Navigating The Mass Exodus of Financial Aid Professionals
In recent months, the higher education sector has been grappling with a significant challenge: a mass exodus of financial aid professionals. This trend has left many colleges and universities struggling to manage their financial aid offices effectively, impacting their ability to support students.
The departure of financial aid professionals has reached a critical point. According to a recent survey by the College and University Professional Association for Human Resources, over half of financial aid professionals are likely to switch jobs within the next year[1]. This trend has been exacerbated by the COVID-19 pandemic, which has led to increased workloads and burnout among staff.
One notable example is Bellevue College, where the director of financial aid, Christine Taylor, has been struggling to manage her office with a significantly reduced staff. Despite efforts to fill vacancies, including hiring from non-traditional backgrounds, the college continues to face challenges in meeting the needs of its nearly 20,000 students[1].
The staffing shortages in financial aid offices have had far-reaching consequences. Many institutions are finding it difficult to process financial aid applications in a timely manner, leading to delays in disbursements and increased frustration among students and parents. The recent rollout of the new Free Application for Federal Student Aid (FAFSA) has further compounded these issues, as financial aid offices are inundated with questions and complaints[1].
For example, the National Association of Student Financial Aid Administrators (NASFAA) has reported that some colleges have had to outsource their financial aid operations to third-party providers due to the lack of qualified staff[2]. This outsourcing, while necessary, often comes with its own set of challenges and costs
[1]: Inside Higher Ed, "Financial aid officers are burnt out after FAFSA fiasco," May 31, 2024. [2]: NASFAA, "The Last Straw for Weary Financial Aid Officers," May 31, 2024. [3]: Best Practice Solutions, "Services Overview." [4]: Best Practice Solutions, "Interim Staffing."
References
[1] Financial aid officers are burnt out after FAFSA fiasco - Inside Higher Ed
[2] NASFAA | ‘The Last Straw’ for Weary Financial Aid Officers
[4] Services Overview — Best Practice Solutions