Miss our recent report release from NASFAA’s Benchmarking Task Force? In October 2014 the task force was convened by Chair Dan Davenport, University of Idaho, to discuss what data would be useful to financial aid administrators seeking benchmarks for office operations and to determine the frequency of how often said benchmarks should be collected and compiled. In March 2015 this group submitted its final report to the Board.
“NASFAA’s benchmarking surveys are of the utmost importance because they allow us to get firsthand perspective from members about what is happening in the field--and how our specific aid office operations compare to peers,” said NASFAA National Chair Eileen O’Leary. “Beyond that, they allow us to see how prevalent trends may be across sectors, regions, and institution types.”
The task force initially divided into three groups in order to review benchmarking needs for internal management of the aid office, examine benchmarking areas to highlight the aid office to other parties on campus, and decide whether a survey of the NASFAA membership was needed.
The task force conducted a survey to ensure that the most useful operational data was indeed being collected as part of NASFAA’s benchmarking efforts. Following the survey, the task force recommended that NASFAA restructure its current benchmarking efforts to include data in three areas:
1. Administrative Capability - These benchmarks will help financial aid professionals manage the internal operations of the financial aid office. This area includes topics such as salary, staffing size and training.
2. Outsourcing - These benchmarks will determine how outsourcing has been or will be used in financial aid offices.
3. Financial Aid Office Campus Relations - These benchmarks will look at what tactics are being used to establish positive relationships on campus and the success of those tactics.
NASFAA’s Board of Directors voted in March to approve the recommendations of the report without changes.
In addition, the task force recommended ways to gather perceptions of college presidents on financial aid administrators.
The Benchmarking Task Force is comprised of the following members:
Publication Date: 5/13/2015