New Short-Term Loan (STL) Application Offers Many Benefits (December 5, 2019)
On December 5, 2019 a new and improved custom Short-Term Loan (STL) application for students was released. Developed in collaboration with students, this update benefits students by enabling the application process to be handled almost entirely online.
The benefits for students:
- The application process will be handled almost entirely online, with the exception of signing the promissory note and picking up the check.
- 24/7 availability to apply and request deferments.
- After submitting a STL application via the app, students receive an automatic pre-qualification or denial because the software calculates what is entered and retrieves Financial Aid information from Campus Solutions (CS) to determine eligibility.
- Deferments are processed automatically and can save students interest and late fees that would otherwise have been incurred in the old application.
- Students can edit their information or delete employer(s) if they have more recent employment.
- Students will receive a five-day reminder that their payment is due for all three installments.
- The STL application is mobile friendly.
- The top of the application page graphically shows student application progress / status.
- When students reapply, their information is saved so they don’t have to re-enter information that was previously provided.
- With daily file processing, students can see payment status to avoid interest and late fees.
- Status tracking features provide transparency in applying.
The benefits for Accounts Payable-Fiscal Services staff:
An enormous amount of time and money saved in the following:
Not having to:
- approve/deny each application due to the new pre-approval process
- contact the Bursar’s Office staff for interest, late fees, deferments, and holds
- do manual calculations of interest and assess late fees
- look up a student’s Financial Aid information in Campus Solutions (CS) to determine qualification
- notify students of approvals and denials
- print out and review paper applications
- process deferment requests
- review and respond to emails on the status of applications
Increased efficiencies by being able to:
- easily customize messages displayed on the application and email templates within the app
- have a copy of daily STL files sent to CS and automatically saved to Box, with notifications sent to Accounts Payable-Fiscal Services and Bursar’s Office staff in a new email distribution list created. This creates an archive for tracking and auditing.
- message the student from within the application
- save internal comments on a loan application record within the application
- save paper for all the forms
- send messages to students through the application, which will automatically be sent to the firstname.lastname@example.org account for tracking and auditing
- reduce the need for students to call about short-term loans
The benefits for the Bursar's Office staff:
- The Short-Term Loan (STL) application will automatically send files via Secure FTP (SFTP) several times throughout the day to the Campus Solutions (CS) server for processing by the new job set created, replacing the former manual process of having to manually grab and process files in CS.
- The Bursar’s Office also plans to use the model for STL job set and processing to process other files received, such as files from the Student Health Center. This will streamline fee processing for their office.
The benefits for the ITS web development team:
- Allows for mobile-friendly interfaces for end users
- Created reusable application program interfaces (API) for future web development
- Developed a new automation process that integrates with CS, as well as using Box API for the archiving process logging that can be reused in future projects
Screenshots from the new Short-Term Loan Application
Tuesday, December 10, 2019