Evaluating a New SIS? Make Sure You've Checked All the Boxes
The student information system (SIS) market is on the precipice of immense growth: an estimated $8.73 billion from 2022 through 2027, with North America contributing 31% of that increase. And while these numbers represent both K-12 and higher education, it’s expected that the higher education segment will contribute much of the growth.
Following years of stagnation in the SIS market, it’s no wonder that colleges and universities are beginning to explore alternative options. Legacy systems, some in place for 20+ years, are hindering institutions’ abilities to deliver the consumer-oriented experiences today’s students expect. And given that these systems were implemented before this year’s incoming freshmen were even born, it’s no surprise that they are struggling to deliver the experience today’s students expect. Newly-developed cloud-based solutions promise to bring new and innovative capabilities to colleges and universities, while many legacy providers are not only improving their tried and true functionality but also moving their SIS to the cloud to offer greater agility and more modern experiences.??
Why Institutions Replace Student Information Systems
It’s a big decision to replace your SIS. After all, the student information system touches virtually everything student-related on campus, and can, in fact, influence a student’s experience with the institution, positively or negatively. Replacing a student information system, especially one that’s been in place for decades, is a massive undertaking filled with risk and uncertainty, not to mention massive costs, significant time, and countless resources to ensure its implemented and used appropriately.?
But changing student demands, the desire to improve access to SIS data in support of strategic decision-making, imperatives to modernize the campus, and the need to easily integrate with other systems on campus often prompt campus leaders to explore their options. Aging SIS technology simply can’t keep pace with modern student needs, and institutions that ignore the call for change will find themselves unable to compete.?
Take, for example, the implementation of non-traditional enrollment models such as competency-based education (CBE) programs. CBE programs, as well as programs that offer non-standard terms, subscription periods, and non-term enrollment models, are on the rise. According to the National Survey of Postsecondary Competency-Based Education (NSPCBE), 13% of respondents have CBE programs in place and 47% are in the process of adopting CBE, not to mention that many are also expanding their existing CBE programs and certificate offerings. These programs have a different set of requirements to standard enrollment models, requiring institutions to assess the capabilities within their current systems to ensure they can meet the requirements needed to support them.
The Top Thing Institutions Overlook when Evaluating a New SIS
If you’re currently looking to replace your SIS, you’re not alone. But as institutions explore options as they relate to a new SIS, there is one thing nearly all of them overlook: financial aid.
Financial aid is a critical piece of the student ecosystem, providing students with access to the funds they need to afford a college education. It’s complex, involves compliance with numerous regulations, and, as of this past year, the reason why many institutions are facing declining enrollments this fall.?
However, when campus leaders pull together the team to evaluate a new SIS, the Director of Financial Aid is often not an active part of the discussions. Historically, financial aid systems came along as a “me too” when a college or university purchased a SIS. These solutions check the box for basic financial aid requirements such as packaging and disbursing aid, meeting regulatory mandates, and ensuring the institution remains compliant. But they often lack the richer capabilities Directors of Financial Aid want or need.?
Our earlier CBE example is the perfect case in point. These programs operate differently than ones that align with the standard academic year - and their financial aid requirements are different as well. Most institutions today handle the financial aid for non-traditional enrollment model programs manually, adding to the workload of an already overworked and understaffed office. And they do this because their existing financial aid management system (FAM) - the one that came along with their SIS - does not automate financial aid across all enrollment models.?
As institutions look to expand their offerings to meet student demands, CBE and other non-traditional programs are sure to top the list of innovations they wish to implement. But without the right FAM to support them, financial aid offices will struggle.?
SIS evaluations offer the perfect opportunity to reassess what capabilities your financial aid office needs to support student needs today - as well as grow with your institution well into the future. And the good news, when it comes to financial aid, is that there are other options. As your institution embarks on the path to select a new SIS, you have the opportunity to select a better FAM, too.?
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What to Look for When Evaluating a New SIS…and a New FAM
Searching for a new SIS is no small undertaking. Different vendors offer different options at different price points and with different implementation timelines. For example, Workday and Salesforce do not currently offer a financial aid solution alongside their offerings, but legacy vendors such as Anthology, Ellucian, and Oracle do. As you consider which vendors will make your short list for the SIS, also consider how you will address the needs of financial aid.?
Beyond the basics every financial aid office needs to operate effectively, there are a few additional capabilities we suggest you include on your “must-have” list.
Not all financial aid solutions on the market today automate financial aid management across multiple enrollments and multiple cycles. In fact, most do not. If your institution is exploring CBE, non-standard terms, subscription periods, and non-term enrollment models - or if you think you will explore them in the future, ask the vendors if their FAM supports automation, including the packaging and repackaging of awards and funds, across all enrollment models.??
For vendors who do not offer a financial aid solution, you’ll need to consider a standalone option to integrate with their SIS. Solutions like those from Regent Education make it easy to connect with your SIS today while also future-proofing your investment as your institution grows. Further, with enrollment growth top-of-mind for campus leaders, ask if the FAM also integrates with your CRM so you can deliver student-centric experiences and insights from recruiting to financial aid to enrollment. If your institution uses Salesforce as your CRM, Regent Education provides the only approved financial aid solution to fully integrate with Salesforce. These rich integrations ensure that data flows seamlessly across systems, giving everyone on campus the visibility they need to support enrollment and retention goals.?
It’s likely that a better, more intuitive student experience is high on the must-have list for your SIS. But improving the student experience in the FAM is important, too. Students today are taking on more debt than they have in the past. And while one study shows that just over half of college students tried to borrow as little as possible, many college students have low levels of financial literacy. And not knowing - or understanding - how student loan debt adds up over time can be scary. By giving students a holistic view of their debt from first class through graduation, students can improve their financial literacy and make better-informed decisions about their student loans so they can borrow less. Capabilities such as personalized, integrated portals offer anytime, anywhere access so students can easily access their financial aid status and take action on outstanding items.??
Competing for top students and exceeding enrollment goals is something every institution aspires to do - and maximizing institutional scholarships can help. Automated fund management capabilities eliminate manual processes and give your financial aid office a complete, real-time view of eligible applicants across datasets so they can take the initiative and award scholarships to the highest-priority recruits. The best solutions also integrate data from your SIS or other systems so scholarship managers can quickly and proactively redeploy unused, canceled, or unaccepted scholarship dollars to the candidates you most want to enroll.
We know that the decision to replace your SIS is monumental. And because the SIS touches every part of the student experience, including financial aid, the list of requirements is long. However, overlooking financial aid is a mistake. Invite your Director of Financial Aid to be part of the evaluation committee. Ask them about their pain points and what it would take to overcome them. And keep an open mind when evaluating solutions. Just because a FAM comes packaged with a SIS doesn’t mean that it’s the best option. Financially, it may appear most cost effective, but it’s likely the costs are hidden elsewhere. And long term, it may not offer the same level of flexibility when it comes to system or data integration.?
Remember, you have options when it comes to financial aid. Make sure you’re considering them.?
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