
Tsalgatidou, A. &. (2001). Business models and transactions in mobile electronic commerce: requirements and properties . Computer Networks, 221-236.
